From a typical sellers perspective the overall market in Western North Carolina is clearly improving due to inventory reduction, sales volume and days on market numbers as well as list-price to sell-price ratios. From a buyers perspective in certain price-points and locations it is very difficult to find a suitable home. Affordability and a lack of homes with the “it-factor” in many price points are clearly issues. The rental market is very tight throughout the region and many of my properties under management are renting extremely quickly with increasing rents.
We are going to close the year in terms of sales volume with an incease of over 20% from 2011. Overall, we are up 25% compared to 2011 year-to-date sales volume throughout Western North Carolina.
Homes which are priced correctly in conjunction with their street and local competition have a good chance at getting close to their asking price. Some homes are selling very quickly as demand is increasing and supply levels are reducing. I am seeing many bidding wars working with both buyers and sellers. Buyers are still finding plenty of inventory on the market in many price-points, although many of the homes are not desirable due to location, updating needs or pricing issues.
A few stats:
Average Price and Inventory Levels
a) 2012 avg home sales price in the region is $221,000 compared to $217,000 in 2011. In 2008 the average home price was $259,000
2012 Avg Inventory on Market – 8,130
2011 Avg Inventory on Market – 8,566
2010 Avg Inventory on Market – 9,382
2009 Avg Inventory on Market – 6,131
2008 Avg Inventory on Market – 2,280
Specific price ranges are doing better than others. Some important examples of closed homes in the region include:
a) $160-$200k range
2012 – 876 homes sold
b) $200-$250k range
2012 – 716 homes sold
c) $250-$300k range
2012 – 475 homes sold
d) $300-$350k range
2012 – 331 homes sold
e) $350-$400k range
2012 – 220 homes sold