Land Asking Price Coming Down

Monday, May 25, 2009:

For 2 years, I’ve heard nothing but “I’ll wait to buy when prices come down!”  Well, they did.  The average asking price for properties over 100 acres as shown in MLS was $9,028/acre in October, 2007.  Now, the average asking price is only $5,747/acre.  That’s a whopping 45% drop in asking prices.

Asking prices reached a high of $11,701/acre in May of 2008.  Actually, the average asking price over the past 19 months (for all 100+ acre properties in the Wilkes MLS) was $8,223/acre.   Incidentally, the average asking price for properties here at Mountain Land Company during the same 19 months was only $4,846/acre.

Hmmm.  I guess that means properties listed with Mountain Land Company were priced 41.1% lower than all other properties listed in MLS throughout the entire recession period.  By the way – the good news is that the land recession is over – thought you might like to know!