With 5.2 years of supply for all property types, the real estate market in Avery and Watauga counties is a very strong buyer's market. The market stagnation has continued at a low level of activity. Even student rental housing, normally the strongest market sector, has 1.2 years of supply. Foreclosures have also increased in recent months. This means there is still a large selection of properties available and sellers will be willing to negotiate. Sellers be warned, you still need to price your property agressively and possibly add perks (home warranty, pay buyer's closing costs, etc.) if you want to sell quickly.
All market segments are strong buyers markets. Land sales continue to be very very slow. There has not been a single sale of raw land under 1 acre in the last year.
PROPERTY TYPE
YEARS OF SUPPLY
All
5.2
Subdivision Lot < 1 Acre
13.5
Subdivision Lot > 1 Acre
13.7
Land < 1 Acre
45.0
Land 1-10 Acres
7.3
Land > 10 Acres
12.3
Residential < $150,000
1.9
Residential $150,000 - $300,000
2.4
Residential $300,000 - $500,000
4.3
Residential > $500,000
7.1
Resort Style Home
4.0
ASU Student Rental Appropriate
1.2
If the Years of Supply is less than 0.4 years, we are in a SELLER'S MARKET.
If the Years of Supply is between 0.4 and 0.6 years we are in a NORMAL MARKET.
If the Years of Supply is higher than 0.6 years we are in a BUYER'S MARKET.
