Last Updated on May 12, 2023 9:29 am
Quoting Ed Gianos, Founder of Domus Analytics, he says concerning statistics across the country: “In short: it's still a market that's changing rapidly and can't decide what direction it's going. Inventory is increasing until it's not. Prices are falling until they don't. DOM is increasing until it isn't. The increasing mortgage rate environment seemed to put a damper on things over the winter, but rates wiggled, prices are still increasing in some markets, and sales and closings are still happening. A good listing priced fairly will still sell. As we head into the traditionally busy summer selling season, it will be interesting to watch where the market moves.”
In the High Country Market as Ed said, closings are still happening! In our four county area we saw 117 closed sales of our Single Family, Condo / Townhouse properties in April with a combined closing amount of $68 million. That median sales price comes in at $499,000 and the median days on the market were just 45 days!
INVENTORY: During the month of April, for single family, condo / townhouse properties in our four county area of Alleghany, Ashe, Avery, and Watauga Counties we had a 4.1 month supply of inventory That equates to 483 active listings and 234 of those being new listings coming onto the market in April.
LAND: Let us just say there is no shortage of land in the High Country. April had 147 new land listings come onto the market in our area bringing the total inventory of land listings to 1,612. The days on market for land is showing at 134 days. The supply of land inventory is 23 months. The High Country saw seventy land sales close during the month of April totaling $8.3 million.
COMMERCIAL: There are currently thirty-four commercial properties in our four county area listed in the High Country MLS. There were seven sales, those totaling $4.1 million.
Alleghany County: REALTORS® closed on four single family, condo/townhouse properties in Alleghany during the month of April. The median sales price of those was $406,000 and the combined sale price was $1.9 million. Currently there are forty-eight active single family, condo/townhouse properties listed in the county.
Ashe County: REALTORS® closed on thirty single family, condo/townhouse properties with the median sales price being $383,500. The combined total for those April closing comes to $13.8 million in sales. There are currently sixty-nine active listings.
Avery County: REALTORS® closed on twenty-seven single family, condo/townhouse properties in the county during April. The median sales price was $355,000 and the combined closing price was $14.4 million. There
are 156 active listings in the county for single family, condo/townhouse properties.
WATAUGA County: REALTORS® sold fifty-six single family, condo/townhouse properties in the county during April with a median sales price of $545,000. The combined closing price on these properties was $37.7 million. There are currently 210 active residential single family, condo/townhouse properties listed in the county.
INTEREST RATES: Lisa Brown, Loan Officer with Academy Mortgage is optimistic and says, “ May 10th delivered good news for mortgage rates! It’s time for the summer market to boom!! We are in a very positive interest rate environment today, April’s Consumer Price Index report showed inflation has declined! This makes us hopeful of a 25bps rate cut in September.”
5/11/2023 Market is opening with the Mortgage News Daily rate index posting the 30-year fixed at 6.57%.
Disclaimer: Figures are based on information from High Country Multiple Listing Service. Data is for informational purposes only and may not be completely accurate due to MLS reporting processes. This data reflects a specific point in time and cannot be used in perpetuity due to the fluctuating nature of markets.
Report graphics generated from Domus Analytics pulled from the HCAR WebAPI feed. HCAR Realtor® members can access these detailed and customizable reports and graphics for professional use by logging into the HCAR dashboard – Info Hub. A public graphic is available on our website homepage at highcountryrealtors.org.