Home sales finally leveling off in Haywood

Becky Johnson, The Mountaineer, Waynesville, N.C.
·2 min read

Nov. 30—The housing market continued to slow in Haywood County in October compared to last year's unprecedented home sales.

Home sales in October declined 23% percent year-over-year: 97 homes sold in Haywood County this October compared to 127 in October 2021.

The drop in home sales was coupled by lower sales prices and fewer new listings. Meanwhile, the number of homes on the market increased. All this points to a housing market that's beginning to stabilize after a period of exponential growth.

In addition, higher interest rates aimed at stemming inflation has resulted in mortgage rates rising into 7% territory, which continues to sideline buyers.

Supply

Meanwhile, the inventory of homes for sale increased. There were 277 homes for sale this October compared to 253 last October, a 10% year-over-year increase.

As inventory increases, prices will likely continue to cool as the market tries to move toward equilibrium.

The duration of supply of homes on the market based is 2.7 months — a 28% increase over last October. This measures how long it would take for every home currently the market to be sold based on demand if no new homes were listed.

New listings

New listings continued to fall in October, declining 12% year-over-year with 130 homes listed compared to 147 going on the market last October.

The number of pending contracts declined slightly in October, falling 4% year-over-year, with 125 homes going under contract compared to 130 last October.

Pricing

Sales prices were lower in October, declining 5% year-over-year. The average sale price was $356,000 compared to $376,000 last October. The median sale price fell to $305,500, a 5% decline from $323,000 last October.

Sellers are fetching less compared to their asking price as the control sellers had over the market continues to slip. Sale prices compared to listing prices dipped 2%, with sellers getting 93.4% of their listing price.

Nonetheless, the listing price for homes were higher, with an average listing price of $434,141 compared to $422,036 last October.

Regional comparison

Haywood was not alone in the trends. The greater Asheville region — including Buncombe, Haywood, Henderson and Madison counties — saw a similar decline in home sales and new listings.

The number of home sales that closed this October compared to last October dropped by 23%, identically mirroring Haywood.

Where the numbers differed, however, was in selling price. The Asheville region as a whole saw higher sales prices this October compared to last October, while Haywood's declined.

The median sales price in the region as a whole were up 10% from last October, while the median sale price in Haywood fell 5%.

The median closing price of homes in Buncombe County in October was $444,083, compared to $305,500 in Haywood.