As the holidays approach, naturally we find ourselves in a spirit of gratitude. We’re not sure where the time has gone! We truly are intentional with savoring each moment along the way, and here we are once again watching the leaves change colors and feeling temperatures drop low enough to create a steamy layer over the lake each morning and provide an excuse to cozy up to the fireplace. Sadly, our seasonal friends are heading back to their winter homes. We’ve enjoyed the low-key days from Memorial Day through Labor Day, and now look forward to an abundance of events and activities the fall & winter seasons bring. Meanwhile, recapping how the year is wrapping up in the real estate industry is a natural topic for today.
A common question coming our way recently is, “What do you think will happen with the market?” There are many variables to consider, but the outlook for our region seems promising. Yes, things have slowed down compared to the pandemic-motivated high level of demand, however a healthy pace of activity remains. While writing this column, we’ve put 5 different properties under contract, 4 of which are our listings. Buyers are looking in all price points, and many are bringing cash to the table. For sellers wondering if they’ve missed the “window of opportunity,” the short answer is, probably not. It’s worth having a conversation with us or your Realtor® to discuss your circumstances, requirements, and desired timeline.
Some experts point out the real estate industry is much stronger than it was a decade ago. Even with statistics showing a slower pace this year, “they by no means indicate a collapse of the market.” as cited in an article by Neil Goradia “The Real Estate Market is Not In A Free Fall (and This is Why),” NATIONAL ASSOCIATION OF REALTORS® September 27, 2022, https://ypn.realtor/the-lounge/real-estate-market-remains-strong/
Goradia explains, “…it’s important to consider the factors currently impacting the market. Even with lingering supply chain issues and rising interest rates, new home constructions have risen approximately 67% (since 2012) and homes still sell quickly.”
According to the Canopy MLS market report, August 2022, our region’s Year-to-Date (YTD) comparisons through August 2021 vs August 2022 show closed sales are down 9.3%, but median and average Sales prices are up by 14.1% and 13.1% respectively.
Rutherford county closed sales are down by 2.5%; median and average sales prices are up 4.7% and 8.9%.
Lake Lure and Chimney Rock, 28746 and 28720 zip codes, in the single-family residential and condo/townhouse categories, YTD comparisons as of October 9th each year, show pre-Covid activity offers a reassuring and more realistic point of reference. We are on track to finish out the year better than in 2019 in addition to each year for 2012 – 2018.
Wes & Cathy Cleary of Team Cleary Real Estate, Inc. work full-time as full-service Realtors® living in Lake Lure. They have invested, rented, bought, and sold real estate in Western North Carolina since 1997. Licensed in NC/SC. TeamClearyWNC@gmail.com; Wes 828-785-2115; 828-808-6790 Cathy; www.TeamCleary.com.