High Country Association of Realtors Report: Median Sale Price Spikes in May

Published Tuesday, July 7, 2015 at 11:43 am

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Local real estate sales remain steady as the summer season begins, with the median sold price in May spiking to a three-year high.

Realtor activity in the region continues to slightly outpace the sales pace at this time last year, thanks in great part to buyers’ market conditions and low interest rates.

There were 113 realtor-assisted home sales worth $30.18 million in May, according to the High Country Multiple Listing Service. With regard to total dollar value, it was the most lucrative month for sales since last November when 135 homes sold worth $31.7 million.

The median sold price – the midpoint price of all sales in the month – was $223,500. That’s the highest median price recorded since February 2012, when 65 homes sold for $16.7 million ($235,000 median price).

In the 39 months since, the median price has surpassed $200,000 on only eight occasions.

Since the beginning of last year, homes in Ashe, Avery and Watauga counties have sold for a median price of $190,000. The average sale price in that span –the total dollar value divided by units sold – was $237,344, according to the High Country MLS.

The past three summer selling seasons have each been stronger than the last. Given activity so far, there’s optimism the trend will continue this year.

“As we head into the summer, we have a vast array of inventory in our MLS and hope to continue the trend from the past few years with an even stronger selling season than last year,” said Laurie Phillips, executive officer with the High Country Association of Realtors.

Interest rates went up slightly in June. The average fixed rate for a 30-year mortgage as of July 2 was 4.08 percent, up from 4.04 percent a month prior, according to loan giant Freddie Mac. It was the first time in seven months the rate has hit 4 percent, yet it’s still lower than it was this time last year (4.2 percent).

The average fixed rate for a 15-year loan as of July 2 was 3.24 percent.

“Mortgage rates rose above 4 percent for the first time since November 2014 as Treasury yields surged,” said Len Kiefer, deputy chief economist with Freddie Mac. “Markets are responding to strong employment data.”

 

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