Local Market Report October 2019

STRONG MARKET: Year to date, our three-county area has seen a growth in sales volume of 19.2% versus the same period in 2018. This has been fueled by four factors:

• Historically low interest rates,
  
• A strong economy allowing more people to purchase second homes
  
• Growth in sales of higher-priced homes
  
• Increased popularity and awareness of the High Country Area

Overall unit sales growth is +7.0%

PRICING: Median sales price across the area has increased by a healthy 6.1% in 2019 to $248,000. Average sales price has been driven up by 11.3% to $317,310, primarily due to strong sales in the higher-end market.

Pricing in our three main towns of Boone, Blowing Rock, and Banner Elk has increased more significantly, by 10.3% to $320,000, with an average price of $400,270 year to date.

INVENTORY AND TIME ON MARKET: In general, our market is experiencing a slight tightening of inventory. The number of new listings to date has grown, but not as much as unit sales growth. Certain segments such as log homes with views and student condos are tighter.

The tightening of inventory is evidenced by the lowest levels of time on market on record, with a median of 86 days and 142 days on average. This number includes time under contract. Being primarily a second home and resort market, we have slightly longer days on market than in larger cities where there is large industry and required relocations.

LUXURY MARKET ($750K+): Our luxury market is experiencing significant growth, up 85.1% in sales volume and + 65.5% in unit volume year to date. This has been great news for sellers. For buyers, this market presents an excellent opportunity for several reasons:

• Inventory is still very high in this segment. While 96 homes have sold through the end of September, there are still 274 on the market. The homes that are selling are those where the seller is willing to price more competitively.
  
• Time on market is longer at 165 median days and 225 average days on market.
  
• Most sellers of higher-end homes have more invested in the home than the market value. Additionally, it is far less expensive to buy an existing home than to build overall, particularly in this higher-end segment. This creates value for the buyer.

CONTACT US: If you would like detailed market data for a specific town or neighborhood in our area, please let us know. (828) 406-0828, [email protected]

*Data is for the three-county area of Ashe, Avery, and Watauga Counties