I hope you had a great Memorial Day Weekend! It was a gorgeous weekend in the mountains of Western North Carolina! To answer the most important question up front, YES! The market is picking up in the mountains. We are seeing very heavy traffic during the weekends especially on festival weekends.
I pulled some comparison statistics looking at ALL transactions from the beginning of the year through today. This includes residential, condo, townhouse, vacant land, etc. This will give you a glimpse of our markets performance through the first 5 months of the year compared to last year.
1/1/08- 5/27/08: 1/1/07-5/27/07:
Total Sold: 315 540
Listing Price Avg: $216,247 $220,702
Selling Price Avg: $200,087 $208,346
List to Sell Ratio: 92.5% 94.4%
Days on Market: 194 196
The numbers say it all! We are down significantly over last year. We are very confident that the market will pick up steam into the summer and fall months and the final numbers will not be as bad. As I have said in numerous other reports, pricing is the most important key in this buyers market.