Blog
Musings from the Mountains
We are getting some new home developments in Haywood County. There is a development under construction on Jonathan Creek Road (Hwy 276 North). The development is in the valley, between the highway and Jonathan Creek. According to the earlier press release, there will be a row of town homes, and the remainder will be single family detached homes. No homes have been built yet, as they are still doing grading, adding sewer & water lines, and other infrastructure work. There are also two more developments in the planning stages off Jonathan Creek Road.
Waynesville, and Clyde also have developments in the works. As reported in the Waynesville Mountaineer, the developments in Waynesville may be placed on hold. It seems the sewer system for Waynesville is at maximum capacity currently. I don’t know what the outcome of the sewer situation will be. I suppose we will have to see if Waynesville can find a way to increase capacity or expand their sewer plant.
The new homes would be a boon for the county, as there is still a shortage of homes on the market. Also, there is a need for more rental homes in the area. Rental rates have gone up considerably. Case in point, a home for rent near me is on the market for $2950.00 per month. This home is a modular home with 3 bedrooms, 3 baths, and about 1520 square feet of heated area. In my opinion, a most of Haywood County residents could not afford a $2950.00 rent payment each month.
Obviously, our real estate market is a challenging one currently. If you are looking to purchase a home, or looking to place your home on the market, please contact us. We can help you navigate the challenges.
Real Estate Recap August 2023
Our sales last month in Haywood County (Waynesville, Clyde, Canton and Maggie Valley) were off almost 26% from August 2022. Of course, we all know the market was going crazy in 2022. The average sales price of homes sold in August 2023 was $444,137, which is 12% above August 2022. Inventory of homes currently for sale is only 209, compared to 269 in August 2022. That corelates to a 2.3 month’s supply of homes for sale. (A 6 month’s supply is considered a balanced market.) This certainly places us in a seller’s market.
A few other facts: The current average list price of homes coming on the market is $518,218, which is 27% higher than in August 2022. Days on the market until sale is 40, compared to 25 days in August 2022. (It’s taking longer to get a contract.)
To summarize, sales have dropped this Summer (18.5% in July and 26% in August, compared to corresponding months in 2022). However, average sales prices have continued their upward trend, due mainly to the scarcity of homes on the market.
It continues to be a good time to sell a home, definitely a seller’s market. If you are a buyer, finding a home in your price range can be challenging. Let us help you in this unusual market.
Musings from the Mountains
The Return of the historic Waynesville Arch
From 1933 until 1972 downtown Waynesville had an arch over Main Street to welcome tourists and direct them to the Great Smoky Mountains National Park. Thanks to a concerted effort by citizens of the area, the arch is returning. The new arch will be 60 feet wide, 26 feet high at the highest point, with a clearance of 21 feet beneath the center of the arch.
T. Pennington, an artist and gallery owner on Main Street in Waynesville is creating an artist’s rendition of the arch in her signature style. Prints will be sold by Pennington with 100% of the proceeds to go to the arch fund. She will also be conducting a raffle for a framed print of the arch. Pennington is a renowned local artist who does magnificent work with colored pencils. If you haven’t seen her work, you owe it to yourself to visit her gallery at 51 N. Main Street in Waynesville.
Donations toward building the arch can be made on waynesvillearch.com or by visiting the T. Pennington Gallery at 51 N. Main Street in Waynesville.
If you’re in our area, don’t forget to stop by our office to visit a spell.
Real Estate Recap July 2023
Overall, sales of homes in Haywood County were down 18.5% from July 2022. The main reason for this was a continued lack of inventory.
Here are the numbers below:
This year in July we sold 88 homes, compared to 108 homes in July 2022.
The average sales price this year in July was $401,183 compared to $395,221 in July 2022.
The average home sold this year in July sold for 94.8% of the original listing price compared to 97.2% in July 2022.
The cumulative days on the market until sale this year was 46 days, compared to 22 days in July 2022.
Our number of available homes for sale this year in July was 200 vs. 260 last year in July. (A 23.1% drop in inventory)
As I stated in the beginning, lack of inventory is still driving average sales prices up. This continues to be a seller’s market with more buyers than sellers.
Please let us know if we can help you navigate this market. If you’re thinking of selling, we can do a market analysis of your home to help determine its value in this market. If you’re thinking of buying a home here, we can set up a search inside our MLS, so you get information on new homes for sale as soon as they come on the market.
Musings from the Mountains
While browsing the internet today, I came across an article on Waynesville, NC. Travel and Leisure Magazine posted a wonderful review of Waynesville, emphasizing some of the things that make Waynesville a great place to visit. I loved the comment by Esther Blakely, owner of Cataloochee Valley Tours: “Waynesville is nestled among the Great Smoky Mountains, and they seem to envelop you as soon as you arrive.” This sentence really struck me, as I had exactly the same feeling about Waynesville when I came here over 50 years ago.
The article goes on to mention a charming downtown filled with art galleries, restaurants, antique stores, breweries and nearby hiking trails. They also mention The Swag resort near Waynesville which earned the top spot on the list of resorts in the South in the 2023 Worlds Best Awards. The article goes on to mention the Cataloochee Ranch, Andon-Reid Inn Bed and Breakfast, The Yellow House on Plott Creek Road, and Boyd Mountain Log Cabins. (All great places to stay in my humble opinion)
The article further lists activities in the area, as well as shopping and restaurant suggestions.
Here is a link to the article if you would like to read it in full: http://www.travelandleisure.com/waynesville-north-carolina-guide-7566149
Real Estate Recap June 2023
I realize that I must sound like a broken record, but it seems the same trend in our local real estate continues month after month. Our new listings in June were down 35.1% from June 2022. Our closed sales in June were up 7.1% over June 2022. Our average sales price was up 21.9% over June 2022. Our month’s supply of inventory was down 12.0% from June 2022. The trend seems to be as inventories get smaller, prices keep going higher.
By the numbers:
New listings fell from 185 in June 2022 to 120 in June 2023, a drop of 35.1%.
Closed sales increased from 98 in June 2022 to 105 in June 2023, a rise of 7.1%.
The average sales price increased from $393,407 in June 2022 to $479,707 in June 2023, a rise of 21.9%.
The average list price of homes coming on the market was $451,569 in June 2022, and $479,190 in June 2023, a rise of 6.1%
Our inventory of homes for sale was 265 in June 2022, but only 209 in June 2023, a drop of 21.1%
It’s interesting to note that the percentage of rise in the average sales price was very similar to the percentage of drop in our inventory of homes for sale. Again, supply and demand rules. As inventories go down, prices go up.
If you’re thinking of listing your home for sale, let us know. We can look at your home and prepare a Comparative Market Analysis for you. Your home may be worth more than you think!
If you’re a buyer looking for a home, let us help you navigate this crazy market.
Musings from the Mountains
I can report that we had one of the coolest June’s I can remember. I have friends in Mississippi, Florida and Texas that have been sweltering in the heat, but not so here. Most days have been in the 70’s with a few low 80’s thrown in. At our house, we still have the heat pump set to heat, as many morning lows have been in the 50’s. Tomorrow is July First, and we still have not turned on the air conditioning.
Thunder in the Smokies starts today and runs through Sunday July 2nd. This is the largest and oldest motorcycle rally in Maggie Valley. It runs 11AM to 11PM today, 9AM to 11PM on Saturday, and 9AM to 3PM on Sunday. There will be tour rides, vendors, a bike show, bike games, prizes, concerts and fire dancers. All you bikers come on up and join in the fun!
On July 4th, come on up to Maggie Valley and join us for a Backyard Fourth! The Maggie Valley Festival Grounds will open the gates at 6PM on the 4th. Bring you blanket, chairs, picnic basket and yard games. The fireworks display will begin at dark!
There is also a fireworks display at Lake Junaluska on July 4th beginning just after dark. Do be prepared for a bit of traffic around the fireworks displays, at both locations.
If you have the time, come on up to the mountains and celebrate with us.
Real Estate Recap May 2023
May was an odd month statistically. For the first time this year, May 2023 home sales exceeded May 2022. In fact, May 2023 home sales exceeded May 2022 home sales by 14.8%. Also pending home sales in May 2023 increased over May 2022 by 21.6%.
The average sales price of homes that closed in May 2023 was $424,519. This was a 26.4% increase over the May 2022 average sales price. This is a huge increase in the average sales price for just one year. I am sure that our lack of lower priced homes on the market was the principal driver of this huge increase in prices. It’s getting difficult to find a stick-built home for under $300,000. Most of our home inventory under $300,000 is comprised of mobile homes and doublewides currently.
Many homes on the market here are still selling for the listed price, or sometimes above the listed price. The average home sold in May for 95.8% of the original listing price.
As I commented above, our inventory of homes for sale is still thin. We only have a 2.1 month’s supply of homes on the market in Haywood County. (Meaning if no new homes came on the market and home sales rates remained the same, we would be out of homes for sale in 2.1 months.) A balanced real estate market is usually considered to have close to a 6 month’s supply of homes for sale. We are far below that number. A balanced market has close to an equal number of buyers and sellers. Less than a 6 month’s supply means there are more buyers than sellers, thus a seller’s market. More than a 6 month’s supply means that are more sellers than buyers, thus a buyer’s market. Real estate sales prices have always been determined by supply and demand. When supply exceeds demand, prices go down. When demand exceeds supply, prices go up.
If you have any comments, concerns or questions, please let us know. We are here to help you negotiate the real estate market.
Musings from the Mountains
First, I will try to summarize the real estate market in our area. The market continues to be strong sales wise, and pricewise. We are still dealing with a shortage of homes on the market. This shortage has kept home prices stable, with many homes selling for the listed price, with few discounts. (This is especially true for log cabins and any home in great shape.)
The weather here was cool over the Memorial Day weekend. Sunday the temperature at my house stayed in the 50’s all day. However, temps have risen into the 70’s the last couple of days. Just a few weeks ago the trees were budding, and green leaves were marching from the valleys to the mountain tops. Now the leaves are all mature, and the mountains are a lush green again. Time flies!
There is a lot going on with new building in the Waynesville area. A new housing development is beginning off Jonathan Creek Road, just a short distance past the Jonathan Valley School. Another development is taking shape just off Ratcliff Cove Road, not far from Asheville Road. A new apartment complex is taking shape off Russ Avenue, by Richland Creek. This is a large complex with several multi-story buildings. I would think these apartments may be leasing by mid to late summer. Also, some new homes are being built by the Waynesville Inn and Golf Club. The Inn and golf club are under new ownership. The new owners have been working on revamping the golf course for the past year. The first 9 holes should open soon. This is a much-anticipated revamp of the Donald Ross course originally opened in 1926.
One more item. Last month I mentioned the new location of BearWaters Brewing on South Main Street in Waynesville, which is now open. This location joins their other locations in Canton and Maggie Valley.
Just trying to bring you up to speed on the happenings in the area. Please let us know if you have any questions about real estate. We are here to help.
Real Estate Recap April 2023
Lack of inventory continues to drive the market in Haywood County.
Last year in April we had 139 New Listings come on the market. This year in April we only had 113 new listings.
Last year in April we sold 101 homes, but we only sold 84 this April. However, we do have 113 Pending Sales from April 2023 versus 95 in April 2022.
Last year in April, the Median Sales price was $305,000. This year in April the Median Sales Price rose to $325,000. I believe this increase mainly reflects on inventory. We have fewer homes coming on the market under $300,000, but more coming on the market over $300,000.
Last year in April homes were spending an average of 34 days on the market before being sold. This year in April the days on the marker before being sold has increased to 43 days. However, log homes, and other homes with great curb appeal are still going under contract quickly, as they are in high demand.
One more number, Average List Price of New Listings, was $434,806 in April 2022, but had increased to $473,419 in April 2023.
Getting back to lack of inventory, last year in April we only had a 1.5 month’s supply of homes on the market. This year in April we had a 2.0 month’s supply of homes on the market. That increase was substantial, but keep in mind a balanced market is usually defined as a 5.5 to 6 month’s supply of homes.
Please let us know if we can help you with your real estate questions or needs.
