State of Real Estate in our Area

As we transition from 2016 into 2017, I wanted to take a moment to look back on last year, and maybe look ahead a bit at 2017.  Sales of residential homes in Haywood County  increased about 8.4% in 2016 as compared to 2015.  Currently there are 581 homes for sale in the county.  Based on 2016 sales of 1022 homes, that represents less than a 7 month supply of homes currently on the market in the county.  This is the fewest homes on the market in years.  We really need new listings.  If you know of anyone wanting to list their homes for sale, please let us know.

Vacant land and lots, however have not recovered as much as residential homes.  Sales of vacant land and lots in Haywood County increased about 14% from 139 parcels sold in 2015 to 158 parcels sold in 2016.  (These are pretty poor sales numbers.) Currently we have 1089 parcels of land for sale in the county.  This represents almost a 7 year supply.  That is not good.  Buyers are still finding it less expensive to purchase an existing home, rather than buying a lot and building a new home.  Hopefully as the inventory of existing homes declines, at some point buyers will be forced to buy vacant land and build a home because they cannot find what they want on the market.  Until this happens, land prices are still depressed in this area.  The good news, if you are a buyer,  is you can get one heck of a bargain on vacant land currently.

By the way, the weatherman says we should get a bit of snow this Friday and Saturday.  So, come on up and ski with us.

(Note: all sales figures per NC Mountain MLS.)