2012 Market Report - What a year it's been!

With so much economic turmoil and uncertainty, the fact that the real estate market in western North Carolina had a banner year in 2012 could seem counter intuitive. But it's true! As a firm and as individual agents, we had a great year and sold lots of homes and land.

In the Transylvania County area which includes Brevard, Pisgah Forest, Lake Toxaway and other neighboring communities, single family home sales saw a 22% jump over 2011 numbers. Condos and townhomes sales were up 50% and even land sales which have struggled to recover the last few years were up by 42%.  In nearby Henderson County which includes Hendersonville, Mills River, Etowah, and others, the gains were equally as impressive. In those areas, single family home sales were up 33%, condos and townhomes were up 65% and land sales were up 30%. In Buncombe County where you'll find Asheville and Black Mountain, single family home sales were up 19%, condos and townhomes were up 12% and land sales were up 12%.

We service all those areas, but we specialize in Transylvania County so here's more good news! The average listing price was also up this year, the average selling price was higher, and the difference between the listing price and the selling price was lower - which means that homes sold for a greater percent of the asking price than in the previous year. While the number of land sales were up, vacant land sold for an average of about 75% of the asking price. (If you've been thinking of buying some land where you could build a home some day, you should be hearing the sound of opportunity about now!)

So what does all this mean to buyers and sellers? As a buyer, you will continue to have plenty of inventory to choose from, the prices will continue to adjust downward to meet the market demand and even though loans are a little challenging, you can enjoy record breaking low rates. 

As a seller, it's ok to start feeling more optimistic, but remember that there is still a lot of inventory on the market, including foreclosures and short sales, so even though the numbers are clearly trending upward, you have to stay competitive. This is absolutely a buyers market and there is nothing to indicate that that's going to change anytime soon. If you are trying to sell your home, some things will never change - check your curb appeal so you don't lose potential buyers before they get in the door; inside, make sure your home is clean and de-cluttered. But most of all this market demands that you price your home right. Know the market, know your competition, then price your home accordingly. Be open to paying for some of the buyer's closing costs, helping cover the cost of certain repairs, or even including certain furniture. It all helps grease the wheels that will drive your sale to a successful closing.

If you'd like more information about homes and land for sale in western North Carolina, call us at 828-551-6291 or visit online at BrevardNCProperty.com.