Life in Big Canoe, Real Estate in the Mountains

Hello and Happy 2009 to everyone. One of the best ways to look forward is to first look back at where you have been. I decided to start the year doing just that. Though Big Canoe  real estate sales are down from 2007 I was impressed with the all cash sales this year and also the increase of full time home sales. Sellers are also more prepared for buyers by having repairs done prior to inspections, and by offering attractive incentives such as owner financing. Below you will find the residential detached real estate sales stats for Big Canoe in 2008 according to recorded sales from FMLS printed out this morning. Lots and condos have also sold but not enough to make a significant difference in sales stats.

• For 2008 there were 77 recorded residential sales in Big Canoe
• The highest sale was $2,187,350 and the lowest was $137,000
• The average listing price is $455,004
• The average selling price is $421,139
• The average home sold for 92% of the listing price
• September was the strongest month with 10 sales followed  by March and April both with 9 sales, October had 7, July and August had 6, January, February and June-5, May and November-4, December-1
• Currently there are 241 homes for sale in Big Canoe

After consulting with many fellow agents there were a significant amount of sales that fell through this year either due to financial reasons or for buyers that have been unable to sell their homes. I do not consider these customers lost but rather in a holding pattern until things pick up in real estate. The holidays were very interesting this year as I had many mid-December inquiries  along with a surprising Christmas Eve contract.  This is why I expect January to start the 2009 real estate market off better than predicted. I can sense that America is ready to pull this country back to where it was. So with all that said, home prices are low, loans are cheap, and the real estate market will go up again. It’s a great time to purchase if you can.

Please feel free to comment or call me with any questions.
Sincerely,

Karin