November Real Estate Report

HIGH COUNTRY — As is usually the case this time of year, High Country real estate transactions declined overall for the month of November. High Country MLS reported less homes sold, less inventory, and less sales volume than recorded the previous month, but this comes as no surprise to local Realtors®.

The National Association of Realtors® did release a survey in October detailing that Realtors® across the country currently express concerns regarding inventory, supply, demand, high prices, appraisals and how those issues affect their clients. High Country Realtors® stated they are continuing to close properties and work diligently for their clients.

INVENTORY: The High Country MLS recorded 428 residential properties active at the first of November. A decrease in listings of 17.2 percent when compared to October which saw 517 active listings. Sixty percent of the homes sold in November were listed between 0 and 60 days prior to closing, with a median of 52 days on the market. Tight real estate inventory is affecting Realtor’s® clients, this is the case throughout the nation. With that noted, local Realtors® are seeing many of their buyers’ initial offers go over asking price. The 279 residential properties in the High Country MLS that were sold in November received an average of 100 percent or more of asking price. A pattern we have seen nearly the entire year.

RESIDENTIAL OVERVIEW: The High County MLS recorded 279 residential properties sold in November. This is a decrease compared to the 296 homes that were sold the previous month. Residential sales totaled $130,243,000 in November, which is a decrease compared to $146,552,000 recorded in October. The median price of homes sold was recorded at $360,000 in November, which is a slight decrease compared to the $363,915 median recorded the previous month.

ALLEGHANY COUNTY: Alleghany County Realtors® sold 22 homes for $6.6 million. The median sold price for those properties was $293,750. Sold properties recorded in November 2021 increased slightly from the 21 homes sold in October. The total sold value came to over $ 5.8 million in October. The median sold price increased this month compared to the $ 227,000 median recorded in October.

ASHE COUNTY: Ashe County Realtors® sold 62 residential properties totaling over $21.3 million. The median sold price was $332,250, which is a decrease compared to the $376,0000 median the previous month. However, recorded home sales increased compared to October, which saw 41 homes sold. The total sold value, which was $15.9 million in October, also increased for November.

AVERY COUNTY: Avery County Realtors® sold 58 homes in November, a decrease compared to the month of October, in which they recorded 86 homes sold. November sales, which totaled nearly $38 million, is also a decrease from the $47 million recorded the previous month. The median sales price rose for November, coming in at $357,500. In October, the median sold price was $340,000.

WATAUGA COUNTY: Watauga County Realtors® recorded 107 residential properties selling for over $53 million. The median sold price was $413,000, an increase from the median $409,350 recorded the previous month. October saw 117 homes sell for $66.4 million.

LAND: High Country MLS shows 2,297 active land listings at the first of November. Realtors® sold 154 land listings in November, which totaled nearly $23 million. Alleghany County Realtors® sold 15 land listings for $710,000. Ashe County Realtors® sold 45 properties totaling over $3.6 million. Avery County Realtors® sold 22 land listings which totaled over $3.4 million. Watauga County Realtors® recorded 55 properties selling for nearly $14 million.

COMMERCIAL: Residential properties across the nation remain hot and the demand for warehouse space is predicted to continue in 2022, as noted in the “Fall 2021 ULI Real Estate Economic Forecast” report. High Country Realtors® sold 6 commercial properties during the month of November. MLS reports are currently showing 47 commercial properties listed at the first of December in Alleghany, Ashe, Avery and Watauga.

Alleghany County Realtors® sold 2 commercial listings for $388,000. Ashe County Realtors® sold 2 properties totaling over $179,000. Watauga County Realtors® recorded 2 commercial properties selling for nearly $574,000.

INTEREST RATES: Currently, 30-year fixed rate mortgages are back down to 3.11 percent as of Dec. 2 , 2021. Freddie Mac prediction of rising mortgage rates for the end of 2021 proves to be inaccurate due to the fluctuating effects of the pandemic. Although the prediction was inaccurate, this does present homeowners good rates for refinancing and home buyers good interest rates for purchasing properties.

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