Asheville and Buncome County Market Analysis
4th Quarter - Year End 2016
The housing market in Asheville and Buncombe County continued to climb through the end of 2016. There were 389 homes sold in Asheville and 641 homes sold in Buncombe County in the 4rd quarter of 2016, which is the highest 4th quarter sales ever in the City of Asheville and the highest since 2006 in Buncombe County. For the year as a whole, there were 1,549 homes sold in Asheville and 2,751 homes sold in Buncombe County, again the highest ever in Asheville and the highest since 2006 in Buncombe County.
View entire report here
Record-setting year-end median home sale price of $273,000 in Asheville and $247,000 in Buncombe County.
Inventory levels are some of the best indicators of the health of a housing market. When inventory levels are more than 6 months it is a buyer’s market and there is downward pressure on prices and when inventory levels are less than 6 months, it is a seller’s market and there is upward pressure on prices. In the 4th quarter of 2016, inventory was under 6 months in price ranges below $700,000 in Asheville and below $450,000 in Buncombe County. While it is common for inventory to be low in the winter months, looking at seasonally adjusted comparisons, inventory was lower in the 4th quarter of 2016 than was for previous year 4th quarters.
The Average Days on Market (DOM)
in Asheville decreased to 55 days for year end 2016, the lowest on record. The average Days on Market in Buncombe County decreased to 77 days, the lowest since 2006. The peak in Days on Market in the years 2009 to 2015 was artificially inflated by an estimated 30 days because during those years, the MLS software counted days when a property was under contract but had not closed. The software no longer counts days for DOM calculations when a property is under contract.
continues to be the brightest spot in the market, with low inventory levels and high median price per square feet.
For a complete market analysis, including charts and graphs, view the entire report here. If you have any questions or would like a price evaluation of your house, please contact one of our agents or call us at (828) 707-9556.
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