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Total Listed Homes Increasing BUT Number of Affordable Homes Decreasing in Boone and Blowing Rock NC Region
July 18th, 2014 11:23 AM
The number of listed homes has increased in my local High Country Association of REALTORS MLS this year from a low of about 1800 homes listed for sale during the depth of the recession to a high of 2700 homes listed for sale in July 2014.

Homeowners think the recession is over and that the market is really improving and NOW is the time to put their property on the market and sell and pay off their mortgage--since most could not do that starting back in 2006.  For many home owners here - still can't. Sold numbers for all properties year to date for the Watauga County NC real estate market indicate the market is still falling here. 

The recovery is still spotty and location-specific. Some markets in the U.S. have seen an uptick in sold activity and appreciation in average and median sold price. But, when a market has fallen in value 30%-60% any gain upward is a gain, however short of the top mark it still is.

In my opinion the reason the average and median sold price is rising in some markets is because the luxury, very high priced properties are selling. The high end real estate market is active.

In my local market which encompasses North Carolina mountain towns like Blowing Rock, Boone, Banner Elk, West Jefferson, Beech Mountain and Linville the number of affordable homes with reasonable location, design and size for year round living(less than $200,000 as indicated by buyers) is DECREASING. 

Our market has an extensive inventory of vacation homes from low to high and that's wonderful for the second home buyer.  Yet, for buyers who live and work in the area the location, style, size, price per square foot and POA fees for a vacation home do not fit their needs. 

Foreclosure inventory is also at a current dip in numbers at 42 foreclosed homes on the market in the MLS for North Carolina mountain property. Foreclosure listings have been cycling from 35 - 65 homes on the market in the past year. 

If you are a buyer for a vacation home or mid to upper end home you have choices in Boone and Blowing Rock.  If you are looking for an affordable family home - you have to be ready, willing and able to jump on the newly listed or newly reduced in order to procure that home. 

Get on my email list so you can have a heads-up on new listings or newly reduced listings.



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Posted by Robbie Sharrett on July 18th, 2014 11:23 AMPost a Comment

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