Real Estate Recap February 2023

Looking at the final numbers for Haywood County in February, it’s a real mixed bag of statistics.  Compared to 2022 new home listings were down from 77 last year to 66 this February.  We really need more homes to come on the market, as we have more buyers than sellers currently.

Closed home sales this year in February dropped from 77 last year to 56 this year, a 27.3% decrease.   However, pending home sales rose 15.2% from last February.  (76 this year versus 66 last year)

The median sales price rose from $329,000 last year to $356,900 this year, an 8.5% increase.  (Median sales price means the middle price: the same number of homes sold for less than median and the same number of homes sold for more than median.)

The average sales price actually rose 23.8% in February compared to February 2022.  $354,100 last year and $438,521 this February.  This anomaly is mainly caused by a lack of homes in the lower price ranges.  We sold more homes in the higher price ranges, because there are more homes available in the higher price ranges.  The lower price ranges have extremely tight inventories.

Average days on the market increased from 32 days last year (when buyers were offering quick cash closings) to 75 days this year, which reflects a more normal market.

Our month’s supply of inventory has increase from 1.2 months last year in February to 1.8 months this February.  A balanced real estate market, one where there are an equal number of buyers and sellers is considered a 5 to 6 month’s supply.  Obviously, we are still in a seller’s market here in Haywood County.

As you can see from the above statistics, the current real estate market is complex.  We are here to help simplify the details and make your next real estate transaction painless.  Y’all come see us!