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Real Estate Recap April 2024
When looking at the final numbers for April 2024 in Haywood County, the main story is sales were off almost 12% from April 2023, and inventories have finally moved up a bit to a 2.7 month’s supply, but we are still stuck in a seller’s market.
We only had 99 new listings come on the market in April 2024, compared to 115 new listings in April 2023.
Pending sales in April 2024 fell to 89, compared with 97 in April 2023.
Closed sales in April 2024 fell to 75, compared with 85 in April 2023.
Our median sales price in April 2024 rose to $365,000, compared with $325,000 in April 2023.
The average sales price in April 2024 rose to $413,329, compared with $362,101 in April 2023.
The average list price of new homes coming on the market in April 2024 was $494,044, compared with $466,988 in April 2023.
Our month’s supply of inventory rose from 2.2 in April 2023 to 2.7 months in April 2024.
The increase in inventory is good to see, but a 2.7 month’s supply is still solidly a seller’s market. A balanced market, where the number of buyers and sellers are equal is usually considered to be a 5 to 6 month’s supply of homes.
In a nutshell, sales were off a bit, prices were up a bit, and inventories rose a bit. Not really much change from the trend.
Please let us know if we can help with your real estate needs, or answer any of your real estate questions.
Musings from the Mountains
Summer has arrived in the mountains. Yesterday and today have been 80 to 83 degrees in the afternoon. I realize that summer doesn’t begin until June 21st, but I have always considered the first 80-degree days to be the beginning of the summer season. We are also seeing some of our part-time residents from points south beginning to return for the season. I suppose it must be getting too warm down south.
I certainly don’t have the knowledge or skill to do restaurant reviews, but I did want to mention a new restaurant in downtown Waynesville. The Main Street Diner has opened at 18 North Main Street in Waynesville. We ate there last week and really enjoyed the experience. The food was great as was the service. Their building has been 2 or 3 restaurants in the last few years. Previous to those restaurants it was Whitman’s Bakery for many, many years. Whitmans was a local landmark. The owners have done an extensive and beautiful remodel on the building. The owners also operate Haywood 209 Cafe at 3360 Crabtree Road (Highway 209) and Crepe & Custard restaurant at Lake Junaluska (55 Memory Lane). Their new restaurant is a welcome addition to Waynesville.
In Maggie Valley this coming weekend (May 3-5) we have Thunder in the Smokies, the spring motorcycle rally. This is the oldest and largest rally held in the valley. For more information you can visit www.ThunderInTheSmokies.com.
Lastly, this coming Saturday, May the Forth be with you! (Also Sunday is Cinco De Mayo.) Have a great weekend.
Real Estate Recap March 2024
In March our Haywood County home sales were off 37% compared to March 2023. This is the first month since the pandemic that home sales have fallen off to that degree. In March 2023 we sold 97 homes. This March that number dropped to 61. This cannot be blamed on the weather, as we had an abnormally warm March, with hardly enough snow to mention. Inventories of homes for sale have been historically low. Certainly, the lack of homes to sell contributed to this decrease in sales. However, it does seem that demand has cooled a bit. Also, the cumulative number of days on the market until a home sold increased 25% compared to March 2023, from 64 days last year to 80 days this year.
We had 135 new listings come on the market in March, compared with 132 new listings in March 2023. Our total number of homes for sale in March was 222 compared to 205 in March of 2023. This gave us a 2.6 month’s supply of homes in March compared to a 2.2 month’s supply in March 2023. (A balanced market is a 5 to 6 month’s supply of homes.) So, we are still deeply in a seller’s market here in Haywood County.
The average sales price of homes that sold in March rose to $425,425, a 16.8% increase over March 2023. In a seller’s market, prices tend to rise due to buyer competition for available homes.
Needless to say, this is a complicated market to predict. If you are thinking about buying a home, let us know, we can help you navigate the market. Also, if you are thinking of selling your home, we can come to your home and give you a current market analysis of your home’s worth. Your home may be worth more than you think.
Musings from the Mountains
Welcome to April! I promise- no April Fools Jokes here.
The weather has been absolutely beautiful the past week. Yesterday at the house the thermometer on my back porch read 78 degrees. That is extremely warm here for the end of March. The first week of April trends a bit cooler with the high only around 40 degrees by Thursday. By Sunday the 7th, a warming trend returns with highs in the 60’s for several days.
Cataloochee Ski Area closed last week. The days finally got too warm to maintain snow cover on the slopes. I believe they had a very good season though. The ski area draws skiers and boarders from Knoxville, Chatanooga, Atlanta, Greenville, Asheville, Charlotte, and many other smaller towns in 4 states, not to mention the skiers from sunny Florida. These visitors rent hotel rooms, and short-term rental homes. They buy gas for their vehicles and frequent our local restaurants. Cataloochee Ski Area really adds to our local economy.
It’s no wonder that people want to move here. We have the ski area, the Great Smoky Mountains National Park, the Blue Ridge Parkway, the Pisgah National Forest, the Shining Rock Wilderness Area, the Middle Prong Wilderness Area, and many other natural attractions. Skiing, boarding, hiking, fishing, waterfalls or just watching the Elk. This area has so much to offer.
All those people moving here need homes. Currently our demand for homes exceeds the supply. Unfortunately, this has driven up home prices in the area. I read an article last week written by Barbara Corcoran the real estate guru you see weekly on Shark Tank (ABC network). She wrote about high real estate prices. Her advice was “buy now, not later”. She explained prices were only going higher. If you wait until interest rates come down, the increase in the purchase price will negate any savings from lower interest rates. Also I would add, if interest rates come down after you buy, you can always refinance at the lower rate.
If you’ve been thinking of buying a home here, please call us. We can help you negotiate the market. If you’ve been thinking of selling a home here, now is the time. We will come to your home and do a market analysis, letting you know what your home is worth. You may be pleasantly surprised.
Real Estate Recap February 2024
In looking at the February sales numbers for Haywood County, two items really stand out. First, our new listings increased 31.3% from February 2023. Hopefully, this is the beginning of the end of our shortage of homes for sale in the county. Second, both the median and the average home price fell in February. The median home price fell to $334,500, a 4.4% drop from February 2023. The average home price fell to $379,349, a 13% drop from February 2023. This is the first substantial drop in home prices since before the Covid pandemic. A lot of this decrease is due to the fact that lower priced home sales increased, while higher end home sales decreased a bit. If you read our blogs, you know that we have been continually talking about our shortage of inventory here in the county and how that has caused home prices to increase. Real estate sale prices have always been driven by supply and demand. When the supply is low, yet demand remains high, prices will indeed increase. So overall, I believe these numbers represent a positive trend to a more normal market in the future.
Below are some inventory and sales numbers from February 2024:
New listings rose from 67 last year to 88 in February 2024.
Pending sales rose from 72 last year to 76 in February 2024.
Closed sales rose from 57 last year to 58 in February 2024.
The median sales price dropped from $350,000 last year to $334,50o in February 2024.
The average sales price dropped from $436,178 last year to $379,349 in February 2024. (a 13% decrease)
Number of days on the market until sale dropped from 75 last year to 57 in February 2024.
The average list price of homes rose from $394,615 last year to $453,257 in February 2024.
Our inventory of homes for sale in the county rose from 180 last year to 191 this year. (a 6.1% increase) This brought our month’s supply of homes for sale from 1.9 months last year to 2.2 months this year. (Keep in mind that a balanced market is a 5 to 6 month’s supply. We are still substantially behind in available inventory of homes for sale.)
Please, if you have any questions regarding real estate, give us a call. We are here to help.
Musings from the Mountains
As usual for us, late winter temperatures have been a real roller coaster. Tuesday it was almost 70 degrees here. Yesterday it got really windy with temperatures falling during the day. This morning the temperature was 23 degrees at my house. By Sunday afternoon it is forecast to be in the mid to high 60’s again.
Cataloochee Ski Area is still open and making snow on these cold nights and mornings. Currently, according to their snow report, they have a 36-to-66-inch base of manmade packed powder, with 5 of 5 lifts operating and 14 of 18 trails open for both day and night skiing.
For a bit of local news, Spectrum Communications is installing fiber-optic cables down Hwy 276 North (Jonathan Creek Road). They seem to be coming up every holler, and through all the communities and subdivisions that branch off Jonathan Creek Road. According to the Waynesville Mountaineer Newspaper, this expansion of cable and high-speed internet access is due to a federal grant to expand high-speed internet into areas of the county currently not served by high-speed internet. From most of the residents that I have spoken with in the Jonathan Creek area, the expanded access is warmly received, and greatly appreciated.
As for some real estate news, the D.R. Horton company is still actively building homes in 2 new subdivisions. One subdivision (Valleywood Farms) is just off Racoon Road just east of Waynesville. Another subdivision (Patton Cove) is off Old Clyde Road between Clyde and Canton. There is also a third subdivision off Jonathan Creek Road. The infrastructure is installed for this third subdivision, but home building has not yet begun. Most of the homes being built run from around $400,000 to the mid and high 400’s. New homes for sale have been difficult to find in our area. If you would like to see any of these new homes, please let us know. We would be happy to show you any of these new homes. They seem to be going under contract even before they are completed.
If you have any questions about real estate, please let us know, we’re here to help. Our goal is not just to meet new clients, but to make new friends.
Real Estate Recap January 2024
New listings for sale in Haywood County for January 2024 dropped by 27% compared to new listings in January 2023. Pending sales for January 2024 also dropped by 19% compared to January 2023. However, closed sales for January 2024 were up 24.5% when compared to January 2023.
Average sale prices of homes that were sold in January were up 13.6% to $429,126 when compared to January 2023. This continues the trend of home prices increasing in 2024 versus the same month in 2023.
Days on the market until sale increased to 64 days versus 41 days in January 2023.
The average list price of new homes coming on the market decreased to $451,454 from January 2023’s average list price of $497,588.
Inventories of homes for sale in the county continue to drop. We only have 172 homes for sale currently. In January 2023 we had 203 homes for sale. This brings our month’s supply of inventory down to 2 months. As I have mentioned previously, a balanced real estate market is usually defined as having a 5 to 6 month’s supply of homes on the market. The current market is definately a seller’s market.
We currently have 3 new housing communities being built and coming on the market, and 2 more communities of new homes in the planning stages. Hopefully the new houses coming on the market will help the inventory situation.
If you’re thinking about buying a home, please let us know. We can help! If you’re thinking of selling your home, let us know. We will come to your home and do a Comparable Market Analysis for you at no charge. You may be surprised at what your home is worth in the current real estate market.
Musings from the Mountains
We’ve experienced a bit of winter weather the last couple of weeks. However, at my home we’ve only had one 2-inch snowfall, which was gone overnight, and a couple of dustings. I live about half-way up a mountain, and those who live above 3500- or 4000-feet elevation have had considerable snow. We did have one morning where the temperature was only 6 degrees at the house, but overall, the temperatures have not been too bad for January. The weatherman tells me it will be 60 degrees or better tomorrow. A little heat wave will be welcome indeed.
Cataloochee Ski Area has done an exceptional job of blowing snow this winter, and hopefully has experienced a great ski season. As of today, Cataloochee has a 36- to 72-inch base of packed powder with 2 inches of natural snow. 5 of 5 lifts are open and 17 of 18 trails are open. Snow making was in progress this morning and they are open from 9AM to 10PM, currently doing night skiing. Remember, you can go to www.cataloochee.com and see live webcams from the ski area.
Here’s hoping everyone has a wonderful February! Remember, if you have any real estate questions, please let us know. We can help.
Real Estate Recap December 2023
In looking at the Haywood County real estate sales results for December, the same trends that we have been discussing are still happening.
In December 2022, we had 61 new listings come on the market. December 2023 we only had 55 new homes come on the market, an almost 10% decline from last year.
In December 2022, we sold 82 homes. December 2023 we only sold 62 homes, a 24% decrease from last year, although pending home sales rose 17% from last year partially offsetting the 24% decrease.
In December 2022 the average sales price was $395,084. December 2023 the average sales price rose over 12% to $442,735.
In December 2022 the average days on the market from list to close was 92 days. December 2023 this dropped to 78 days. This was probably a result of fewer homes closing enabling attorneys to close quicker.
In December 2022 we had a 2.5 month’s supply of homes on the market. December 2023 this fell to 2.2 month’s supply. (A balanced market is usually defined as a 5 to 6 month’s supply of homes.)
As I said in my opening sentence, the same trends continued in December that have been going on for some time. Fewer homes on the market leads to higher sales prices as buyers compete for homes to buy.
Please let us know if we can help you find a home. Also, if you’re thinking of selling a home, let us do a current market analysis for you. Your home may be worth more than you think.
Musings from the Mountains
Wishing everyone a Happy New Year from all of us at Mountain Dreams Realty.
The last 4 years have certainly been challenging in real estate. We experienced a pandemic starting in 2020. At the start of the pandemic, none of us knew what was ahead for us in real estate. I believe that most of us thought the pandemic would really curtail sales, as many of us stayed home more and were reluctant to venture out among the public. And certainly, at first this happened. However, the pandemic caused many to work from home, rather than go to the office, where they would be more exposed to others. Then those “at home” workers started realizing they could work from anywhere. If anywhere was an option, why not go to the mountains, seashore, lake, or other desirable location? So, a migration of sorts occurred. Many workers moved to their dream locations. Those that could afford a second home also joined the migration away from crowded cities. Real estate sales really started to swell in 2021. That swell continued into 2022, as many of us in real estate had our best sales year ever in 2022. Then in 2023, sales began to slow down, although we still had lots of potential buyers. Lack of inventory became an issue. Record sales had drastically reduced the number of available homes for sale. Also, a parallel issue developed. Inflation was rising too fast for the Federal Reserve, so they began a series of rate increases to slow inflation. This caused interest rates on 30-year mortgages to rise from the 3 and 4 percent range to the 6 and 7 percent range. Homeowners with existing mortgages in the 3 percent range were not going to list their homes for sale and upgrade to a newer home with a mortgage rate twice that of their current home. This created additional pressure on inventory levels, as fewer homes were listed for sale. Real estate prices have always been based on supply and demand. As inventories dropped, buyers were competing to purchase fewer homes. This drove home prices upward almost 50 percent over a 3-year period in some areas. Consequently, many of us in real estate had record low sales in 2023, in stark contrast to 2022.
So, that is my take on our real estate market for the last 4 years. What will 2024 bring? I really don’t know, but I am curious to see how it develops. Rest assured if you are looking for a home to purchase, or wanting to list your existing home for sale, let us know. We know the market; we know the area. Put our expertise to work for you.
