Sales data comparison for 2006 and 2007 for mountain real estate in Jackson County, NC. Data was derived from the Northern Jackson County MLS.
TOTAL UNITS (Residential and Land)
2006-521 units
2007-426 units
Avg. Sales Price
2006-$155,800
2007-$162,002
Avg. Days on Market
2006-235 days
2007-208 days
RESIDENTIAL UNITS
2006-305 units
2007-237 units
Avg. Sales Price
2006-$191,777
2007-$201,006
Avg. Days on Market
2006-174 days
2007-156 days
LAND UNITS
2006-199 units
2007-156 units
Avg. Sales Price
2006-$41,000
2007-$45,000
Avg. Days on Market
2006-326 days
2007-260 days
The major difference between 2006 and 2007 was the drop in total units sold, evidenced by the 18.23% decrease. This was primarily caused by other markets coming to a halt therefore preventing potential buyers from coming into the market in Jackson County. The Subdivision moratorium would also be a factor in the lower sale volume. Days on Market for total units decreased by 11.4%. Residential pricing went up by 4.8% while Land prices reduced on average by 8.97% from the beginning of 2006 to the end of 2007. This reduction in land prices could also be attributed to the Subdivision moratorium.
So the extreme tightening of credit in the last quarter of 2007 had little or no impact on the Jackson County real estate market activity?
Posted by: Lawrence Carey | February 13, 2008 at 07:57 AM
Lawrence,you are correct. 2007 was a "perfect storm" for land sales in Jackson County. Residential sales remained fairly flat, while land sales took the biggest hit. It can be attributed to several factors. The slowing of Florida and Atlanta markets, the tightening of credit markets, morotoriums and lack of sewer in and around Sylva as TWSA announced there was no more capacity in 2007.
Posted by: Todd Baucom | February 13, 2008 at 08:20 AM