Real Estate Market

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

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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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Market Report for September 2016

We’ve analyzed the data for September and have compiled the real estate market stats and trends we’re seeing in Asheville and Buncombe County. Perhaps most interesting to us this month was the year over year drop in home supply across all price brackets for single family homes.

Asheville City Market Report

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Buncombe County Market Report

market-report-infographic-september-2016-buncombe-county

For a more specific picture of what’s going on in your neighborhood, price range, or in a different part of WNC, contact us or give us a call at (828) 232-4030. Our agents are knowledgable and eager to help!

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DixonPacifica Celebrates Three Years

This photo shows the DixonPacifica team of brokers together in downtown Asheville. Above them is a banner that says "celebrating three great years." Below them is the DixonPacifica logo.

Think back to January 2013. Bruno Mars “Locked out of Heaven” was top of the charts. The economy was starting to recover, and DixonPacifica opened its doors to residents and aspiring-to-be-residents of Asheville, North Carolina. What started as two locals talking big dreams over a cup of coffee has since grown into a multi-million dollar real estate company. In January 2013, DixonPacifica was born.

Much has happened since then: Asheville’s population has grown about 4% (That’s 14,000 new residents!), 16 breweries have opened in the Asheville area, and our downtown office has overlooked 47 Friday night drum circles in Pritchard Park. We have made a point to put down sturdy roots and invest in the Asheville area. Our brokers are on boards and committees for the Boys & Girls Club, United Way, school PTO’s and the Buncombe County Sports Commission, and because of our brokers’ success, DixonPacifica is able to contribute to local charities including Manna Food Bank, Brother Wolf, Boys & Girls Club, Buncombe County Schools Foundation and United Way. In support of fellow small businesses, we’ve had fun taking clients and friends to Asheville Tourist games, LaZoom tours, the Holiday Parade, Downtown after 5 socials, wine tastings and bike events. We deeply value the relationships we’ve built with clients, agents and the community over this time and appreciate the confidence you have shown to us.

We know our team of brokers is truly the reason we’ve been successful beyond our expectations. We are honored to work with such hard-working and trustworthy professionals. They constantly strive to offer the highest quality advice and representation to our clients, and we are thankful for everything they do. Since opening, we are proud to have been able to hire nine brokers with a combined 74 years of real estate experience, and they’ve certainly proven their skill with more than $55 million in sales and over 130 homes sold in Western North Carolina and Upstate South Carolina.

One thing that’s been confirmed to us since DixonPacifica started is that real estate is constantly changing. We seek out and embrace new technology and are one of the most agile real estate companies in the area. If there is a program or strategy which improves the service we provide we are quick to implement it, which is why we’re the only paperless real estate office in WNC.

Looking forward we want to continuing growing our company while maintaining our high standards. Our brokers are carefully chosen for their communication and negotiation skills, pro-active nature, ability to fully understand a client’s needs and be trusted advisors.  Our agents make DixonPacifica what it is, and we are proud of them. It’s been an amazing three years and we look forward to many more.

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Will 2014 Be The Strongest Year For Housing Activity Since Before The Great Recession?

3 Arguments to prove this point:                                                          3/28/2014

1. Improving Job Market: Summing up what David Berson, Chief Economist at Nationwide stated in an interview with HousingWire: Full interview here. 

Most economists expect an improved job market in 2014. Employment growth will accelerate and the unemployment rate will continue to decline. David Berson stated that this will be the key factor in improving housing demand this year- Jobless rate will reflect more of a pickup in employment than further declines in the labor force participation rate. Even if mortgage rates rise and affordability declines. The housing market does well when the job market improves and when income prospects improve, even if it’s more expensive to purchase.

2. Demographics Showing Love for the Housing Market Again: 

The Emerging Trends in Real Estate Report from the The Urban Land Institute is predicting over 4 million household formations in the next three years. Millenials will make up a large portion of these households. With the economy improving, we should start to see them moving out of their parents house and start to purchase homes.

3. Dare we say it: Mortgage Availability Should Improve:

“The rise in mortgage rates already has reduced mortgage origination volumes as refinance activity declines. If mortgage rates rise further this year, as expected, then refinance activity will fall still more. In response, mortgage lenders probably will ease lending standards to the extent possible under the QM rules to boost lending activity by increasing purchase originations. As a result, the increase in new households expected to be created this year, spurred by a stronger job market, should find that qualifying for a mortgage loan will be somewhat easier in 2014 than in prior years.” David Berson, Chief Economist at Nationwide taken from interview with HousingWire.

 

 

 

 

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Asheville Area Land Stats

Land sales data through March 1, 2014.

Bun Av Med Lots

Bun Land sales by price

Hendo Med price

Hendo sales by unit

Haywood Med Price

Haywood Sales by price

 

 

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