There were a lot of ways to attempt this analysis but the methodology adopted compares 2012 home sale prices with the corresponding assessed tax value of the property sold.   The sales figures were “cleaned up” to eliminate bank and government sponsored entity sales.  Short sales were also eliminated in an effort to avoid having distressed sales skew the findings.  The comparison was done based on elementary school districts.  The list is ordered from lowest burden to highest and includes Hickory addresses in Catawba County.

1.  Blackburn Elementary

19 sales with an average price of $183,854

Hickory’s southern and easternmost reaches, the Blackburn district edges out number two by the slightest of margins to claim the title of having the lowest tax burden,  and being Hickory’s #1 tax haven.

• 99.09%  Sellers fetched on average 99.09% of the assessed value of their homes.  Hickory homeowners in this district pay only Catawba County taxes.

2.  Mountain View Elementary

45 sales with an average price of $226,027

Hickory’s southern and westernmost reaches, the Mountain View district placed a very close second.  By any measure it merits the distinction of being a Hickory tax haven.

• 99.03%  Many homeowners in this district pay only Catawba County taxes.

3.  Webb A. Murray Elementary

11 sales with an average price of $117,877

One of Hickory’s easternmost reaches, the Webb A. Murray district barely had enough reported sales to warrant consideration.  Nonetheless it earned the Hickory tax haven designation.

• 95.86%  Many Hickory homeowners in this district pay only Catawba County taxes.

4.  Clyde Campbell Elementary

48 sales with an average price of $182,824

The center of sprawling northeast Hickory, the Clyde Campbell district barely earned its Hickory tax haven designation.

• 94.88%  With few exceptions, homeowners in this district pay both Hickory City and Catawba County taxes.

5.  Oakwood Elementary

28 sales with an average price of $167,354

A highly sought after downtown location home to many of Hickory’s most historic and architecturally significant structures, the Oakwood district is easily one of Hickory’s most tax-conflicted areas.  Some addresses in this district appear to be tax havens, while other homeowners here face a considerably higher burden.

• 92.54%  Homeowners in this district pay both Hickory City and Catawba County taxes.

6.  Snow Creek Elementary

25 sales with an average price of $211,266

Hickory’s northern and easternmost reaches, the Snow Creek district is home to Hickory’s newest school, and is the most recent addition to Hickory’s school districts.  This district is another toss up.

• 91.76%  Split almost evenly between homeowners that pay only Catawba County and those that also pay Hickory City taxes.

7.  St. Stephens Elementary

14 Sales with an average price of $110,371.00

From the eastern edge of Viewmont to the eastern edge of Hickory, the St. Stephens Elementary (not high school) district.

• 91.29%  Some Hickory homeowners in this district pay only Catawba County taxes.

8.  Jenkins Elementary

53 sales with an average price of $220,721

Hickory’s northern and westernmost reaches in Catawba County, the Jenkins district includes waterfront properties and is home to some of the most expensive homes and most exclusive addresses in the Greater Hickory Metro.  It’s balanced by other more modestly priced homes.

• 90.53%  With very few exceptions, homeowners in this district pay both Hickory City and Catawba County taxes.

9.  Southwest Elementary

18 sales with an average price of $113,114

South of downtown along the HWY 70 corridor and north of the Mountain View and Blackburn districts,  unlike these two neighbors on the list, the Southwest district is no haven when it comes to taxes.

• 90.43%  With very few exceptions, homeowners in this district pay both Hickory City and Catawba County taxes.

10.  Viewmont Elementary

43 sales with an average price of $223,880

Just north of downtown, the Viewmont district includes waterfront properties and some of Hickory’s most established neighborhoods.  Its large but aging homes are selling for considerably less these days.  Homeowners here have Hickory’s highest tax burden.

• 85.44%  Homeowners is this district pay both Hickory City and Catawba County taxes.

There You Have It

A comparison ranking of tax burdens for Hickory homeowners in Catawba County.  Those that pay only Catawba County taxes pay a millage rate of .53 plus a fire district rate of approximately .o6 for a combined rate of approximately .60 for simplicity’s sake.  Homeowners that pay Hickory City taxes pay .50, plus Catawba County taxes for a combined rate of 1.03 per hundred dollars value.  These are 2012 tax rates.

Single Family Home Sales As Reported In The MLS Of Catawba Valley
2007	2008	2009	2010	2011	2012

Toggle over the columns for additional information.  Data includes all home sales in the MLS of Catawba Valley for Alexander, Burke, Caldwell and Catawba counties as reported on February 7, 2013.  Information from the MLS of Catawba Valley is deemed reliable, but not guaranteed.

May’s home sales figures indicate a trend of slow and steady growth in the Hickory and Catawba County residential real estate market.  Although it is clearly still a buyer’s market, overall, values are improving.  This is welcome news to many homeowners who have been waiting to refinance.  Banks are covered up with loan applications and appraisers are booked.  This means it might take a little longer than usual to retire a higher rate mortgage loan.  Our preferred mortgage partner is pleased to report that despite heavy volume, Envoy’s closing and funding departments will continue working overtime to keep their turn around times the fastest and most reliable in the industry.

With gas prices declining I anticipate buyers will be out and about doing more “drive bys” and attending more open house events than they did last summer.  If you are contemplating buying, selling, or both, make sure you contact me. Now is an excellent time to get started!

Hickory NC Single Family Stick-Built Home Sales

Data for:	2012	2011	2010
Number of homes sold:	223	184	217
Average price:	$166,096	$158,423	$176,569
Median price:	$140,00	$126,150	$137,750
Total sales volume:	$37,039,441	$29,149,961	$38,315,504
Average # of days on market:	171	179	161
Average % of original list price paid:	92.62	92.64	93.53

 

Catawba County Single Family Stick-Built Home Sales

Data for:	2012	2011	2010
Number of homes sold:	366	304	334
Average price:	$148,342	$146,067	$156,506
Median price:	$125,875	$120,500	$123,450
Total sales volume:	$54,293,532	$44,404,433	$52,273,204
Average # of days on market:	172	183	157
Average % of original list price paid:	93.07	92.92	94.01

 

About The Data

The data is from the Multiple Listing Service of Catawba Valley and reflects total sales reported January – May of each year.  It is deemed reliable, but not guaranteed.

So the question is, how’s the market right now?  There’s a quick and easy answer, stable.  Better than it was last year and not quite a good as it was in 2010.  All indications are we witnessed the bottom of the market last year and are now experiencing modest and sustainable growth in 2012.  If you are buying, selling, or both…make sure to contact me when you are ready to make your move!

Hickory NC Single Family Stick-Built Home Sales

Data for:	2012	2011	2010
Number of homes sold:	166	149	168
Average price:	$167,686	$151,387	$173,160
Median price:	$140,000	$122,00	$130,750
Total sales volume:	$27,835,916	$22,556,674	$29,090,914
Average # of days on market:	164	176	172
Average % of original list price paid:	91.78	92.27	93.06

 

Catawba County Single Family Stick-Built Home Sales

Data for:	2012	2011	2010
Number of homes sold:	253	241	264
Average price:	$153,731	$138,363	$156,152
Median price:	$127,00	$117,400	$119,450
Total sales volume:	$38,894,055	$33,345,681	$41,224,364
Average # of days on market:	167	177	168
Average % of original list price paid:	92.65	92.68	93.90

 

About The Data

The data is from the Multiple Listing Service of Catawba Valley and reflects total sales reported January – April each year. It is deemed reliable, but not guaranteed.

Remember 2007?  The good old days when real estate values in Catawba County were reaching an all time high.  Back when getting a loan was painless and everyone qualified for something.  Back when you could borrow as much or more money than your home was worth.

In 2011 those that purchased or refinanced property at the peak of the market are faced with a harsh reality.  Their property is likely worth less than what they paid for it.  Less or little more than what they owe for it.

A glance back at Catawba County’s real state market for single family “stick-built” homes in 2007 shows 1327  sales with a sales volume $232,550,258.00, an average sales price of $175,245.00, a median sales price of $140,900.00, and homes sold after about 129 days on the market.

For comparison the first ten months of 2011 has produced 651 sales with a sales volume of  $99,307,284.00, an average sales price of $152,545.00, a median sales price of $122,000.00, and homes sold after about 179 days on the market.  Of course there are  still two months left this year, but there is no reason to anticipate November and December sales will significantly improve 2011’s numbers.

Based on the number of homes sold during the first ten months of 2011 there is enough existing inventory to supply the demand through most of January in 2013.  That’s if none are added.

The the fair market value of the average home in Catawba County has declined about 13% since 2007.

So what does all this mean?

Buyers

To buyers this means they are clearly in the driver’s seat.  Nonetheless, finding a fair market value won’t be easy.  The staggering inventory level suggests most sellers have no immediate need to sell.  Others simply can’t afford to sell their property for what its worth.  Buyers will continue to face competition from other buyers for the few attractively priced properties.

Sellers

To sellers it means times are tough.  In order to succeed at selling their property they will likely settle for less, some considerably less than what they had hoped for.  They face competition from others like them and increasing competition from lenders including banks, credit unions, and government sponsored entities.  In 2007  lenders disposing of properties they acquired through the foreclosure process accounted for about 6.31% of Catawba County homes sales.  In the first ten months of 2011 the market share for these “bank owned” homes was 17.72%.  That might sound bad, but it’s worse in some adjoining counties.

Both

Historically low interest rates favor both buyers and sellers.  Whether it’s increasing the purchase power of qualified buyers or providing qualified home owners the opportunity to replace or restructure their existing mortgages, low interest rates make home ownership more affordable.  Perhaps one day we will look back at today’s interest rates and realize, those were the good old days.

 

Data contained herein is from the Multiple Listing Service of Catawba Valley, a wholly owned subsidiary of the Catawba Valley Association of Realtors®.  Opinions expressed are solely the opinions of the author and are not the opinions of the Catawba Valley Association of Realtors® or its membership as a whole.