March 2023 MLS REPORT:
In the High-Country Real Estate Market as we have said before things are holding steady. For March, our MLS area of Alleghany, Ashe, Avery, and Watauga Counties saw 159 closing of Residential Single Family, Condo / Townhouse sales, this is up 23.3% compared to February. The combined total for those closings was $89.9 million. The median sales price for our area for March was $415,000 up 11.4% compared to last month. As we would expect this time of the year, listings are moving quickly. Our median days on market for March was inching down at 63 days. Our supply of inventory is inching down as well even though we have more listings coming onto the market.
INVENTORY: For our Residential Single Family, Condo / Townhouse Listings in our area we had 427 in active inventory during March with 229 of those being new coming onto the market in March. Our months supply of inventory is 2.7 months down 13.4% from last month.
LAND: As far as our inventory is concerned land is where it’s at. We had 1,618 in active land listings in our area during March. The months supply of land inventory is 21.9 months. Land is staying on the market much longer though. The median days on market for land for March was 163 days. March saw 74 land sales close during March. The median sales price for those was $73,000 for the month.
COMMERCIAL: Our area currently has 38 commercial listings in our MLS. We had 2 reported sales of commercial properties in our MLS during March, totaling right under a million. One sale was an Alleghany County property and the other a property in Watauga County.
Alleghany County: REALTORS® closed on 16 Single Family, Condo / Townhouse properties in the county during March. The Median Sales Price was $325,500. One year ago, the closings for March were 13 and the median sales price was $294.000.
Ashe County: REALTORS® closed on 29 Single Family, Condo / Townhouse properties in Ashe County for March. The median sales price was $385,000. Last year at this same time saw similar numbers as well at 37 closing with $310,000 median sales price.
Avery County: REALTORS® closed 34 Single Family, Condo / Townhouse properties with a median sales price of $439,950. Last year at this same time there were 45 closing with a median sales price of $295,000.
WATAUGA County: REALTORS® closed 80 Single Family, Condo / Townhouse properties with a median sales price of $488,590. This same time last year was almost the same at 78 closed sales and median sales price of $490,500.
INTEREST RATES: According to our Affiliate Member, Chris Holt of guaranteed Rate Mortgage, after peaking at over 7% in early March of this year (the second highest rates have been since the early 2000’s), we have seen a recent reversal due to current market conditions. Freddie Mac’s average weekly rate survey showed a new low at 6.32% for a National Average as of 3/30/23, with many lenders pricing aggressively. Now is a great time for those that have been on the fence to consider hopping off!
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 RETS 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.