The first quarter of 2024 has slipped away and we are now in the second, but let’s take a brief look back at the first to see how it all shaped up.
First quarter saw 378 closed single family sales (all data taken from the High Country Association of REALTORS) in Alleghany, Ashe, Avery and Watauga counties, the area we look at most closely when analyzing High Country Real Estate.
List prices ranged from a minimum of $75,000 to a maximum of $11,885,000 with an average List Price of $619,482 and a median List Price of $450,000. Sold prices went from a minimum of $72,100 to a maximum of $10,885,000 with an average Sold Price of $592,727 and a median Sold Price of $436,000.
Minimum Bedroom and Bath count was 1/1 and the maximum was 8/11 with the average being 3/3 and the median being 3/2. No minimum was recorded for heated living area, but maximum was 11,772 and average heated living area was 1805. With condos and townhomes in the mix, of course minimum acres was 0, but maximum was 391, average acreage was 4.21 and median was .52 acres.
The average Sales Price to List Price ratio was 96% and the median was 97%. The average days on market was 103 and the median days on market was 69.
For a quick comparison, March of 2023 had 393 closed residential sales with List prices that ranged from a minimum of $49,900 to a maximum of $4,400,000 with an average List Price of $561,846 and a median List Price of $424,500. Sold prices went from a minimum of $45,000 to a maximum of $4,400,000 with an average Sold Price of $542,185 and a median Sold Price of $415,000.
The average Sales Price to List Price ratio was 96% and the median was 97%. The average days on market was 98 and the median days on market was 65.
It was not unexpected that there were fewer closed sales in the first quarter of 2024 compared to the first quarter of 2023 as the past few years have seen a decline in inventory. Minimums and maximums for list and sold prices are interesting, but as they are based on a single property don’t say a lot about market trends. However, it is significant to note that the average List Price, median List Price, average Sold Price and median Sold Price were all higher numbers for the first quarter of 2024 compared to the first quarter of 2023.
Also interesting to note, while there has been an increase in prices of homes, there has also been a slight increase in both the average days on market (from 98 in 2023 to 103 in 2024) and median days on market (from 65 in 2023 to 69 in 2024).
We’ll continue to watch the trends in the High Country and let you know what we see!
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