2019 has been quite a ride in the real estate world.There have been stunning changes in the home market moving rapidly for both sellers and buyers in the direction we say in 2018, and far different from our many recession years.The land market has shifted as well, not as dramatically but definitely in the direction many sellers would like to see.
I’ll begin with highlights of the 2019 market. You will find greater detail in the accompanying pdf file.
***The slide upwards in sales of single family residences that began in 2016 has
skyrocketed.The market now has the smallest inventory I have seen in my 22 years in real
estate along with a concomitant increase in average sales price.See pages 3—7[I know I said the same thing last year, but it’s true again!]
***Buyers need to know the increase in average home sale value has increased significantly, the inventory is greatly reduced, with less homes for them to choose from.Most homes are older [well over half built prior to 2000], often with deferred maintenance and only modest
updating, likely not what they as buyers will consider move-in ready.See page 5.
***The slide upwards in the condo market that began in 2017 continues with more sold than we’ve seen since the recession began here in 2008.See page 2
***The land market remains in recession.Nevertheless, several significant changes have
occurred.See pages 8&9
***With a huge inventory of land on the market, buyers have the luxury of finding their dream land.See page 8
***Buyers purchasing lots to build their dream home are willing to pay more for larger lots.See page 8 & 9
***Log cabins/mountain style homes in their various manifestations continue to be the most popular style. See page 6
***Well over half of new homes are priced above the $640K. See page 6, where you’ll also learn the styles of the new homes, and page 10.
***The Blowing Rock to Banner Elk corridor continues to be the most popular area and also have the highest average priced home and land sales.See page 7
***The biggest surprise is stunning increase in sales of luxury homes and building lotsSee pages 8, 9 and 10.