During November, the High-Country Association of Realtors® real estate market held strong. For single-family properties in our four-county jurisdiction of Alleghany, Ashe, Avery, and Watauga counties, the median home sales price during the month of November was $495,750. There were 134 closed sales, with median days on the market at 60 days. Adding in Condo and Townhome sales, we see the median at $452,500 and total closed sales at 172, with median days on market still right at 60 days. For November, the total volume of Residential sales, including condos, townhomes, and single-family homes, was $92.1 million.
“October was a difficult month for home buyers as they faced 20-year-high mortgage rates,” Lawrence Yun, NAR’s chief economist, said in a statement. “The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.”
Since topping 7% last month, mortgage rates have since declined abruptly as inflation shows signs of easing, and amid investor concerns, the economy will falter early next year.
Contract signings fell in three of four regions, led by an 11.3% drop in the West and a 6.4% decrease in the South.
Inventory: During the month of November, there were 404 active single-family homes on the market in the High Country, with 119 of those being new listings coming onto the market during the month. 46 new condo and townhome listings were coming on the market during November, with 89 condos and townhomes listed during the month. We currently have a 3-month supply of single-family home listings in our 4-county area.
Alleghany County: REALTORS® sold 13 single-family properties with a median sales price of $302,000, totaling a combined total of $4.2 million.
Ashe County: REALTORS® sold 40 single-family properties with a median sales price of $410,000, totaling a combined total of $17.1 million.
Avery County: REALTORS® sold 13 single-family properties with a median sales price of $531,000, totaling a combined total of $10.7 million.
Watauga County: REALTORS® sold 68 single-family properties with a median sales price of $595,000, totaling a combined total of $44.5 million.
Land Sales: REALTORS® In all four counties, there were 77 land sales during the month of November, with a total volume of 7.3 million. The median sales price was $65,000, and 111 new listings came on the market. There are currently over 1,709 land listings in our four counties. There is a 22-month supply of inventory.
Commercial Sales: REALTORS® During the month of November, there were no commercial sales recorded in the High Country MLS.
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, and clicking on the Resources tab, then the HCAR stats link. A public graphic is available on our website homepage at highcountryrealtors.org.