Local Market Update for November
Looking at the final numbers for real estate in Haywood County for November 2022, it seems sales are leveling off and getting back to normal. New listings are still lagging last year’s numbers, so inventories are still tight. New listings this November were off 10.5% from November 2021.
Sales were off 25.2% from November 2021. We sold 98 homes in the county this November, compared to 131 homes in November 2021.
The average sales price of $376,676 remained about the same from November 2021 to this November. Again, this was probably a result of tight inventories.
Days on the market until sale increased from 27 days in November 2021 to 35 days this November. This would also reflect a normalizing of the market.
Although home inventories remain tight, we increased the number of homes on the market by almost 17% from November 2021 to this November. Based on sales rates and available inventory, we now have a 2.8 month’s supply of homes on the market. In November 2021 we only had a 1.9 month’s supply of homes on the market. This increase is welcome, but a balanced market is usually regarded as a 6 month’s supply. A balanced market is one where there is an equal number of buyers and sellers. (Neither a buyer’s market nor a seller’s market)
As a result of being a “destination market” for second homes, vacation rental homes, retirement homes, and employees working remotely due to the pandemic, our market went crazy for over 2 years. From the current numbers, it would seem our market is now normalizing once again.
As with most markets, the only constant is change. If you are thinking of buying or selling here in these beautiful mountains, let us help you negotiate our changing market.