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  • Monday real estate market update

    Monday, March 4, 2024   /   by Amy Brown

    Monday real estate market update

    Spring has arrived and so have the buyers!

    Activity is hotter than ever and with the opening of the Spring buying season, I have seen a ton of beautiful new listings on the market. 

    Buyers and sellers are entering the market again at a fairly even pace keeping the market at a nice and steady level but competition is only expected to increase as we move into the months of April and May. 
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    This is great news if you are looking to sell this season, but don't wait too long! The time is now if you want to take advantage of the market. Waiting too long could cost you another year with the economy still a bit unstable and in an election year. 

    Let's take a look at the numbers:

    Average List Price = $718,357
    Days on market until pending = 7 days
    Days on market until closed = 37 days
    Percent of original list price received = 93.7%
    Months of inventory = 2 months

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    As you can see from the line graphs below, new listings and pending sales are increasing at almost the same trajectory, but pending sales is outpacing the number of homes coming on the market slightly keeping prices elevated and competition high. 

    However, it is at a level that is much more manageable than in past years so sellers, expect to be able to get a great price for your home and buyers, expect to be able to negotiate a bit. 

    The urgency piece will be in getting the home under contract! For that, DO NOT WAIT.

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    Also, according to the housing affordability index, homes are much more affordable today than they were last year and the year before. If you have been on hold to purchase a mountain property, take advantage of today's market environment. 

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    Western North Carolina will always remain a more competitive market than other parts of the country. It's beautiful, the weather is great, taxes are low, and there are a ton of things to do. 

    With advantages to be had on both sides of the real estate table, it is a great time to buy or sell a mountain home!