February 2012

Is Asheville emerging as the next Austin?

The new hipster cities of America: Who’s emerging as the “next Austin”?
By Lauren Modery
02.21.12 | 06:30 pm
www.austin.culturemap.com

Sometimes it feels like there is no place more hipster-plentiful than Austin, Texas. The city has become the poster child of what young creatives and entrepreneurs are discharging into this world. When you look up the word ‘Austin’ in the thesaurus, the words, ‘old-timey facial hair,’ ‘your grandmother’s eyewear,’ ‘college degree in food carting,’ ‘bee hive hoarding’ and ‘Which Wich eating‘ appear. It’s true that there is no escaping the fauxhemian gorilla-whale that is running amok in our city.

But are other cities unscathed by the beast? Smaller, up-and-coming cities that are like how Austin was before ‘we’ showed up? Cities that hipsters can flock to now that other, older hipsters have crimped their style of being on the forefront of a burgeoning scene? The answer is yes.

Forget Austin, forget Brooklyn, forget Portland, forget Silver Lake. What are the cities on the verge of hipsterfication right now?

ASHEVILLE, NC

Read article here.

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My Market Stats

In Western North Carolina we are around 5% above our long term norms. Mortgage payments have dropped 10% since 2004 and the average monthly mortgage payment for a median priced home is now $849 compared to $924 in 2004 making housing more affordable. We will continue to see distressed sales playing a role in keeping home prices down. The area also has inflated home inventory this which keep the “buyers” market in place through the year.
However, home sales are starting to pick up and hopefully, by the end of 2012 we will see the local housing market start to stabilize. This is the first time we have thought this since 2006!!

 

Market Snapshot as of 2/22/2012:

Median Sales Price:
Buncombe: $203,250
Henderson: $146,500
Haywood: $137,500
Madison: $100,000
Total home Supply:
2306; 2652 in ’10
% of Foreclosures:
20.20%
National Avg: 28%
State Avg: 30%
Buncombe County 2009-2011 Home Sales
Last 3 Yrs of Unit Sales

Here are the numbers for 2009-2011:
Home Sale NumbersMedian Sales price Buncombe:
Buncombe County Median Sales

Henderson County 2009-2011 Home Sales
Henderson County Closed Unit Sales

Here are the numbers for Henderson County 2009-2011:
Henderson County NumbersMedian Sales Price Henderson:
Henderson County Median Sales Price

Haywood County 2009-2011 Home Sales
Haywood County 09-11

Here are the numbers for Haywood County 2009-2011:
Haywood NumbersHaywood County Median Sales price:
Haywood Median Sales Price

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How Affordable is Housing?

A great article discussing where the housing market stands and if it really is turning.

Excerpts taken directly from the blog http://bonddad.blogspot.com/2012/02/how-affordable-is-housing.html Objective Facts, They are for real. By jon Stewart

In determining if the median American family can afford the median house, there are at least two separate factors to consider: (1) how affordable is the typical down payment? and (2) how affordable is the mortgage? Let’s look at each of them in succession.

The down payment, of course, is a percentage of the sale price of the house. So if, for example, we want to know how affordable a 20% down payment is, all we have to know is the sales price of the typical house, because then we can just divide it by five.

Read Entire article here.

Summary for those of you short on time:

So, there are at least two answers to the question “how affordable is housing?” The first answer is that, in terms of down payments, house prices are probably very slightly — as in 5% or less — above their long term norm. Since it is mainly lower priced housing that is selling, it is possible that higher priced housing will continue to decline in price and if so, there will be an overshoot to the downside (which is good for home buyers).
The second answer is, that at least in terms of mortgage payments, now really is a good time to buy a house. We are probably at or near generational lows in affordable mortgage payments, particularly after factoring in family income.

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28 Blake Street Asheville, NC 28801 in Montford, MLS#: 510981

 

28 Blake Street (Click for Video)

Stunning Arts & Crafts home in the heart of Montford, located on level front & back yard on a quiet, non-through street. Winner of the 1998 Griffin Award and offers a remodeled kitchen w/ gas stove + stainless steel appliances. Oversized and restored windows, original re-finished heart of pine floors, 4 wood burning FP’s, large bedrooms, sleeping porch off Master, updated plumbing & electrical. Zoned heating & A/C upstairs. An easy stroll to downtown Asheville makes a perfect fit for everything Asheville has to offer!

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