That headline might be a little aggressive; however, as August  2017’s housing market data begins to roll in, we can definitely say one  thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME  TODAY!

In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun, Chief Economist for the National Association of Realtors, said:

“There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”

And this situation will be affected greatly by recent natural disasters. Yun continued by saying:

“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”

NAR, in their August 2017 Realtors® Confidence Index, indicated that:

“Amid sustained job creation and sustained historically low mortgage rates, REALTORS® reported…that buyer demand is stronger compared to conditions one year  ago… and that fifty percent of properties were on the market for less  than one month when sold.”

The only challenge to  today’s market is a severe lack of inventory. A balanced market would  have a full six-month supply of homes for sale. Currently, there is only  a 4.2-month supply of inventory, which is down from 4.5 months one year  ago.

Locally

Comparing data from this time last year, Haywood County has 25% less homes on the market.  With an increase in absorption rates across the board, sellers may be able to list for more than they anticipated, as there is a good demand and smaller supply especially in homes priced under $350,000. 

Absorption rate is the number of months it would take to sell the currently listed homes in the market.*   

Haywood County





Price Range
Active Listings
Pending Listings
Closed Listings
(6 mos)

Absorption Rate*
(months of inventory)
$0 - $124,999
69
23
108
4
$125,000 - $149,999
44
19
59
4.5
$150,000 - $174,900
55
28
55
6
$175,000 - $199,999
45
11
77
3.5
$200,000 - $224,999
42
16
33
7.6
$225,000 - $249,999
74
21
61
7
$250,000 - $274,999
38
8
39
5.8
$275,000 - $299,999
55
15
39
8.5
$300,000 - $324,999
10
3
16
3.8
$325,000 - $349,999
36
7
31
7
$350,000 - $399,999
53
8
24
12
$400,000 - $449,000
32
6
17
11.2
$450,000 - $499,999
31
4
13
14 (1.2 yrs)
$500,000 - $749,999
90
5
21
25 (2.1 yrs)
$750,000 +
64
3
5
77 (6.4 yrs)

Data collected from WNCRMLS

Bottom Line

With demand increasing  and supply dropping, this may be the perfect time to get the best price  for your home. Clearly, some price ranges are moving very quickly. Let’s get together and discuss the inventory levels in  your neighborhood to determine your next steps.