Year-end results are in for home sales in the mountains of Murphy, North Carolina and Cherokee County. Despite the economic downturn, home sales are on the rise with a 12% overall increase in sales over 2008. The last 4 months of 2009 were especially strong, showing a 43% gain in total sales over the same period in 2008.
- Home sales 2008 - 264
- Home sales 2009 - 297
With a total of 297 homes sold in 2009, the combination of bargain prices and home buyer tax credits is producing solid gains in the overall sales figures for this popular vacation and retirement home destination.
In 2008, February was the strongest month for sales, with a total of 33 homes sold. Even the traditionally busy months of August and October did not equal February's results. However, in 2009, the results were reversed, with Febuary being the slowest month.
Beginning in May, consumer confidence began to show as buyers re-entered the market in larger numbers than the previous year. For the last 7 months, sales have outpaced 2008's results every month in Cherokee County.
According to a story in the Dec. 30, 2009 edition of the Cherokee Scout, applications for building permits have been dropping every year since 2006. Right now, in many cases buyers can find an existing home priced lower than the cost of building materials for a similar home, even if they already own a piece of land on which to build.
But the supply of these bargain-priced homes is dwindling as buyers come off the sidelines to take advantage of historically low interest rates to realize their dream of a home in the mountains of Murphy, North Carolina.