Tag Archive for: bestplacestolive

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W-S Real Estate Market Remains Healthy & Steady

While many real estate markets across the country continue to cool, activity in Winston-Salem remains relatively steady. Even with mortgage rate increases and lower inventory, home sales remain positive, according to Triad MLS data as of July 30.

  • The average sales price for all types of residential real estate rose to $345,925 in July, an increase of 30% compared to $265,867 in January 2023.
  • Price per square foot improved to $167 in July compared to $145 in January. Even with that healthy improvement, however, Winston-Salem remains a good value in relation to other metro areas in the state.
  • The number of homes closed in the Winston-Salem market totaled 376 in June, dropping to 267 in July. While a seasonal drop is not uncommon, it is again at least partially attributable to fewer homes on the market.
  • The percentage of listing price realized at closing has ranged from 98% to 101% thus far in 2023.
  • Days on the market again fell to just 18 at the end of July, compared to 38 days in February, which was the 2023 high to date.
Inventory remains low, making buyers more aggressive

One revealing statistic is that the current month’s home inventory stands at a very low 1.3 months. Generally, a supply of five to six months is considered a balanced market. This means active buyers have fewer choices and are more aggressive as shown by sales closing at or near the full listing price. However, the bidding that drove up prices and overheated markets in 2021-22 has cooled, lending more stability to the sales process.

Winston-Salem offers strong home values

Overall, the Winston-Salem market continues to move forward at a steady and realistic pace that should benefit both buyers and sellers. And it’s very clear this is a city that offers outstanding value to homebuyers, especially to those currently living in the state’s larger metro areas where home prices, property taxes and traffic have skyrocketed.

For additional information or answers to questions, contact us at bluebirdrealty11@gmail.com.

Image Courtesy of Visit Winston-Salem

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NC Baptist Hospital Celebrates a Century of Service

North Carolina Baptist Hospital, now known as Atrium Health Wake Forest Baptist Medical Center, officially marked 100 years of service on May 28.

The hospital opened its doors in Winston-Salem on May 28, 1923, with a simple commitment: to be a place of healing and teaching. Planning began in 1919, when the Baptist State Convention of North Carolina held its annual meeting and appointed a special commission to seek a location for North Carolina’s first Baptist hospital. The goal was to create a network of hospitals to care for the state’s neediest patients.

An 11-acre tract of land in Winston-Salem’s Ardmore neighborhood was chosen as the site for the hospital. Construction took about two years, and on May 28, 1923, North Carolina Baptist Hospital opened, with five floors and 88 beds. Fred Trivette, who would grow up to be a North Carolina highway patrolman, was the first baby born on the hospital’s opening day.

Today, the hospital is an 885-bed tertiary care center that treats families from across the region and the Wake Forest Baptist health system has grown to include five community hospitals, more than 300 primary and specialty care locations, 2,700 physicians, 4,000 nurses and more than 20,000 employees.

More than 1,200 students learn at Wake Forest University School of Medicine, including the MD, PA, Nurse Anesthesia, Doctor of Nursing Practice, and graduate programs. The hospital plays a pivotal role in research and education for Wake Forest University School of Medicine, a nationally-known leader in groundbreaking research and experiential medical education, and the academic core of Advocate Health.

 

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Winston-Salem Real Estate Stable in 2022, Positive for 2023

An arial view of the Winston-Salem skyline in the evening.

The hope is we’ve survived the chaotic up-and-down 2022 real estate market with minor distress here in the Winston-Salem area, and can look forward to a more stable and manageable 2023. Here’s a quick recap of residential real estate activity in our area for 2022 (January – December):

— Despite overall uncertainty, the average sales price for residential properties (homes, condominiums and townhomes) rose 11.2% to $295,783 at year’s end, up from $265,950 in January 2022. The highest average came in June at $322,323 as the market was at its hottest.

— Price per square foot remained stable at roughly $150 over the course of the year. The highest price came in May at $176, but fell back to $150 at the end of 2022.

— Strong buyer demand and limited inventory kept theBlueBird Realty logo percentage of listing price received at close to 100% during 2022, moderating slightly to 98.5% at year’s end. May/June were again the hottest months, with the percentage topping 103%.

— In January 2022, the average days a home spent on the market was 26 days; however,  that number dropped drastically to just nine days in mid-year as the market hit its most active point. By year-end, average days on market had settled at 28 days.

— The local market has slowed some, particularly during the fourth quarter of 2022. Closed sales dropped from 267 in January to 246 in December, while new listings dipped from 276 to 186.

— Continued buyer interest and reduced inventory have kept activity on a positive note in the Winston-Salem area. But higher mortgage rates have affected buyer activity and confidence, with indications buyers are waiting and watching to see where interest rates and the overall economy trend.

— Realtor.com has projected home prices in the Winston-Salem market will increase by 5% in 2023, a positive note for prospective sellers.

Conclusion: For sellers, the increase in average pricing during 2022 appears holding into 2023, presenting a potential opportunity to cash in, particularly for those looking to downsize, retire or relocate. Buyers likely will remain cautious as they watch mortgage rates and the health of the overall economy. However, indications of lower rates and improved economic activity, plus more inventory, will encourage a pool of buyers motivated to move for more space, family growth, remote work space, etc.

In overall terms, the state of the Winston-Salem area residential real estate market appears positive heading into 2023.

Winston-Salem & North Carolina Score in New Rankings

An arial view of downtown Winston-Salem features many tall buildings, highways, and parking lots.

Both the city of Winston-Salem and the state of North Carolina received high marks in new studies ranking the best places to live and top areas for business. 

U.S. News Highlights Winston-Salem among “Best Places to Live”

Winston-Salem scored well in the latest “U.S. News & World Report’s Best Places to Live in the U.S.” annual study based on quality of life and the job market in 150 metro areas. Winston-Salem ranked 56th in “Best Places to Live” and 57th in “Best Places to Retire.”

The study described the city “on an upward trajectory that still maintains its Southern roots. Although the city is traditionally Southern in its friendliness, it has an international feel.” Also noted was slow and steady growth that “has preserved the region’s small-town feel while allowing for improvements, such as repurposing old textile and tobacco factories into loft apartments. Due to heavy interest in residential and corporate development, the region has become a fertile land for entrepreneurs and small businesses.”

Another appealing feature of Winston-Salem noted in the report was as a place that delivers a lot of bang for the buck, with cost of living below the national average. This should be particularly appealing to retirees and contributed to the city’s ranking in the “Best Places to Retire” category.

CNBC Ranks North Carolina Country’s Top State for Business

Powered by an economy that has hit its stride and turbocharged by a long track record of innovation, North Carolina is “America’s Top State for Business” in 2022, according to CNBC’s annual state competitiveness rankings. While the state has consistently appeared within the top ten since 2007, this is the first time North Carolina has gained the top position.

According to the study, one key reason for North Carolina’s top rating is the demonstrated willingness for state leaders to put aside partisan differences to boost the economy, and create a positive climate that is attractive to business development and success. Among notable recent victories, Vietnamese electric vehicle manufacturer VinFast signed a deal to build a $2 billion factory in the state, while Apple announced it would build its first East Coast hub in the state’s Research Triangle region.

“I’ve had both Republican and Democratic leaders of both the House and the Senate on each side of me as we make a presentation to the company that this is where you need to be, you’re gonna get predictability, reliability, consistency,” said Governor Roy Cooper, a Democrat. “Businesses look for that and they also look at what happens after the deal is done. Does state government, local government continue to work with them and try to help them succeed. Some of our best recruiters are CEOs who are already here.”

The CNBC study also noted the state’s credit rating is pristine, and its fiscal balance is sound. Economic growth, at 6.7% last year, and job growth at 3.6% were among the strongest in the nation, according to government statistics. Access to capital and the proven ability to attract venture capital also contribute to the state’s viability. And North Carolina also scored well in its workforce base, which has become a key factor for companies.

“Talking to CEO after CEO, workforce is the driving force for them right now,” Cooper told CNBC. “They see North Carolina as place where they can rely on our community colleges, our greatest array of public and private universities in the country to make sure they have the workforce they need.”

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by Triad MLS®.