WITH AMANDA HEATH
Dear Friends, Family and Clients,
I hope this letter find you well and enjoying the start of 2025! 2024 was an amazing year with lots of change for many!
2024 was an eventful year for the Heath family. Isaac started his working career in the electrical field with Blaze. Aubrey started his freshman year of college and played Football at Georgia Southern . Abigail graduated high school and prepares to enter college next fall. Austin started his Junior year in high school, got his drivers license and began working. Audie turned 4 and moved into Pre-K.
The past year continued to break records for real estate and sales were outstanding! While we have had to make adjustments with longer market times and higher interest rates, it still was a good year for our market place.
I certainly want to take a moment to THANK all of you whom I had the pleasure of serving during this challenging market! Because of your trust and support, I will again be awarded the Presidents Circle Gold award for my company. This means I was in the top 2% of Berkshire Hathaway agents across the nation. I sold 16+ million in total volume, closed 39 units and was ranked #10 out of 109 agents in my office. I was also awarded the 5-year legend award, which means I was ranked in the top 2% of BHHS agent nationwide for 5 years in a row! I could not have don’t it without YOU!
I continue my work with Arden homes marketing the neighborhoods Providence Place! I am excited to continue a new Luxury community near Buena Vista called The Terrace at Chatham Lake. These homes will be unlike anything ever built in our new construction market featuring homes that are modeled after the Hanes estate.
I continue to represent Custom builder, ARENA Builders in Brookberry Farm and look forward to the new phase of Brookberry to begin later this year. Feel free to call me if you have any interest in building or buying a new home in 2025 or beyond.
One highlight of this tough market is continuing to work with and find homes for my long time investor, Soleo Properties, Inc. This year we stepped out into some new areas and stretched our skills given the lack of inventory. We are consistently looking for new renovation projects. If you know of any homes in need of a little love, give me a call.
Overall, we are still in a great market. Inventory remains below normal market numbers, and interest rates have risen to a normal pre-covid number. Buyers have a great opportunity right now to get the home of their dreams and lock in at a great price. Enclosed you will find some local stats reviewing the last 6 months of market activity .
Now is a GREAT time to be a move up buyer and use the equity that you have in your current home. If you have a home to sell the time has never been so ideal. Feel free to call me with any questions!
Happy 2025!
2024 was a year of stabilization. After the accelerated rates of sales and average sales price appreciation we saw through the second half of 2020-2022 we saw a slow down begin in 2023. After two consecutive years of decreased sales units equating to a 26% decrease from the all-time highs of 2021, we saw the units remain stable in 2024 from 2023. There were 16,418 total units sold in 2024 which was just slightly higher than the 16,366 units that closed in 2023. The total sales volume of $5,519,898,719 was up 5% from last year and the third highest total all time only after 2021 and 2022. The average sales price of $336,251 was up 5% for the year which was the 12th straight year of positive price appreciation for our market. Days on market for listings increased by 12% to an average of 38 days. Resale units which represent almost 79% of our total market were also flat from 2023 after being down by over 22% the previous year. New homes as a category remained strong and helped fill in our inventory shortages. Overall new homes sales units were up 2% after being up 14% the prior year and total sales volume was up 7%. Luxury homes priced over $600,000 ended the year up 19% in units sold and the total sales volume was up 17% for this category. The $900,000+ subcategory was up 8% in sold units and 9% in sold volume. Over the past 5 years the average sales price for our market is up 49.1%. This has led to record amounts of equity for many homeowners while also unfortunately pricing many potential buyers out of the market. In December 38% of all homes had 1 or more price reductions in order to sell. These homes sold at 92.5% of their original asking price and in 78 days on average. However, the other 62% of homes sold at 99.1% of the original asking price and sold in an average of 16 days. This continues to show that pricing homes correctly will lead to quicker sales and often a higher sales price.
The sales activity by price range and zip code chart compares the current active inventory to the number of closed sales during the last six months. We now have a 2.1 months supply of inventory across Greater WinstonSalem which is and increase over the 1.6 months supply we had at the end of 2023. This is still considered a sellers market and is historically low. Anything three months or less is historically considered a strong seller’s market. On average these homes sold for 98.3% of list price and went under contract in 38 days. The most active price range remains between $200,000-$300,000 with 34% of all closed sales. Homes under $300,000 have a less than 1.7 months supply of inventory and make up 52% of the market. The $300,000-$500,000 price range makes up 38.5% of the market and has a list price to sales price ratio of almost 99%. The zip code with the lowest supply of homes is 27104 with a 1.6 months supply and also has the second lowest average days on market at 29. 27284 (Kernersville) historically is our most active zip code, however for the last 6 months there are two zip codes tied for the most sold inventory, 27284 and 27295 (Lexington) with 398 sales each. This is indicative of more housing options in these areas along with more affordable new homes options for first time home buyers.
What will happen in 2025? Historically the year after an election is good for real estate. Consumers seem to be coming to terms with the fact that interest rates will not return to the historic lows we saw in prior years, and many are returning from the sidelines. We will continue to see new homes be an important part of maintaining inventory options for home buyers. We should continue to see home prices rise but at the more conservative rates that we have seen over the past two years. We will continue to monitor the market closely in the year ahead.
Data reflects all closed residential sales in the Greater Winston-Salem area as of the end of December. This area includes Forsyth, Davie, Davidson, and Stokes Counties.
Did you know...for every transaction I close, a donation is made to the Second Harvest Food Bank and Samaritan Ministries in an effort to give back to the community.
Greater Winston-Salem (Forsyth, Davie, Davidson, Stokes)
(Last Six Months) – “All
– 1/20/25
Greater Winston-Salem (By Zip Code)
DIRECTIONS:
RECIPE CORNER
INGREDIENTS:
Broccoli Salad:
• 1 large bunch of broccoli (about 1 ¼ pounds), florets removed and sliced into small, bite-sized pieces
• ⅓ cup roughly chopped sun-dried tomatoes*
• ¼ cup chopped shallot or red onion
• ¼ cup crumbled feta cheese or thinly sliced kalamata olives
• ¼ cup sliced almonds
Dressing:
• ¼ cup olive oil
• 2 tablespoons lemon juice
• 1 teaspoon honey or maple syrup or agave nectar
• 1 clove garlic, pressed or minced
• ½ teaspoon dried oregano
• ½ teaspoon Dijon mustard
• ¼ teaspoon salt, more to taste
• Pinch red pepper flakes
In a medium-sized serving bowl, toss together the broccoli, sun-dried tomatoes, shallot or red onion, feta or olives and almonds. In a small bowl, whisk together all of the dressing ingredients until emulsified. Drizzle the dressing over the salad and toss well. For best flavor, let the salad rest for 30 minutes before serving so the broccoli has a chance to marinate in the bold, lemony dressing. (It’s great right away, too, though!)
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Recipe and photo from cookieandkate.com
