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    Real Estate Report: HCAR sees 'productive' April in market

    By Staff report,

    2024-05-30

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    HIGH COUNTRY — The High Country real estate market of Alleghany, Ashe, Avery, and Watauga counties saw a productive month in April, according to a report from the High Country Association of Realtors.

    High Country Realtors closed on 145 single-family and condo/townhouse properties during the month, with a combined closing total coming in at $88.4 million. The combined median sales price for the counties was $510,000 for April.

    INVENTORY: Alleghany, Ashe, Avery, and Watauga Counties had a residential inventory of 614 active listings for April, with 268 of those being new listings coming onto the market during the month. This inventory equates to a 4.2-month supply of inventory. The median days on the market currently come in at 57 days.

    LAND: Inventory is in no shortage here, with 1,467 active land listings in the High Country market, 177 of which are new land coming onto the market in April. This equates to a 24.9-month supply of inventory. The median days on the market for land are currently 85 days.

    COMMERCIAL: There are 50 commercial properties for sale in the four counties currently reported to the High Country Multiple Listing Service

    Watauga County: Realtors closed on 77 residential properties during April for a combined closing total of $51.1 million. The median sales price is $565,000 and the median days on the market is 65 days. There were 24 land closings during the month, totaling $4 million. No commercial sales were reported during the month.

    Ashe County: Realtors closed on 32 residential properties during the month for a combined closing total of $15.3 million. The median sales price comes in at $391,500, and the median days on the market are 42 days. There were 21 land closings totaling $1.8 million for the month. No commercial sales were reported in April.

    Avery County: Realtors closed on 28 properties during the month for a closing total of $18.5 million. The median sales price comes in at $504,500 for the month, and the median days on the market were at 64 days. There were five land closings for a combined total of $1.04 million for the month. There was one commercial sale during the month for a total of $600,000.

    Alleghany County: Realtors closed on eight residential properties for a combined closing amount of $3.3 million for the month. The median sales price for the county was $344,750, and 40 is the median number of days on the market. There were nine land closings totaling $722,000 for the month. The county had one commercial sale with a closing price of $500,000 in April.

    Nationally: According to a recent Economic and Real Estate Outlook report from the National Association of Realtors® Chief Economist, Lawrence Yun, “2023 was the worst year since 1995 for Annual Existing Home Sales, however for Annual New Home Sales 2023 was the third best year since the 2008 foreclosure year. Inventory of Existing Homes continues to fall while Inventory of New Homes is rising.” The report also indicated that total home sales are expected to rise over the next two years, back to 2019, when pre-COVID levels were high. Lawrence Yun presented this information and more to our realtors and affiliate members when he visited the High Country Association of Realtors® recently for a spring luncheon.

    Interest Rates: According to a recent report from our member, Lisa Brown of Guild Mortgage, Fannie Mae and the MBA are predicting that mortgage rates will decline to 6.40% by year-end.

    Disclaimer: Figures are based on information from High Country Multiple Listing Service. Data is for informational purposes only and may not be completely accurate due to MLS reporting processes. This data reflects a specific point in time and cannot be used in perpetuity due to the fluctuating nature of markets.

    Report graphics generated from Domus Analytics pulled from the HCAR Web API feed. HCAR Realtor® members can access these detailed and customizable reports and graphics for professional use by logging into the HCAR dashboard. A public graphic is available on our website homepage at highcountryrealtors.org.

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