There were 16 single family homes and 2 condominiums sold in the Brevard NC market during February marking a slight increase over sales in January. In single family homes, 12 were sold in the $100,000-$300,000 price range, a trend that has been consistent over the last 14 months. At the other end of the price spectrum, one home sold in the $50,000 and lower range, and two sold in the $500,000-$1M range. There was one home sold in the price range of $300,000-$400,000.
Unlike many markets in the US today, home prices in western North Carolina have not dropped significantly and the values remain stable. In 2008, the average listing price was $335,781 and homes sold for 92% of the list. In 2009, the average listing price rose to $340,297 and the homes sold for 90% of the list.
So far this year homes are selling for approximately 92% of the list price. In February, the average listing price for single family homes was $256,167 and the average selling price was $236,139. While there were only two condominiums sold, they faired even better with an average list price of $180,000 and average selling price of $177,500.
What has changed is the total number of homes being sold. Over the last three years there has been a decline in the total number of homes sold which is a reflection of a number of factors including scarce financing, hard hit retirement accounts, and a severe decline in home values in feeder markets like Florida. But even the overall decline has slowed dramatically. The greatest difference was between 2007 and 2008 when sales dropped 30%. But sales in 2008 compared to 2009 dropped only 17%.
For sellers, this means the buyers that are out there are looking for deals so making sure your home is properly staged and competitively priced is more important than ever. It’s a buyers market and the buyers know it. They expect more from a home and expect more in the way of a price reduction from the sellers.
Conversely, what many buyers don’t take into consideration is that, despite the decline in total sales, homes for sale in the Brevard NC area still sell at 90-92% of the listing price. This should be a signal to buyers that sellers have already adjusted their prices and with the exception of foreclosures and short sales, sellers are not generally compelled to sell their home at fire sale prices.
If you would like more information about homes for sale in the Brevard, NC area, or if you are considering putting your home on the market, contact the Clay Team at 828-551-6290 or 828-551-6291. You can visit us online at BrevardNCProperty.com.
The Clay Team is a leading real estate team in Brevard, NC with a name you can trust and the experience that matters!
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