By Karen Cleghorn, REALTOR, Blue Ridge Realty & Investments
If the old saying about April showers bringing May flowers is true, May should be one blossom after another this year! With April done and dusted, let’s talk about the real estate numbers*…
There were 139 residential sales in the High Country in April with a volume of $74,714,772.
List prices ranged from $59,950 to $3,750,000 with an average list price of $560,126 and median list price of $424,500. Sold prices ranged from $45,000 to $3,500,000 with an average sold price of $541,411 and a median price of $415,500. The average Sales Price to List Ratio was 98%, the average price per heated living area was $289.46, and the average days on market was 88.
For April of 2022 there were 202 residential sales with a volume of $101,447,111.
List prices ranged from $39,900 to $2,800,000 with an average list price of $503,996 and median list price of $400,000. Sold prices ranged from $32,500 to $2,800,000 with an average sold price of $502,213 and a median price of $421,005. The average Sales Price to List Ratio was 99%, the average price per heated living area was $271.31, and the average days on market was 90.
Let’s unpack this…
Yes, the volume for April 2022 was higher and the number of units sold was also higher. Unfortunately, our time machine is out of order as this is going to publish and we’re unable to locate the exact data for active inventory in the High Country for March and April of 2022, but based on overall trends, we can make an educated guess that it was some what lower than it was in March and April of 2023. But, just a guess.
However, we can clearly see 50% higher on the low end and 34% higher on the high end. Average list price was up 11%, median list price was up 6%. Sold prices for April 2023 improved over April 2022 by 38% on the low end and 25% on the high end. The average sold price for April 2023 was up almost 8% over April of 2022, though the median sale price was down by 1.3%. The average Sales Price to List Price Ratio was 1% lower, the average price per sq ft was up by a little over $18 and the average days on market was lower by two days.
So, what does all this mean?
It means, despite the negativity in the news, for now, at least the High Country real estate market remains robust. While inventory is still a concern for buyers, sellers are still in a comfortable position. Certainly, there is no way to predict the future and this is not to say the High Country is not immune from the twists and turns the real estate market takes, but it does say, for now, real estate in the High Country is a healthy choice, whether you’re buying or selling. Be not afraid!
*All data comes from the High Country Association of REALTORS
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