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Market Activity for Higher End Homes

There has been a request for market statistics for higher end homes sold in 2007, Haywood County. Stats have been pulled from the Western NC Regional MLS for 2007 in the price range of 1,500,000 and above. During 2007 there were 11 homes on the market in this price range. Currently, there are 13 homes on the market in this price range. In 2007, (1) home sold above 1.5 million dollars. The home was listed for $1,650,000 and sold for $1,600,000. It was on the market for 245 days and was located in the exclusive subdivision; The Smoky Mountain Retreat.

What does this mean for the price range? If you have one home sell a year in a price range and there are currently 13 homes on the market the math is simple! There is currently a 13 YEAR inventory of homes in this price range in Haywood County. That is a great example of a absorption rate for a specific market. Of course the absorption rate can change at anytime, but the current market is not in favor of the higher end homes in our area. If you are looking to sell in this price range you must have the home priced properly, staged properly, and marketed properly so those few buyers that will come through to see your home will remember it. If one home is going to sell per year you want it to be yours! Please let us know if there are additional specific statitistics that you would like. We are happy to provide them!