Statistics provided by the Northern Jackson County MLS show that the real estate market in Jackson County, NC remained stable while many other areas of the country saw significant drops in pricing and volume of sales.
The only large drop was the number of total sales, which was down 17.8%. The total sales in 2006 was 521 units and the total sales in 2007 was only 428 units.
The average sale price increased by 3.6% from $155,800.00 in 2006 to $161,713.00 in 2007. The median sale price remained fairly constant with a $1000.00 increase, 2006 median price of $129,000 compared to a 2007 median of $130,000.00
The time on market remained pretty stable as 2006 saw the average days on market at 235 days and median days on market at 156 days. The 2007 average days on market revealed a time of 208 days, an 11.4% decrease in time to sale. In addition, the median days on market decresed by 13 days from 2006 to 2007.
The list to sale price ratios remained above 90% for all property types during both years.
While total units sold decreased significantly, the sale prices showed a slight upward trend with list to sale price ratios and time on market remaining stable.
The largest contributor to the drop in units sold would surely be the reluctance of lenders to finance certain deals that were easily funded in the recent past. My estimate is that if one half of the deals that failed due to lender turndowns, 2007 total units sold would have closely mirrored 2006. The other outside factor to the decreased number of sales was the subdivision morotorium and adoption of the Subdivision and Mountain/Steep Slope Ordinances in Jackson County. These are locals issues that clearly hampered land sales, as that aspect of the market is the only classification that saw significant decreases.
These statistics encompass all types of sales, to include, residential, vacant land, commercial and multi-family.
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