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The Foxfire Report for Mitchell County, June & July 2022

 

Introduction

Real Estate sales and transfers along with building permit data is one of the main economic indicators to the viability and success of an area.  Spruce Pine and Mitchell County as a whole is the place we love and call home, and we as property owners have chosen this ground to stake our most valuable investments.  We have fervent desires to not only be successful and safe, but to provide a future for our posterity based on our faith, morals, and beautiful clean environment.  We seek a progress worthy of our mountain heritage, independence and hard working industriousness in this American high country that claims our life, liberty and the pursuit of property.

Foxfire Real Estate and Elite Marketing is the dominate firm in this area, and as such we are active community stakeholders dedicated in our service to promote a healthy real estate market that serves for the betterment of all Mitchell County.  With our knowledge and expertise in marketing we are uniquely positioned to serve as advocates for the success of the individuals that make up this wonderful town and county. 

 

Explanation of Data Collected 

We have gathered data from multiple sources ranging from private enterprise to government agencies.  Our firm naturally collects a lot of data in the course of our business both by natural attrition and deliberately in order to establish the necessary knowledge for our clients to make the right decisions concerning their property assets.  In many areas governmental agencies provide data similar to this as a resource for residents, investors and potential industry, but recognizing this missing element in our community, we have purposed to make this valuable information available to the public. 

This is a painstaking and time consuming task due to the nature and condition of the local sources, so we have worked very hard to make sure that it is as accurate as it can possibly be, but there is always a chance for some minor errors, so keep that in mind as you utilize this resources.  Foxfire is the tip of the spear for local real estate marketing and if you would like to talk more about how we can help you with your assets, please feel free to give us a call at (828) 766-9509 or check us out at FoxfireElite.com.    

 

The Hard and Fun Data

June 2022

 

The Deeds

There was a total of 86 deeds registered, and out of those 54 involved money being exchanged, totaling $11,332,500 worth of real estate.  

Mitchell County Tax Value

Mitchell County’s tax value on that real estate changing hands was just $7,802,600.00 in comparison, which is a $3,529,900.00 difference.  These 54 sales transactions accounted for 370.66 acres total.  

Excise Tax

There was $22,665.00 collected in excise tax, meaning that Mitchell County will keep $11,559.15 and the state keeps $11,105.85.   

As a comparison, for this same month Yancey County collected $33,126.00 in excise tax, with total sales of $16,563,000.00.  This means that Yancey was able to retain $16,894.26 in excise tax, and the sate received $16,563.00. 

The Property Data

15 of the properties that were sold were simply raw or unimproved land, 282.77 acres total, accounting for $1,680,000.00 in sales. The average sales price per acre for this month in Mitchell County is $9,856.64. 

The average price per acre of land in Mitchell County was $7,161.73 per acre.

There were 29 home sales total in the county (outside Spruce Pine city limits) and the  average price per square foot on homes in Mitchell County was $165.54; the average sales price was $248,650.00. 

There were 6 home sales total in the city limits of Spruce Pine. The average price per square foot on homes within the Spruce Pine city limits was $228.39; the average sales price was $251,047.50. 

The average price per square foot on commercial buildings outside of the city limits of Spruce Pine was $56.92 per square foot. 

Of all the properties sold, 23  out of the 54 were represented by real estate brokers.  Of those represented by real estate brokers, there was an average of 77.16% return on investment, verses just a 12% return on investment for those who chose to sale outside of the market (For Sale By Owner- for which data was available).  

The time between a purchase and a sale for all properties sold was on average 11 years, however, notably, there were 6 sales (11% of all sales this month) that were between 1-3 years after initial purchase.

Notable Sales

The most expensive per acre land sale was $18,564.00 for 4.04 acres on Green Creek Road, Bakersville, NC.

The least expensive per acre was $1,497.00 for 5.01 acres on Blackberry Lane, Spruce Pine, NC.

The Largest tract sold this month was 124 acres which makes up the Grassy Creek Golf & Country Club property.  The town of Spruce Pine did really well with 5 residential sales, and 3 commercial building sales.  

TOP Closing Attorneys

Based on the number of closings conducted in Mitchell County, the following attorneys are ranked in order: 

  1. Dean Grindstaff

  2. Holmes and Holmes

  3. April Seggerman

Building Permits

There were 6 new construction residential building permits issued with an estimated value of $4,521,760.00.  Keep in mind that just because building permits are issued does not mean that building will actually take place, or that the amount estimated is accurate.

There were 4 new construction commercial building permits issued with an estimated value of $88,000.00.   

The Court Action

Divorce Actions = 1
Banking Credit Lien Actions = 3
Homeowner’s Association Lien Actions = 2
Small Claims Actions— Money Owed = 2
Probate/Estate Actions = 32

The County 

As of the 2020 census, Mitchell County’s population is 14,959. 

For the month of June there was a total of 2,582 people on Food Stamp assistance, and 4,025 people receiving Medicaid assistance as of this month.  There was 6 people receiving Work First Child Only Assistance, and 78 families receiving Subsidy/Daycare Assistance.  This accounts for around 27% of the county’s population receiving public benefits. 

Conclusion 

According to the Wall Street Journal, August 12th, 2022, June set the record for the highest home prices on record since 1989.  At the time of completing this report, already we are seeing some prices come down.  The local real estate market is still strong and moving swiftly.  If you are considering selling your home or business… now is the time.  If you are looking to buy, negotiation is the name of the game now, and it is possible to get a good deal under asking price at this point.  Give Foxfire a call and let us help you navigate the current market. 

Peter Franklin- Executive Managing Director
Foxfire Real Estate, LLC

 

 

July 2022

 

The Deeds

There was a total of 70 deeds registered, and out of those 46 involved money being exchanged, totaling $9,129,500.00 worth of real estate.  

Mitchell County Tax Value

Mitchell County’s tax value on that real estate changing hands was just $6,877,500.00 in comparison, which is a $2,252,000.00 difference.  These 54 sales transactions accounted for 299 acres total.  

Excise Tax

There was $17,872.00 collected in excise tax, meaning that Mitchell County will keep $9,114.72 and the state keeps $8,757.28.   

As a comparison, for this same month Yancey County collected $27,042.00 in excise tax, with total sales of $13,521,000.00.  This means that Yancey was able to retain $13,791.42 in excise tax, and the sate received $13,521.00. 

The Property Data

14 of the properties that were sold were simply raw or unimproved land, 173.02 acres total, accounting for $1,060,900.00 in sales. The average sales price per acre for this month in Mitchell County is $75,778.58. 

The average price per acre of land in Mitchell County was $19,875.13 per acre.

There were 27 home sales total in the county (outside Spruce Pine city limits) and the  average price per square foot on homes in Mitchell County was $186.60; the average sales price was $231,557.69. 

There were 3 home sales total in the city limits of Spruce Pine. The average price per square foot on homes within the Spruce Pine city limits was $119.10; the average sales price was $194,333.33. 

The average price per square foot on commercial buildings outside of the city limits of Spruce Pine was $98.10 per square foot. 

Of all the properties sold, 28  out of the 46 were represented by real estate brokers.  Of those represented by real estate brokers, there was an average of 130% return on investment.  

The time between a purchase and a sale for all properties sold was on average 8.65 years, however, notably, there were 2 sales that were between 1-2 years after initial purchase.

Notable Sales

The most expensive per acre land sale was $64,513.16 for 6.2 acres adjoining the Grassy Creek Golf Course in Spruce Pine, NC.  This is the same group that purchased the golf Course in the month of June. 

The least expensive per acre was $1,039.18 for 71.21 acres on Snow Creek Road, Bakersville, NC.  This was also the largest tract sold this month. 

The town of Spruce Pine had 2 commercial sales and 3 residential sales this month which is slightly less that in June, but still doing good. 

Closing Attorneys

Based on the number of closings conducted in Mitchell County, the following attorneys are ranked in order: 

  1. Dean Grindstaff

  2. Holmes and Holmes

  3. Dale Hensley

Building Permits

There were 0 new construction residential building permits issued.

There were 0 new construction commercial building permits issued.   

The Court Action

Divorce Actions = 5
Banking Credit Lien Actions = 4
Lawsuits For Money Owed = 2
Lawsuit For Negligence = 1
Small Claims Actions— Money Owed = 2, Return of Personal Property = 1, Disputing Parties =1
Probate/Estate Actions = 26

The County 

As of the 2020 census, Mitchell County’s population is 14,959. 

For the month of July there was a total of 2,528 people on Food Stamp assistance, and 4,030 people receiving Medicaid assistance as of this month.  There was 7 people receiving Work First Child Only Assistance, 4 receiving Emergency Assistance, and 79 families receiving Subsidy/Daycare Assistance.  This accounts for around 27% of the county’s population receiving public benefits, which is around the same as last month. 

Conclusion 

There are currently 74 homes on the market in Mitchell County.  With the rise in interest rates, along with the current inflation and cost of fuel, we are predicting that the market will slow slightly with people being able to afford less home than what they would have a few months ago.  We do not anticipate a sharp decline in prices, but the inventory will certainly increase.  This is not a crash, such as the sub-prime lending crisis that occurred 12-13 years ago, so the market should remain pretty stable.   Building materials are getting cheaper, so builders may start to build more and certainly in larger areas, people will be placing orders for homes.  

Peter Franklin- Executive Managing Director
Foxfire Real Estate, LLC

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