Highlights of the Real Estate Market in the High Country for 2018 [see the pdf for the full report]:
The slide upwards in sales of single family residences that began in 2016 continues.It has created the smallest inventory I have seen in my 20 years in real estate along with a
concomitant increase in average sales price.See pages 3—7
Buyers need to know that while the increase in average home sale value has been modest, the inventory is greatly reduced, with less homes for them to choose from.Most homes are older, 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 but interesting 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
Log cabins in their various manifestations continue to be the most popular style. See page 6
New homes are priced about $200K above the 2018 average sales price of homes. See page 6, where you’ll also learn the styles of the new homes.
The Blowing Rock to Banner Elk corridor continues to be the most popular area and also have the highest average priced home sales.See page 7
The biggest surprise is the biggest new growth area:east of Boone.See page 7
Are we on the verge of a multiple offer market?See pages 10 – 12
The land market remains a buyers market.Buyers have the luxury of thousands of parcels to sift through to find their heart’s dream property.
For land sellers the best news is that our inventory is now 4.5 years out.That’s quite an
improvement from 2 years ago, when we had a 10 year inventory of land.
Single family homes:This is the smallest inventory we’ve had that I’m aware of, certainly in recent years.During the recession we consistently had 1100+ homes on the market, and now half that.Most homes on the market are older.Many have deferred maintenance. Most have little to some updating to current buyers’ tastes.Most are not what buyers consider move in ready.Most are not the floor plan buyers hope to find.
Buyers who expect needed repairs and updating after purchase will be more likely to find a home they can be happy in.Please know that I have excellent resources to help you, including a contractor you can completely rely on to do topnotch work at a reasonable price.
We continue to see many contracts not close due to buyers’ reaction to the home
inspection…When, I ask myself, are realtors going to catch on to having their listings pre-inspected!!??
With new homes — averaging $660K in asking price — out of reach of most buyers and less to choose from more buyers are turning to purchasing land to build.
Home prices have increased but are not galloping up.