Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

May 3, 2019

Hickory Nut Gorge A Unique Place To Live

HICKORY NUT GORGE – A UNIQUE PLACE TO LIVE

Residents and visitors of Lake Lure and the surrounding Hickory Nut Gorge are blessed with an abundance of nature’s beauty – beautiful mountains, a plethora of native trees and plants, a wide variety of wild birds and wildlife, fabulous sunsets and the magnificence of Lake Lure as the centerpiece.  For outdoor enthusiasts there are a multitude of trails to explore, creeks/rivers/lake to fish, zip lines and golf courses to play. Of course, boating and water activities are always a popular outing.  If you’re visiting, don’t miss an opportunity to take a pontoon tour of the Lake either from Washburn Marina or Rumbling Bald Resort. There are also opportunities to rent boats, kayaks, paddle boards, etc.

Newcomers and visitors often comment on the friendly atmosphere. Whether you choose to live here full time, own a second home or just visit frequently you’ll find it easy to make new friends and find activities that suit your lifestyle and interests.  Though summer is the most popular season, finding things to do autumn through spring is no challenge. There’s never a bad time to visit the Biltmore Estate in Asheville or try out one of the many craft breweries in the area. Greenville and Spartanburg South Carolina are also easy to get to for additional shopping and entertainment options.

The Lake Lure area real estate is stable with a variety of styles and price ranges from which to choose.  The local market is quite different from large cities or towns where sellers and buyers are typically relocating within the same area. With an aging population, most sellers are relocating to be closer to family in other states. Home buyers are either relocating from other states or buying a second home or vacation rental property. Because buyers are not “local” and some months are busier than others, the average time on the market is approximately six months.  That may seem long compared with metropolitan areas where homes sell within days, however it doesn’t mean the property is flawed or the sellers are anxious and willing to accept an unreasonably low offer. It’s simply a different market.

The chart compares the first quarter of 2019 with the first quarter of 2018.  For more detailed information visit www.LakeLureLifestyle.com/blog or ask your real estate professional.

 

Price Range

# Active

(as of 4/11/19)

Avg. Days on Market

# Under Contract

Avg. Days on Market

# Sold

Avg. $/sq.ft.

Avg. Days on Market

1/1/2019 – 3/31/2019

<$200K

10

339

6

102

3

$113

112

$200K - $299K

34

284

3

464

7

$177

148

$300K - $399K

26

235

5

116

3

$193

123

$400K - $599K

34

264

3

281

2

$171

279

$600K - $799K

15

217

4

164

0

 

 

$800K - $999K

7

757

0

 

2

$359

146

$1 mil – 1.99 mil

14

480

0

 

0

 

 

$2 mil +

4

134

0

 

0

 

 

TOTALS

144

339

21

225

17

$203

162

1/1/2017 – 3/31/2017

(Active Properties were as of 4/13/18)

<$200K

10

270

5

73

5

$130

252

$200K - $299K

33

337

9

161

7

$140

279

$300K - $399K

14

223

3

428

6

$160

62

$400K - $599K

28

231

3

218

3

$282

276

$600K - $799K

12

320

1

224

2

$256

533

$800K - $999K

10

290

0

 

0

 

 

$1 mil – 1.99 mil

11

492

0

 

0

 

 

$2 mil +

4

156

0

 

0

 

 

TOTALS

122

291

21

221

23

$194

280

Information taken from Carolina Multiple Listing Service.  Deemed accurate, but not guaranteed.

Posted in Market Updates
Jan. 4, 2019

All's Well That Ends Well

All’s Well That Ends Well

While the Hickory Nut Gorge experienced more than a fair share of unusual weather conditions in 2018, the real estate market held its own despite having received feet of rain and snow.  As has held true in previous years, approximately 50% of single-family home sales were in the $200K - $400K price range.  And there is good news: sales in the $400K - $600K range nearly doubled from 2017, and the cumulative number of days on the market (DOM) decreased by six weeks. The table below is a comparison of 2017 and 2018. Having 17 properties under contract going into the new year is a great start.

 

2017 Sales

 

2018 Sales

 

Under Contract

Price Range

# of Sales

% of Sales

List/Sell Ratio

Avg. DOM

# of Sales

% of Sales

List/Sell Ratio

Avg. DOM

# Pending

Avg. DOM

< $200K

42

28

.92

201

27

21

.91

164

3

 

$200K - $399K

78

52

.94

220

62

48

.96

176

5

$400K - $599K

13

9

.94

206

23

18

.95

200

5

$600K - $799K

11

7

.91

467

11

9

.96

228

2

> $800K

5

4

.87

163

5

4

.89

225

2

Total and Overall Averages

149

 

.92

251

128

 

.93

199

17

165

NOTE: Data is from Carolina Multiple Listing Service and deemed to be accurate. Statistics are for single-family homes in zip code 28746.

 

 

Active Single Family Listings – Lake Lure

As of 12/14/2018

Price Range

# of Listings

Avg. $/sq. ft.

Avg. DOM

< $200K

13

$144

243

$200K - $399K

60

$173

246

$400K – $599K

34

$249

230

$600K - $799K

16

$287

371

$800K - $999K

11

$340

477

> $1,000,000

21

$402

362

 

As a new year begins, many of us make resolutions for ourselves.  It’s also appropriate to make “household” resolutions, even if there is no immediate plan to sell your home.  You might resolve to spruce up your landscaping. Or if you’ve been in your home for years, resolve to update/upgrade/de-clutter one room. Deferred maintenance you’ve been ignoring?  Put that on the list!  It is often helpful to look at your home as if you were a guest or prospective buyer.  When you pull in the driveway, what do you notice?  As you walk through your home, does something suddenly catch your attention that ordinarily wouldn’t have?  Making and keeping a list of projects that have been “good intentions” is always a good idea and makes preparing your property easier as “one project at a time” versus “there’s a lot of work to be done”!

Posted in Market Updates
Dec. 17, 2018

Hurricanes, mudslides and roads closed – oh my!

December 2018

 

This year the beloved Hickory Nut Gorge has been inundated with torrential downfalls, mud slides, fallen trees and road closures. Hurricanes Florence and Michael left numerous marks on the area. While the strength of our residents prevails, Mother Nature certainly had a less than optimal effect on real estate sales during our most popular season.  While home sales have been good, the numbers are slightly off track from the past several years.  And those in anticipation of high traffic from the World Equestrian Games are surely disappointed that equestrians and guests didn’t come flocking to the gorge seeking real estate.

Don’t despair!  The area fared well despite circumstances.  Between January 1 and September 30, Lake Lure (zip code 28746) had 98 single-family homes sold.  Of those, 70 sold at $400,000 or less and 28 sold for prices above $400,000.  The same period in 2017 had 114 sales of single-family homes – 94 at $400,000 or less and 20 at prices above $400,000.  In summary, the number of single-family residential sales was 14% below the same period for 2017, although perhaps a better-than-average year for the area given the traveling obstacles that had to be overcome.

On a positive note, showing activity spiked in the first two weeks of October. Optimistic buyers are inquiring and ready!  For the holidays, don’t forget to invite friends and family who may have an interest in joining our beloved community - there’s nothing like the Lake Lure Lifestyle!

Sept. 3, 2018

Welcome World Equestrian Games Visitors!

Sept. - Oct. 2018

During the games, many of you will be getting your first glimpse of our beautiful part of the world and hopefully a true sense of “southern hospitality” during your visit. As time permits, get around and explore our many scenic vistas, waterfalls, state parks, and of course Lake Lure (once named one of the top 10 most beautiful manmade lakes by National Geographic magazine).  If you develop an urge to own a piece of our paradise there are homes available to suit any need or want – from lake front homes to cozy mountain cabins and more.  We’ll gladly welcome you back any time!

For our regular readers, just a reminder it’s time to start thinking spring!  Fall is the perfect to make note of any home maintenance projects you’ve been ignoring, especially if you’re contemplating selling your property next spring or summer.  Begin noticing all the “little things” you’ve been living with that really need to be fixed, updated, or refreshed to avoid being overwhelmed when you decide the time is right to list your home for sale.

It’s a common homeowner thing.  We all have little things we know need to be repaired or replaced, and many of us know we’ll get around to it – some day.  Even if you’re not planning a move, these minor irritations have likely become something you’re simply tolerating without even noticing.  Doors that don’t close properly, cabinet doors that need adjustment, nicks in the walls or trim, dirty air filters (and the grates that conceal them), burned out light bulbs, loose door hardware, carpenter bee damage, carpet that should have been stretched or replaced years ago, cobwebs in the corners of your two-story living room ceiling . . . the list could go on.

The bottom line is this: the “little things” you don’t notice anymore are the very things a prospective buyer will notice almost immediately.  So grab the toolbox and start fixing!  Better you find it before a home inspector does and makes note of a seemingly silly repair.  If your home is 15 – 20 years old pay attention to the mechanical systems.  Is the heating/cooling system nearing the end of its life? Has the septic tank been pumped and the system inspected in the past few years? How old is the roof, and in what condition? Does the exterior have a good coat of paint or stain? Are there any issues in the crawl space or basement?

Don’t wait for spring to arrive to tackle little projects.  At least make a list of the things you know need to be taken care of, then set a game plan for eliminating what could become “perceived problems.” When you decide to sell it will make your preparation time shorter and help you get a better price for your home.

Aug. 6, 2018

Stormy Weather Doesn’t Dampen the Local Real Estate Market!

August 2018

 

Despite nature having caused rushing rivers, flooding and mudslides this spring, home sales have only suffered slightly, and only in terms of the number of homes sold in the first half of the year. Statistics for Single Family Homes from Carolina MLS show that year-to-date the average price/sq. ft. and average selling price have both increased while the number of days on market had a decrease.  Good signs of what’s likely for the remainder of 2018.  The lower number of homes sold is most likely attributed to weeks of stormy weather, with unusually high amounts of rain in The Gorge.

January 1 – June 30

Homes Sold

Average $/sq. ft.

Average Days on Market

Average List Price

Average Sale Price

% List/Sell

High Sale Price

Low Sale Price

Median Sale Price

2016

75

$156

204

$268,762

$250,659

.93

$1,095,000

$30,011

$201,685

2017

92

$162

229

$313,978

$291,757

.93

$2,050,000

$50,000

$230,000

2018

63

$182

160

$355,766

$337,515

.95

$965,000

$85,000

$290,000

 

 

 

 

 

 

 

 

 

 

Current Activity

Homes for Sale

Average $/sq. ft.

Average Days on Market

Average List Price

 

 

High List Price

Low List Price

Median List Price

As of 7/8/2018

171

$252

259

$603,169

 

 

$4,600,000

$74,900

$450,000

 

Breaking down the number of sales by price range helps provide a better understanding of the averages above. Doing the same for currently active and under contract listings is intended to provide a snapshot of the current local real estate market.

January 1 – June 30, 2018

Total

< $200K

$200K - $299K

$300K - $399K

$400K - $599K

$600K - $799K

$800K - $999K

> $1M

Homes Sold

63

13

20

12

11

6

1

0

% of sales

 

21%

32%

19%

17%

10%

1%

0%

 

 

 

 

 

 

 

 

 

Active Listings as of 7/8/2018

171

12

43

22

40

20

10

24

Under Contract as of 7/8/2018

11

3

3

4

0

0

1

0

 

While sales are strongest in the under $400,000 price ranges, sellers with home values greater than that shouldn’t get discouraged.  It’s an opportunity to make sure that your home looks as good or better than your competition because there are fewer buyers looking at those homes.  An updated home in pristine condition is more likely to be the one a savvy buyer will select.  Basic updates/upgrades, fresh paint, tidy landscaping and well-arranged furniture all make a difference. Having a lake and/or mountain view or being waterfront is a bonus!

July 2, 2018

Loving Life In The Hickory Nut Gorge

July 2018

 

While the Hickory Nut Gorge is a popular tourist and vacation destination, it is also a fabulous place to live and play. Any full time or part time resident will happily give you a list of reasons they love living here, and why anyone would love the peaceful, easy way of life in the Gorge!

 

The residents of the Hickory Nut Gorge communities are perhaps the greatest asset. People are friendly, welcoming and many lifetime friendships have been made. There is a remarkable sense of community. When trouble strikes everyone pitches in to make a difference for all. During the 2016 Party Rock fire, the emergency personnel were inspired by the level of community volunteerism and support. More recently the area suffered from the lingering aftermath of subtropical storm Albert which brought as much as 20” of rain to the area causing flooding and mudslides.  The raging Rocky Broad River carried unusually high amounts of sediment and large debris into Lake Lure. Volunteers were quick to clean up Chimney Rock Village, and teams of town personnel and volunteers spent days clearing the Lake to quickly restore safety for boating and other water sports.

 

The breathtaking natural beauty of the area is obvious. Lake Lure, owned and maintained by the Town of Lake Lure, truly is one of the most beautiful lakes anywhere.  It is easy to enjoy mountain and lake life at the same time!  No matter where you drive, there is always an amazing view – mountains, the lake, rivers, gorges, forests. If you’re an adventurer/hiker/mountain biker, hike one of many area trails or climb to the top of Chimney Rock where you’ll find stunning views in all directions. Another not-to-miss attraction is the Lake Lure Flowering Bridge which crosses the Rocky Broad River, a volunteer created and lovingly maintained project with a multitude of plantings and fun décor. In the evenings, outstanding sunsets are common.

 

Not too hot, not too cold!  The Hickory Nut Gorge enjoys an isothermal climate, providing four distinct seasons and moderate temperatures year-round. Winters are short (avg. high 54 /low 32⁰ December – February), Spring is delightful (avg. high70⁰/low 43⁰ March - April), Summer is pleasant (avg. high 85⁰/low 62⁰ May – September), and Fall is fabulous (avg high 68⁰/low 44⁰ October and November). Average annual snowfall total is 8”, just enough to make snow-lovers happy and not enough to seriously bother those who’d prefer none! Historic average data obtained from Intellicast.

 

Last, but certainly not least, there are no stop lights or traffic jams in the Gorge!!  Travel to and from larger towns and cities is easy, with access to Interstates 40 and 26 just 30 minutes away. If a laid-back, friend-filled lifestyle is for you there are homes available in styles, sizes, and price ranges to meet almost anyone’s needs. The local real estate market is stable, with a slightly higher average sales price and 30-day shorter average time on market this year to date, as compared with 2017 (January 1 – June 10 time period).

May 7, 2018

Patience and Understanding Are Virtues In The Lake Lure Area

May - June 2018

 

In the Lake Lure area sellers complain that their properties aren’t selling fast enough.  For buyers coming from booming metropolitan areas they want to know why properties have been on the market more than a week!  Local real estate professionals can only dream about overnight sales, with multiple offers on all properties.  This is not that kind of market.

Lake Lure real estate is doing well under the circumstances of being a “destination” location.  We don’t have the luxury of sellers moving to another property in the same area.  We don’t have first-time buyers.  We depend on visitors falling in love with our beautiful, charming setting.  Or family members relocating to be close to parents. Or people looking for a temperate climate for relocating.

In the face of challenges, sales of property in the Lake Lure area are solid.  And keeping pace with the past year or two.  Whether you’re planning to buy or sell here, don’t have unrealistic expectations of how long a property has been or will be on the market. Buyers, don’t think that a property that has been on the market more than 30 days is “stale”.  Sellers, don’t expect your property to sell overnight unless it is in immaculate condition, fully updated, flawlessly maintained inside and out, and a ready/willing/able buyer is already on the sidelines!

The chart below compares the first quarter of 2018 with the first quarter of 2017.  All is well, and we’ve only just begun the 2018 “selling season”.  For a more detailed information visit www.LakeLureLife.com/blog or ask your real estate professional.

Price Range

# Active

(as of 4/13/18)

Avg. Days on Market

# Under Contract

Avg. Days on Market

# Sold

Avg. $/sq.ft

Avg. Days on Market

1/1/2018 – 3/31/2018

TOTALS

122

291

21

221

23

$194

280

<$200K

10

270

5

73

5

$130

252

$200K - $299K

33

337

9

161

7

$140

279

$300K - $399K

14

223

3

428

6

$160

62

$400K - $599K

28

231

3

218

3

$282

276

$600K - $799K

12

320

1

224

2

$256

533

$800K - $999K

10

290

0

 

0

 

 

$1 mil – 1.99 mil

11

492

0

 

0

 

 

$2 mil +

4

156

0

 

0

 

 

1/1/2017 – 3/31/2017

TOTALS

 

30

$193

252

<$200K

 

 

NOTE:  Data for properties that were Active and Under Contract during the first quarter of 2017 is not determinable.

10

$115

213

$200K - $299K

11

$149

228

$300K - $399K

5

$162

240

$400K - $599K

2

$267

256

$600K - $799K

2

$274

322

$1 mil – 1.99 mil

0

 

 

$2 mil +

0

 

 

Information taken from Carolina Multiple Listing Service.  Deemed accurate, but not guaranteed.

 

 

Feb. 16, 2018

Lake Lure Area Real Estate Trending Upward

Sometimes numbers speak louder than words!  We are frequently asked how the local real estate market is doing.  While there are many variables and explanations for differences in numbers, or questions buyers and sellers may have, it is important to understand there are differences among price ranges.  The most simplistic way to present the information in this case is to generalize, using only data from Lake Lure (zip code 28746).  Data from areas close by and throughout the Hickory Nut Gorge would be somewhat comparable.

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Posted in Market Updates
Feb. 1, 2018

Current Market Data

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, the median price and square footage of each home sold and so much more. 

 

DOWNLOAD 2018 STATISTICS FOR LAKE LURE HOME SOLD

 

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You can sign up here to receive your own customized market report , with updates delivered monthly! It contains active, pending, and recently sold properties so you can see actual homes in your area. As you notice price and size trends, please contact us with an questions.

We are happy to provide additional details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please contact us to request a customized market analysis for your property. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates
Jan. 8, 2018

The Excitement of Being “Under Contract”

Jan.- Feb. 2018

 

Maybe you’re a seller who has waited months for the perfect buyer for your home and they finally appeared.  Or perhaps you looked diligently for months to find your perfect home in the mountains and “the one” finally came on the market so you nabbed it. You’ve negotiated agreeable terms and now have an executed contract. With great enthusiasm you look forward to the process of moving toward closing.  With good reason you’re excited!  But wait . . . there’s a due diligence period during which the buyer has every opportunity to have the home inspected inside and out, secure financing if needed, and solidify their intent to proceed with the purchase, or not.

In any real estate transaction you can expect at least a little turbulence along the way. This will first arise during the negotiation of terms of the contract: purchase price, duration of due diligence period, closing date, and any requests for personal property to be included that the seller hadn’t planned on leaving.  The next and most certain occurrence of turbulence is all the events that will happen during the due diligence period: home inspections (including radon, septic and anything else the buyer wants checked) and negotiation of any repairs requested, glitches with buyer’s loan approval, a delay in the appraisal being returned or having to delay the closing date for reasons beyond either party’s or their broker’s control.

The best way to handle issues that arise during the process is to stay calm, be realistic and remember the goal! Buyers and sellers frequently place different value on different features of the property – what one felt was the best decorating idea they ever had, the other will think it’s exactly what they didn’t want (but they’re willing to overlook that). Or there’s a difference of opinion on what repairs are “absolutely necessary”.  Or the inspection reveals an issue that was completely unexpected but now becomes a material fact if not taken care of. A septic tank under concrete that would be challenging to have cleaned out, a buried oil tank that nobody knew existed discovered during an attempt to locate a septic tank, a crack in the pipe between a pump and the uphill tank discovered during a septic inspection or rotted wood visible only from a thorough inspection of the crawl space are some recent real-life examples.  You’ve not only had to negotiate the contract but now face having to negotiate the requested repair list and determine whether the seller will make the repairs or offer a concession, or the buyers will accept the property without any or all repairs. Until the end of the due diligence period the buyer has a right to terminate the contract and have the earnest money returned. 

With skillful negotiation and reasonable expectations from all parties to the transaction, almost anything can be satisfactorily resolved to reach the goal: a successful closing!

Posted in Real Estate Tips