In these uncertain economic times, the media continues to supply us with seemingly endless amounts of bad news. Often included are frightening statistics on real estate sales and home values.
In Western North Carolina and specifically, in the greater Cashiers area, which includes Highlands, Lake Glenville, Sapphire Valley, and Lake Toxaway, home values have fared much better than in other parts of the country. Many analysts look at values and sales by state or nationwide, but for an accurate and useful assessment, it should be studied on a much more localized level.
As an example, let’s look at the Cashiers market. In 2008, 128 homes sold in southern Jackson county. This is down from 189 sales in 2007. At first glance, this appears to represent a significant decline. However, the average sales price in 2008 was $728,813, compared to $745,463 in 2007. This is a decrease of just 2.2%, a very modest amount by most standards. And in the current economy, it is good news from an investor’s standpoint — basically, although the number of properties sold went down, values held steady. The Cashiers area has not experienced the volatility seen in other markets.
As we continue to study the 2008 numbers, we’ll make additional entries, so keep checking back with us on the blog and share your thoughts. Also, feel free to call Jochen Lucke at (828) 743-1999 or email me at email@example.com.