September 2017 - NC High Country Market

Sales Remain Strong

After the huge 25% jump in sales in 2016, 2017 is holding strong with slower, SUSTAINABLE growth.

The High Country is primarily a second home and resort market, and behaves very differently from nearby cities like Charlotte, Greensboro or Raleigh.

BUYERS: Home buyers searching in this area are usually surprised to find a good inventory with homes on the market for an average of six months. This is how our market looks when it is healthy, and how other resort markets behave. As in any market, well-priced homes with desirable features will sell much faster.

SUMMER SALES: While the market is up overall, the past three months have shown some easing in sales compared to last year in the traditional strength markets of Blowing Rock and Boone, with other pure second home areas such as Foscoe and Valle Crucis showing higher levels of growth.

CONDOS: Condo sales continue to outpace the market, now at 23.1% of total residential units sold. Many buyers prefer the lower maintenance, especially buyers from areas that get hit by hurricanes. Additionally, the student condo market in Boone continues to be robust.

LUXURY HOMES: This segment of the market continues to show good growth. Year to date, there have been 18 sales of homes $1M+, versus 11 at this time last year. There is a very large inventory of homes in the $1M+ range, which is great for buyers. For sellers, the challenge is to price homes competitively, even if that means pricing at a 'loss'. See section below.

SELLING 'SEASON': The traditional 'season' for the NC High Country is changing. Traditionally, this was a May through October market. However, with slightly warmer winters and activities bringing people to this area year-round, we are seeing strong activity all the way until the end of the year. In fact, the most popular weeks for visitors to this area are Thanksgiving and Christmas.

Want to know more? Contact us at [email protected] or at (828) 406-0828!