Buncombe County

Market Report for June 2017

Days on the market shrunk significantly from May to June, as is traditional in our market, with the change in average price continuing to show double digit growth over last year. Despite a large number of sales, more inventory has come to the market, as we predicted, giving us a slightly larger supply of homes than last month. The hottest market segment in Buncombe County has dropped $5o,ooo, though the median sales price is up slightly since last month.

So, what’s in store for the rest of the summer? We saw a slow down during the July 4th holiday weekend and predict the market will continue to cool off as the summer gets hotter and school starts back. This should mean slightly lower list to sales price as demand is slightly less, and months supply of homes and days on the market should continue ticking up incrementally, which will indicate a healthier and more steady rate of growth in the Asheville and Buncombe County markets.

Buncombe County Market Report

Market Report June 2017 - Buncombe County

Asheville City Market Report

Market Report June 2017 - Asheville

If you found this data helpful and would like a more detailed look into a specific neighborhood or zip code, contact one of our agents or call the office at (828) 232-4030. We are happy to provide you the information you need to Move Smarter.

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Market Report for May 2017

The hottest market segment continues to hold steady at $400-499k. This is due, in large part, to the significant (though less drastic than April) change in average price. Many potential sellers aren’t listing their $300-399k homes despite the increase in value because the homes in the $400-499k range have increased at the same percentage. As you can see, this short supply is also pushing down the months of inventory and days on the market quite significantly over last month and last year. We are regularly seeing homes go under contract on the first day with multiple offers over asking price. We expect similar buying conditions but a larger supply of homes next month as schools let out and summer moving season begins.

Buncombe County Market Report

Market Report May 2017

Asheville Market Report

Asheville Market Report May 2017

For more information about our local markets, feel free to reach out to our agents by email or call our office at (828) 232-3040. We aim to ensure you have all the information you need to Move SmarterTM and make the best buying and selling decisions.

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Market Report for April 2017

Buncombe County Market Report

Market Report April 2017

Asheville Market Report

Market Report April 20172

If you’d like additional information about this data or want a more in-depth look at a specific neighborhood, contact one of our agents or call us at (828) 232-3040. We’re always happy to equip you with the knowledge you need to make the best real estate decisions.

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Market Report for February 2017

The February numbers are in and much of what they have to say confirms our 2017 predictions. Median sales price is up significantly over last year and can be explained by the continued trend of low inventory.

Asheville Market Report

Asheville Real Estate Market Report February 2017

 

Buncombe County Market Report

Buncombe County Real Estate Market Report February 2017

To see what the numbers look like in your neighborhood, our agents are happy to provide a more in-depth analysis.

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Market Report for January 2017

January saw predictably steady market growth with a slight increase in average list to sales price as well as a slight decrease in months of inventory. However, there was a significant uptick this month in change in average price. This reflects the greater volume of homes sold in a higher price bracket than in previous months more so than individual home prices drastically increasing. We believe the trend of greater sales in higher price brackets will continue this year as more people move into the Asheville-Buncombe market from other markets.

Asheville City Market Report

Market January Asheville2

Buncombe County Market Report

Market January Buncombe

Our agents would be glad to give you more information about our market as a whole or your individual neighborhood or area of interest. Send an email or give as a call at (828) 232-4030 and we’re happy to give you more insight into current trends.

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Market Report: 2016 Year in Review

Compared to last year, home prices in the NC Mountains MLS service area increased 9.1%. Buncombe County experienced a 10.2% increase and Asheville 13.7%. Buncombe County’s median price is currently $253,400 and Asheville’s is $270,000.

Median Price 2016
Buncombe County Median Price

The average person stays in their home for five years. If you purchased a $250,000 home in the Asheville area in 2011, the Federal Housing Finance Agency’s housing price calculator says your home would be worth $308,724 at the end of 2016, which is a gain of 23.5%.

Closed Sales Graph
Buncombe County Closed Sales

Closed sales increased 6% over the previous year. Buncombe County and Asheville accounted for a high percentage of sales increase in 2015, so while sales still increased they were lower as a percentage to other neighboring counties. Buncombe County experienced a 2.3% increase in sales during 2016.

Days on the Market Graph
Buncombe County Days on the Market

A good sign for our market is that sales may have been higher if not for the lack of inventory. We have plenty of buyers looking for homes, but they are struggling to find the right property. The availability of active listings was down year-over-year in 2016 by 1.6%. One thing we are watching carefully is if low home supply is a drag on the number of sales in 2017. Buncombe County and the city of Asheville have the lowest supply of inventory in the entire MLS. Currently Buncombe has 3.2 months supply and Asheville 2.6 compared to the WNC MLS average of 5.4 months. Four to five months is typically considered healthy.  The good news for sellers in this scenario is supply vs. demand will continue to push prices higher.

One word that’s almost vanished entirely from our real estate vocabulary is “distressed.” For the last few years distressed homes, foreclosures and short sales, were an everyday reality in our market. In 2016 the percentage of distressed sales fell 24.2% and made up only 1.4% of total sales.

Market Predictions Header

Looking towards the remainder of 2017, we believe several things will impact our community’s real estate. With the stock market hitting new highs, many investors could look for portfolio diversity in real estate. Since our market is a hot vacation destination, those dollars could find their way here. Experts believe Baby Boomers may take profits from the stock market and buy real estate they can rent and enjoy personally in their retirement. Boomers are expected to make up one-third of all buyers this year.

Another positive is our region’s economic strength. With Buncombe County’s unemployment rate the lowest in North Carolina and our tourism numbers consistently rising, our region’s economy should remain strong for the foreseeable future. Our economic fundamentals are strong so housing prices should remain stable even if geo-political situations arise or interest rate increases put pressure on the market.

All data sourced from North Carolina Mountains MLS (January 2017)

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Market Report for December 2016

The market trends we saw in December strongly reflect the larger market trends for our area. While there were fewer new listings and closed sales overall, the sharp increase in median sales price in Buncombe County as well as the significant decrease in month supply of homes in Asheville and Buncombe County indicates that the market is “hot.” Fewer days on the market until sale and fewer days between list and close compared to last December further support this conclusion. Check out the data below for a more targeted look at our local markets.

Asheville City Market Report

Market December 2016 Asheville

Buncombe County Market Report

Market December 2016 Buncombe

If you’d like additional data about our market in general or even a specific neighborhood in the area, we’re happy to help. Send one of our agents a message or give us a call at (828) 232-4030. Happy New Year!

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Market Report for November 2016

November is typically the slowest month of the year in the real estate industry. Clients find it challenging to make time for house hunting and keeping the home they’re selling pristine for showings during the holiday season. Because there are fewer sellers in the market, the months supply of homes is at the lowest it’s been this quarter, which means those sellers who do decide to list homes in November have less competition. We also saw that without as much inventory to choose from, the average days on the market ticked back down. That said, buyers don’t have it so bad either: the average sales price and the YOY change in average sales price is the lowest this quarter.

Asheville City Market Report

market-asheville-november-2016

Buncombe County Market Report

market-buncombe-county-november-2016

For more information on the Asheville real estate market, you can check out the reports for October, September, and August or give us a call at (828) 232-4030. We’re happy to go in depth about the trends we’re seeing generally or more specifically in your area of interest.

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Market Report for October 2016

With prices up and inventory down, the market was hot for sellers in October, which is consistent with the trends we saw in August and September. In fact, the median home price in Asheville continues to show increase month over month. That said, we are seeing the months supply of homes has leveled off and in some cases risen slightly, meaning that market growth is becoming more consistent and less extreme. This conclusion is also supported by the data for days on the market, which has been ticking up ever since it hit the lowest point in years in June/July.

Asheville City Market Report

real-estate-market-report-october-2016-buncombe-county

Buncombe County Market Report

real-estate-market-report-october-2016-asheville

If you’d like to see more data from these locations or want to know what’s happening in a different part of Western North Carolina, we invite you to email one of our agents or call us at 828-232-4030. We’d love to provide more information so you have a better picture of what these real estate trends mean for you.

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Top 10 Reasons To Sell During The Holidays

BP pic

  1. Fewer homes on the market = Less Competition– Many home sellers like to wait until the “hot” selling season to put their home on the market. In Asheville, like most places, the big selling season is in early spring. But why not get a jump on the competition?  When housing inventory is low, buyers will appreciate a home that is competitively priced and in tip-top showing condition.
  2. Holiday buyers are serious buyers! You will waste less time showing your home to unqualified buyers, because buyers who look during the Holidays are serious about buying!
  3. Most people, including buyers, are happier during this time of year. Happy home buyers who need to move are attracted to homes that are warmly decorated and inviting.
  4. Holiday decorations will increase curb appeal. Many Asheville neighborhoods decorate and light up their entrances and their homes during the holidays.
  5. Your home may look its best during this time of the year. The Holiday smells & decorations of your home might invoke warm fuzzy feelings for a potential buyer.
  6. Some buyers may prefer to buy for tax reasons before the year ends!

  7. More time off to look at homes! Home buyers may be able to take a little more time off during the holidays to look at homes.
  8. Become a non-contingent buyer! If you sell your home during the holidays, you will be a non-contingent buyer – when it comes time to buy your next home! Few things hurt a home buyer’s bargaining power more than being a contingent buyer – meaning you must sell your current home in order to buy your next home.
  9. You are in control! If you are worried about selling during the holidays because you don’t want to move out of your house before the Holidays are over, you don’t have to. You are in control! If you don’t like the terms of an offer, you don’t have to sell your home. Or, even better,  you might be able to work out a rental situation so you don’t have to move until after the Holidays.
  10. Realtors® at DixonPacifica Real Estate are working during the holidays! We are WORKING during the holidays. Many buyers and sellers are purchasing during this time of year, so we make ourselves available.

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