October Real Estate Results

The information provided below is based on local market updates from Canopy MLS for Haywood County, NC.

New listings were down 11.8% from October of last year, and closed sales were down 23.6% from October of last year.  Rising interest rates on home mortgages have kept many homes off the market.  Potential home sellers who have low interest rate mortgages have no desire to sell their home and buy a new home with a much higher mortgage rate.

The average sales price of homes was also down to $356,924.  This is down 5.1% from October of last year, and down 11% from September of this year.

The average days a home spent on the market until it sold in October was 46 days.  This is over 50% longer than homes spent on the market until they sold in September of this year.

A balanced market in real estate is usually considered a 6 month’s supply of homes.  (Neither a buyer’s market nor a seller’s market) Going back to April of this year, we only had a 1.1 month’s supply of homes on the market. (A seller’s market) Inventories have increased steadily since then.  In October we had a 2.7 month’s supply of homes on the market.  This is still a seller’s market, but it is trending toward more inventory every month.  If this trend continues, we could be back to a buyer’s market in just a few months.

To sum things up, real estate can be a rapidly changing market.  If you are considering buying or selling, we invite you to let us help navigate the market.