Real Estate Market Report for 2017
What a great year for DixonPacifica Real Estate and the WNC housing market! Our market built upon a strong 2016 and we continued to see improvements in median sales price and price per square foot. We’ve rebounded well above pre-crash levels.
In Asheville, the median sales price rose to $290,000, a 7.4% improvement over 2016. In December the price per square foot for single-family homes pushed to $204, the first time it’s been over $200 all year. In several other categories the Asheville numbers are flat to slightly down due to limited inventory. Closed sales fell 2.3% and days on the market were down 1.8%.
In Buncombe county the median sales price increased to $275,000, a 8.6% improvement over 2016. In December the price per square foot for single-family homes climbed to $182. Like Asheville, the Buncombe numbers in other categories are slightly down. Closed sales fell 2.2% and days on the market were down 4.9%.
Our outlook for 2018 is that the number of sales will continue to slip which will push the price per square foot higher. Inventory availability is a challenge across the nation and we are not immune. There are new construction homes coming to the market across WNC, but we believe demand will outstrip supply, especially in the hot in-town neighborhoods. Over the last few years developers have been building on any in-fill lot available and usable land is becoming expensive. That said, we do see opportunities for buyers. If you are willing to remodel and update it’s possible to find quality homes in the most popular areas. And, lenders are becoming more aggressive on rehab loan products. Real estate is local, if you would like more information about a specific neighborhood we’re more than happy to help.
All of us at DixonPacifica would like to thank our clients, partners and other Brokers for helping us see amazing growth in our number of transactions and sales volume. We appreciate the trust you put into working with our outstanding group of Brokers, and look forward to many great things for all of us in 2018.
Due diligence in North Carolina
One of the most common questions our Brokers receive pertains to due diligence and how it works. We thought it would be helpful to explain the due diligence process and what it means to a buyer and a seller. In 2011, the North Carolina Real Estate Commission introduced a revised Offer to Purchase and Contract in which a new term called “due diligence” was introduced. Due diligence is a process by which a buyer gives the seller a non-refundable fee in order to have time to inspect, appraise and do their “due diligence” in determining if they will close on the home.
Please don’t confuse the due diligence fee with an earnest money deposit, though. Earnest money is a second part of the typical Offer to Purchase. Like the due diligence fee it’s also negotiable, but a big difference is the earnest money is refundable if the buyer terminates the contract during the due diligence period.
In our market, a buyer typically performs a home inspection, pest inspection, radon test, property survey, and obtains a loan during the due diligence period. But, the buyer is not limited to those items. They can do air testing, lead-paint testing, underground storage tank tests, mold testing, etc. It’s the buyers time for any and all inspections. It’s also a time when you can negotiate with the seller for inspection items, bring in contractors for quotes, and meet with the homeowners’ association to ask questions. Should the buyer wish to terminate the contract during the due diligence period they can with written notice. If this occurs the buyer would receive their earnest money back, but would lose their due diligence fee.
Should a buyer complete the transaction, the due diligence fee and earnest money will be credited towards the purchase price. These credits would appear on the Closing Disclosure provided by the buyer’s lender and attorney.
Below we outline more details about due diligence and how it works during a real estate transaction.
Q: What is “Due Diligence”?
A: “Due Diligence” is the buyer’s opportunity to engage in a process of further investigation of the property and the transaction as described in the Offer to Purchase form within a period of time agreed to by the seller and buyer.
Q: What might the buyer investigate during “Due Diligence”?
A: The buyer will want to inquire about anything bearing on a decision to either move forward with the contract or to terminate it. Paragraph 4 of Form 2-T outlines many, but not all, common considerations of the “Due Diligence” process such as home, pest, and septic inspections, property survey, appraisal, title search, loan qualification and application, repair negotiation, etc.
Q: How much time is allowed for the “Due Diligence” Process?
A: The amount of time is negotiable but the period begins with the effective date of the contract. Paragraph 1(j) of Form 2-T will state the period’s agreed upon ending date. Buyers should be certain to negotiate enough time to fully complete their inquiries – especially as related to appraisal and loan approval and any repairs discovered during property inspections.
Q: What is the “Due Diligence” Fee?
The fee, if any, is negotiated and paid by the buyer to the seller for the right to conduct “Due Diligence”. The amount of the fee may be influenced by such matters as the market for the property, number of days on the market, personal circumstances of buyer and seller, and the length of the “Due Diligence” period.
Q: Is there a limit to the repair items the buyer can ask the seller to perform?
A: No. The buyer is free to ask for any number of things; however, the seller is not obligated to agree to any of them. Repairs, if any, are completely negotiable.
Q: If the buyer is not satisfied with the seller’s response, or lack thereof, to repair requests, what can the buyer do?
A: The buyer can terminate the contract or agree to move forward without the repairs.
Q: Must the repairs be completed by the seller before the end of the “Due Diligence” period?
A: No, but the seller is required to complete any repairs in a good and workmanlike manner prior to the settlement date. Failure by the seller to complete the repairs could result in a breach of the contract. (See paragraph 8(k) and (l) of Form 2-T).
Q: Must the seller allow the buyer to inspect the property to verify the repairs have been completed even if the “Due Diligence” period has expired?
A: Yes. The buyer has the right to verify the repairs have been completed satisfactorily, during or after the “Due Diligence” period. The buyer also has the right to do a final walk-through. The seller’s failure to permit the buyer to verify repairs or to do a final walk-through is a breach of the contract.
Q: What happens at the end of the “Due Diligence” period?
A: The buyer must make a decision to move forward with the contract or to terminate, so it’s a good idea to discuss progress with the buyer as the end of the period approaches. There is a “Warning” to the buyer in paragraph 4 of Form 2-T advising termination if the seller does not agree to a requested extension of the “Due Diligence” period. The buyer’s loss of the right to terminate for any or no reason then places the earnest money at stake. To avoid any misunderstandings, provide any extension agreed to by the seller to the buyer in writing.
Q: If the buyer decides to terminate the contract under the “Due Diligence” clause, must the seller agree?
A: No. It is the buyer’s sole decision to make, assuming it is made during the “Due Diligence” period and not afterward. The termination is a notification to the seller, and must be in writing, but the buyer does not need the consent of the seller. It is a unilateral decision made by the buyer for any reason or no reason at all. The buyer typically gets back the earnest money but not the “Due Diligence” fee, unless otherwise negotiated.
If you have any questions pertaining to any part of a real estate transaction please don’t hesitate to get in contact with us – we would love to help you!
Information sourced from North Carolina Real Estate Commission.
(828) 232-4030 | 26 College St. | dixonpacifica.com
A Horse Lovers Guide to Buying Property
If you are a horse owner, or even just somebody who has dreamed of owning their own horse, I bet that you have fantasized about having your horse on your own property. I have owned horses on and off (mostly on) for the past 36 years. The times when I have been able to sit on my front porch and see my horse grazing peacefully in an adjacent pasture have been some of my favorites!
If you are purchasing property for your horses, there are a lot of variables to consider. Here are some tips on what to look for when you are searching out your perfect horse property:
Your current needs are important, but remember to think long-term, too: Give some thought to what your current property needs are and how those needs can evolve. Are you looking for a property with pasture where your horses can graze and take shelter under the natural windbreak of trees or a run-in shed? Will you be looking for a property with a barn or building a barn? Do you need a riding arena? Are you looking for trails you can get to on horseback or will you be planning to trailer to your riding destinations? Is the property for pets, pleasure riding, performance animals, or breeding? Decide how you want your property to function so that you can select a property that will have some longevity for your vision.
Location Location Location
Location is everything, especially for the horse owner. In Western North Carolina, there are some locations that, while rural and beautiful, may be very difficult to drive a horse trailer to. Pay attention not only to the physical location, therefore, but to the potential drive to and from the property. Will you be riding on your property? On nearby roads? Adjacent trails? Will you be trailering to and from some of the beautiful trail systems that we have access to in Western North Carolina? You might consider purchasing property that gives you easy access to Dupont State Forest, Turkey Pen, The Biltmore Estate, or Coleman Boundary so that, once the truck is hitched to the trailer, it is a short and stress-free drive to your ultimate riding destination.
Are you pasturing your horses? If so, a reliable creek running through the property can be a god send – it provides a constant source or water to your horses, is in contact with the earth so remains warmer, meaning it is far less likely to freeze over. When water freezes over or gets very cold, horses can drink less and their chances of a deadly colic episode increase dramatically. If your horses are going to be stalled – or if the pasture does not offer a natural water source – is there city water or good well water (with a good well water pressure) readily available. Hauling buckets of water from your home to the barn is difficult, time consuming and can get old fast.
Speaking of water…if you are pasturing your horses, you will want to consider the water drainage of the property you are considering. Pay attention to flood plains and flooding patterns. Is there higher ground where your horse can get to if the streams and rivers start overflowing their banks? Is there a grade to the pasture that allows natural runoff of excess water? You will want to find a pasture graded with some run off but still flat enough that it is usable. What is the soil like? Very rocky soil can be a challenge to good pasture land. Do you have enough land for the number of horses you plan on grazing there? Unless you are planning on supplementing with hay, the general rule is to allow at least two acres of grazing for the first horse and one acre for each horse or pony after that. Provision also needs to be made for every part of the pasture to be rested for at least six weeks, twice a year. Ideally you set your pasture system up in a way that you can rotate horses from one pasture to another to allow recovery time to each pasture.
Know Your Community Ordinances
Remember to research what can be done on your property. Is livestock allowed? How many buildings can be built on your property per the local zoning laws and ordinances? Are you planning on running an equine-based business out of the property? What are the zoning regulations in regards to that? Be careful that you learn how your vision aligns with the local laws and ordinances before you become financially invested in the property.
Buy? Build? And Great Expectations
It might be tough to find just the perfect property with both your dream home and your dream barn. If you find a property that “has it all” but is not what you had envisioned, assess the bones of the property. If the basic structures are in good shape, it might make financial sense to consider renovating that property. This takes the ability to “put on your future goggles” and see the property for what it COULD be. If you find the right property with either the right home or the right barn, it may be worth building either a home or a barn in order to have the property you desire. In a perfect world, all the stars align and you find just the right place with everything you need at a doable price. Rarely is it a perfect world scenario, so be prepared to think out of the box.
Know your budget before you begin your process, and keep a wary eye open for properties that might require a lot of extra investment after purchase that will take you far beyond your budget and delay your dream. It can make more financial sense to spend more up front on a property that is ready for use than to buy a piece of land that costs little initially but requires a lot of investment when it comes to adding roads, driveways, utilities, correcting drainage issues, building structures and fences… In short, make sure to be looking at the BIG PICTURE when assessing a property.
Don’t Go It Alone
There is a lot to consider when purchasing your horse property. A qualified real estate broker will be a great partner for you on your quest for the property of your dreams. They will be able to connect you with properties you will otherwise miss, alert you to the strengths and weaknesses of a property and be able to advocate for you so that you get the best possible price on the property. Choosing a Broker who knows the area and is an experienced rider / equestrian will give you a big advantage as they will be able to recognize properties that are good fits for your dreams and will be able to steer you away from properties that should be avoided. Don’t be afraid to research and interview your broker to be sure they are the professional you are hoping for and that they are a good personality match for you as well. You will be spending some time together as you find your property – you may as well enjoy the process!
Julie and her horse, Hershey.
Written by Julie Tallman, Broker, REALTOR. Connect with Julie at email@example.com to see how she can help you choose the best property for your needs.
Real Estate Market Report – Third Quarter
Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although interested buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.
New listings were down in the North Central Mountains region 13.9 percent to 1,066. Pending sales increased 6.3 percent to 922. Inventory shrank 15.6 percent to 5,040 units.
Prices moved higher as Median Sales Price was up 18.6 percent to $255,000. Days on Market held steady at 83. Months Supply of Inventory was down 17.3 percent to 6.2 months, indicating that demand increased relative to supply.
Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.
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.
11 Reasons to Retire in Asheville
Looking for a place to enjoy your retirement and get real value for your investment? Consider the vibrant culture and natural beauty of Asheville.
“Asheville is a great place for retirement,” says Susan Wilson, of the Council on Aging for Buncombe County (coabc.org). “You can swim in a warm pool, play tennis, enjoy the nice summers and great year-round climate. There are a lot of things to do here if you like being outdoors, such as boating, hiking, camping. And of course, this is a foodies’ dream with the restaurants!”
Susan adds that in addition to the wonderful 55+ communities for active adults, there are a number of services available as people prefer to age in place and are dealing with more significant needs. COABC offers a wide-ranging array of practical services and resources for all seniors, no matter their income level.
Cultural and educational enjoyments such as Osher Lifelong Learning Institute (olliasheville.com), magnificent views, lower property taxes, and a reasonable cost of living are some of the draws to this bustling, creative city in the mountains. Equally so are leaving behind hot, humid summers and heaps of snow that needs shoveling.
Here are 11 reasons:
1. Active population.
Find your peeps! Active adults find it easy to stay fit and healthy in Asheville and the surrounding towns. Countless hiking trails with scenic views are easily accessible. If you like boating, camping, or fishing, you will be delighted with the rivers and lakes in and around the region. There are quite a few championship golf courses and resort and municipal courses that offer a challenging mountain environment. Fitness, yoga, and dance studios nurture healthy activity as well as community.
2. Street festivals.
Year-round arts and craft fairs dazzle the senses, including juried art shows set up in downtown parks, where locals and visitors are entertained by music and dance performances at Vance Memorial Park and Pritchard Park. Bands play and craft beer abounds at Downtown After Five on select Friday nights in summer. Cars are re-routed from downtown streets and pedestrians rule.
3. Historical architecture.
Downtown Asheville has an eclectic mix of architecture with styles ranging from Neoclassical to Beaux Arts. Downtown Art Nouveau buildings second in number only to Miami, FL. Among the must-sees include the Basilica of St. Lawrence, the Grove Arcade, and Ellington’s Art Deco city hall.
The Grove Arcade, downtown Asheville, photo courtesy of thegrovearcade.com
4. Eating and Entertainment
Foodies and craft beer lovers rejoice! Asheville features countless restaurants and world class chefs. Natural food restaurants like the Laughing Seed and Rosetta’s Kitchen and The Buchi Bar serve up healthy dishes with a farm-to-table mindset. More into cooking at home? No problem because Asheville has plenty of farmer’s markets and co-ops around town to satisfy even the pickiest home chef. Asheville has the most craft breweries per capita in the US, and was first named Beer City USA in 2009.
Asheville has no shortage of entertainment and destination venues including the Moog Music Factory, Biltmore Estate, and the numerous museums and art galleries in the area.
Moog Music Factory, downtown Asheville, photo courtesy of tripadvisor.com
“Help one another. There’s no time like the present, and no present like the time.” – James Durst
What makes for a happy retirement? Meaningful pursuits that enrich not only our own lives, but the lives of others. Volunteer opportunities here are plentiful, creating instant communities as people join forces to mobilize for a common cause. Not sure where you might like to lend a hand? Start by checking out the calendar of activities at Hands On Asheville Buncombe (www.handsonasheville.org).
Asheville is the place to be for all of the culture lovers out there! The area boasts a vibrant Indy art, music, and movie scene. Numerous galleries and many local artists make their living in the area. The River Arts District is a great place to check out over 100 artist studios and galleries. Plenty of music venues around town like The Orange Peel, The Mothlight, The Altamont Theater, Isis Music Hall, and Asheville Music Hall bring a variety of acts and musicians to the area. Be sure to take advantage of the wonderful theaters in the area including the Fine Arts Theatre and Grail Moviehouse.
7. Locally owned businesses.
Asheville supports a vibrant culture of independent businesses. Stroll through downtown Asheville or down Haywood Road in West Asheville to visit unique shops and boutiques. Pop into Malaprop’s independent book store downtown, enjoy a sip of wine at Battery Park Book Exchange and Champagne Bar, or stop in and try some small batch chocolate at the Chocolate Fetish. Each business adds its own quirky personality to the Asheville community.
8. Lakes, rivers, and waterfalls.
Launch your canoe, kayak, or paddle board into the Swannanoa or the French Broad Rivers, which bears the distinction of being the third oldest river on earth. There are many entry points to the river including Hominy Creek Park in West Asheville, Carrier Park, and Jean Webb River Park. Many riverside businesses offer and encourage river access, including Asheville Outdoor Center, Asheville Adventure Rentals, and 12 Bones BBQ.
Asheville is bypassed by the unique Blue Ridge Parkway, with plenty of overlooks and turnouts that offer spectacular mountain views. Trailheads abound offering hikes of varying difficulty from the novice hiker to the most seasoned. Be sure to spend some time at one of the numerous waterfalls in the area including Looking Glass Falls and Moore Cove Falls.
Looking Glass Falls, photo courtesy of visit waterfalls.com
9. Eclectic activities.
Whether your thing is mountain biking, shooting the rapids, antique-collecting, volunteering, making art or music, taking classes to expand your understanding and your skill set, or sampling the wares from an impressive number of craft breweries, you can find kindred folks and a place to feel at home here. Oh, and don’t forget the chocolate. We’ve got some of the finest!
10. Natural beauty.
Asheville is situated amongst some of the most spectacular natural beauty our country has to offer. From the Pisgah National Forest, the proximity to other National Parks, and access to the Blue Ridge Parkway there is no shortage of natural wonder in the area. The North Carolina Arboretum is nestled into the eastern edge of the Pisgah Forest, as is the grand Biltmore Estate. Depending on the time of year, waterfalls and rushing rivers abound, we do live in a temperate rainforest after all!
Vibrant neighborhoods are made up of people who get to know one another, take an interest in each other and celebrate together, and give each other a hand when needed. Many of Asheville’s neighborhoods work toward creating that neighborliness and community feeling that makes up the heartbeat of a place, and makes a place a home. Some of Asheville’s medical facilities are considered topnotch throughout the state including Mission Hospital, health spas, and care facilities.
“Aging is not ‘lost youth’, but a new stage of opportunity and strength.” — Betty Friedan
Written by Suzanne Arthur, Broker, REALTOR. Connect with Suzanne at firstname.lastname@example.org to see how she can make retiring in Asheville easier for you. To keep up with all of Asheville’s local happenings follow @suzannearthur_realtor on Instagram and check out her website suzannearthurrealtor.com.
Holly Martin Named Top 100 REALTOR
Broker Holly Martin earned a distinguished spot as one of Asheville’s Top 100 REALTORS of 2016. PlumDog Financial, an Asheville area mortgage lender, releases this designation annually based on transaction volume data from the Asheville Board of REALTORS’ Market Share Report. They praised Holly and the other top REALTORS for their “hard work and dedication to our community development” and for providing home ownership and satisfaction to thousands of Asheville area residents.
Holly was also DixonPacifica Real Estate’s Top Producer and Sales Leader for 2016. Says DixonPacifica owner, Tad Dixon, “We are so proud of all that Holly has accomplished this year,” which includes nearly doubling her 2015 sales volume, “and we look forward to supporting her as she continues to grow her business.”
What makes a home “green?”
A Brief History of Green Building
The green building trend began to take off as a reaction to the short-lived Oil Crisis of 1973-1974. Poor insulation and a lack of climate adaptation in buildings of this period meant homes were drafty and used fuel inefficiently. Meanwhile, fuel uncertainty caused prices to rise, however briefly, generating increased interest in both improved building techniques as well as wind and solar energy. The end of the Fuel Crisis restored low prices, decimating the alternative fuel industry. However, the over-insulated homes produced in the wake of the Crisis began showing troubling side effects by the 1980’s such as rotten wood inside walls, mold, sick building syndrome and fogged dual pane windows. As a result, building science took off so builders could make sense of and eventually prevent these issues while continuing to improve insulation and home efficiency.
Green Building Today
The original interest in green building has only grown, both as a reaction to the early 2000’s trend of large, inefficient homes and in light of growing environmental concerns. However, it’s the benefits of green building that have driven most of the industry’s growth and pushed even traditional builders to adapt some green building techniques.
Home Owner Benefits:
- Lower Energy Bills: through energy efficient lighting, equipment, and appliances
- Healthier and Comfortable Indoor Environment: consistent temperatures and reduced risks
- Increased Market Value: higher resale value of a home
- Financial Tax Incentives: state and federal tax credits for renewable energy and energy efficiency
- Performance Report: third party verification quantifying the home’s overall energy score, annual energy cost savings, and pollution prevention
- Reduced air pollution through energy efficiency
Most of the “green” certified homes in Asheville use the Green Built NC certification, which is a third party verified program. The home is tested and then scored on a check list.
Green Built NC
Green Built NC Homes is a statewide program in North Carolina that provides a certificate for builders who meet “green home” guidelines. These guidelines emphasize comfort, health, energy and water conservation, site preservation, and renewable energy use. This certification includes either ENERGY STAR certification, or a HERS Index of 85 or less and showing that the house is 15% better than the 2009 International Energy Code, plus inspection of additional items specific to the Green Built NC program.
- The Green Built NC program encompasses all aspects of environmental design and construction including:
- Site and Landscape: healthy outdoors by using erosion control and saving existing trees
- Water Efficiency: lower water bills by using high efficiency irrigation and plumbing fixtures
- Building Envelope: lower utility bills by using high efficiency windows and insulation
- Heating and Cooling Systems: higher comfort with efficiency equipment and sealed air ducts
- Appliances and Lighting: lower utility bills by using Energy Star appliances and lighting
- Indoor Air Quality: a healthy interior with non-toxic finishes and minimizing moisture
- Materials: a low maintenance home using durable, local, and recycled content materials
- Third Party Verification: reassures the home owners that your homes are reviewed by an independent team of high performance building professionals.
EPA’s ENERGY STAR Program was created to help identify the best ways to save energy. The little blue label says this product, this home, this building or factory is doing the right things to save energy. Energystar.gov offers the most comprehensive resource available for energy efficiency advice and information. ENERGY STAR certified homes are independently verified to meet strict guidelines for energy efficiency set by the U.S. Environmental Protection Agency. These homes save money on utility bills, provide a more comfortable living environment with better indoor air quality, and help protect the environment.
- Typical features to look for in ENERGY STAR certified homes include:
- Efficient Walls and Windows, the levels of wall, floor and attic insulation properly installed designed to block drafts, and high-performance windows;
- Efficient Air Ducts, so rooms get enough air to have consistent, comfortable temperatures throughout the house;
- Efficient Equipment for heating, and cooling the house, helping you save money while staying comfortable;
- Efficient Lighting and Appliances, including ENERGY STAR certified dishwashers, refrigerators, light bulbs and clothes washers.
Better energy efficiency and performance means lower utility and maintenance costs. Homes earning the ENERGY STAR label use 15-30% less energy than typical cow homes, and even more when compared to most resale homes on the market today.
- Based on national averages, ENERGY STAR certified homes built in 2015 are the equivalent of:
- Reducing CO2 emissions by 141,952 metric tons
- Growing 3,607,528 tree seedlings for 10 years
- Avoiding the consumption of 330,131 barrels of oil
- Removing 29,867 passenger vehicles from the road
The Home Efficiency Rating System (HERS) is the industry standard by which a home’s energy efficiency is measured relative to other buildings. It’s also the nationally recognized system for inspecting and calculating a home’s energy performance, similar to the Miles Per Gallon (MPG) rating for cars. The lower the HERS rating the more efficient the house. To calculate a HERS score, the variables under consideration include all exterior walls, flooring, ceilings and roof, foundation, windows, doors, vents and ductwork, HVAC systems, water heating systems, etc.
The current International Energy Efficiency Code (IECC) is a HERS score of 100. What does all of this mean to you? A low HERS rating can mean high resale value, lower utility bills, better air quality and lower environmental impact.
For more on HERS Scores and their meaning: http://www.resnet.us/hers-index-score-card
Written by LeAnn Bound, Broker, REALTOR. LeAnn and her husband James founded GreenCraft, a locally owned and operated green building company that focuses on energy efficient design and environmentally sound building practices. LeAnn uses her first hand knowledge of green building to assist buyers, sellers, and new home buyers.
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
Buncombe County Market Report
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!
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
Buncombe County Market Report
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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