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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Median & Average Sales Price Through April 2013

Click here for larger version.

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Months of Inventory Buncombe County

Buncombe County months of inventory through May 1, 2013. We are still in a buyers market until we start to see MOI below 6 months. However, each neighborhood has different variables that and certain areas are selling very fast. 

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Asheville Area Real Estate Market Stats

 

Click for National Association of Realtors Homes Sold Report.

 Most Recent Months of Inventory Report:

April Bunco MOI

Most Recent Average/Median Residential Closing Price:

April Bunco Avg med price

Most Recent Residential Unit Sales by Closing Price:

April Bunco Res Unit Sales

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Market Update November 1, 2012 Months of Inventory

By Mukunda Pacifici 11/7/2012

Months of inventory is dropping! We are around 33% down compared to this time last year. In Buncombe County we are on our way to achieving market balance.

 

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High-End Homes Surge

By Dale Neal www.citizen-times.com
ASHEVILLE — High-end home sales and construction have surged since August, signaling the hard-hit housing market may finally be on the upswing from the Great Recession, local brokers and builders say.The sale of million-dollar-plus properties doubled in Buncombe County to 19 this August versus eight in August 2011. Citizen-times.com.

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Is now the time to buy a house?

This is a great article by Cullen Roche in Pragmatic Capitalism on the national real estate market and our greater Asheville market. We are in for a long “work out” period. As Cullen Roche states in Pragmatic Capitalism:

“Real estate is far more attractive than it was at any point in the last 8 years or so.  Has it bottomed?  That’s the wrong question in my opinion.  Real estate likely won’t crater from here, but also won’t skyrocket.  ”Bottoms” (as in an event bottom) are very unusual after a bubble like we’ve seen.  The standard post-bubble “work out” period is the most likely scenario so prices could be flattish for years.  So do you buy now, rent, invest?  First, I don’t think the average retail investor should bother with investing in real estate.  Real estate investing is a full-time job and requires a great deal of hands on involvement to actually turn a consistent profit above the rate of inflation over any sustained period.  When you buy a house you should think of it as a roof over your head and a place where you will LIVE.  Not an investment.  And this is the key.  If you’re planning on living in a house (as in, 10 years of actually living in a home) then you should have no great fears about buying today.  Does that mean you’ll make money on it?  Or that it will prove more beneficial than renting?  Well, that depends on a lot of personal variables.  But the base case here for national real estate is that the risk/reward of buying a home has changed substantially and is no longer skewed to the bear case.”

Click here to read entire article.

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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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