Asheville Housing Market

1st Quarter of 2016 Continues with a Strong Seller's Market in Asheville

 

2016 started off strong in the Asheville Buncombe housing market.  According to the analysis of the 1st Quarter of 2016 by Mosaic Community Lifestyle Realty, home sales were strong through the end of the first quarter.

 

Median Home Sale Prices

 

Median home sale prices climbed to a new quarterly record of $250,000 in Asheville.  This indicates an 11.1% increase over the previous median price of $225,000 a year ago.  In Buncombe County, the median home price this past quarter was $227,500, 10.4% higher than the same time a year ago.

 

Chart 3 Q1 Market Analysis 2016

 

Inventory

 

Inventory, or the number of homes on the market, is a factor that is considered in determining the health of the housing market.  

 

As of April 2016, inventory in Asheville was under 6 months in the price ranges below $600,000. For the $600,000 and $700,000 price range, inventory was at 6 months. This represents lower inventory levels in Asheville in the middle/upper price ranges compared to previous years.

 

Inventory in Buncombe County was under 6 months for price ranges under $450,000 and was lower in almost every price range in the 1st quarter of 2016 compared to the same time period in 2015.

 

Table 1 Q1 Market Analysis 2015

 

 

Table 2 Q1 Market Analysis 2016

 

 

 

 

Average Days on the Market

 

 

 

The average Days on Market (DOM) in Asheville decreased to 69 days in the 1st quarter of 2016, the lowest since 2004. The average Days on Market in Buncombe County decreased to 95 Days on Market, the lowest since 2007.  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.

 

Chart 5 Q1 Market Analysis 2016

Median Price Per Square Foot

 

Median price per square foot increased in Asheville in the price ranges of $250,000 to $700,000 and slightly decreased in lower and higher home value brackets.  In Buncombe County, the reverse is generally true, with mid-level priced homes seeing a decrease in price per square foot and lower and higher end homes seeing an increase.

 

Table 5 Q1 Market Analysis 2016


Table 6 Q1 Market Analysis 2016

Green Homes

 

Inventory of green homes both within Asheville and Buncombe county is below six months, indicating a healthy seller’s market for this subgroup.  The median price per square foot for Asheville’s green homes is $217 versus Buncombe County’s $183 per square foot.

 

Table 7 Q1 Market Analysis 2016

For more information on real estate in Asheville, please contact Mike Figura at mike@mymosaicrealty.com  or call him anytime at (828) 337-8190.

 

Search: View all homes for sale Asheville


 

What Is a Buyer's Agent and Why Do You Need One?

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Buyer's AgentIt’s no secret that the real estate industry has evolved in numerous ways over the last decade.   Smart phones, apps, and a variety of internet sites are taking the market by storm, and many looking to buy a home have unprecedented access to property information at their fingertips, without depending on a real estate agent.

There is one problem with this, many of these sites are outdated. Information that is said to be current is actually not, and misleading many homebuyers looking to buy in Ashevile. Our office receives many calls to ask about a certain properties found on Zillow or other sites, and more often than not, the property has already sold and is no longer available. 

The internet is a good resource to get familiar and get started, however have a good buyer’s agent is key to finding the right Asheville home. What is a buyer’s agent? A buyer’s agent is there to protect the home buyers interest — tasks that reach far beyond the property search function.  Here is a condensed list of the essential tasks that should be handled by a qualified buyer’s agent:

 

  • Walk you through the buying process, at no cost to you. They will be able to be the giver of advice, schedule appointments, explain to you about neighborhoods and properties. They will negotiate on your behalf and write up contracts for you.
  • Educate buyer’s on current market conditions
  • Research homes in the area and sort through active listings to make suggestions after cross-referencing buyer’s needs (i.e. Which homes are located in areas that have retained home values? Which homes are located inside good school districts? Lower taxed areas? Easy work commutes? etc.)
  • Help buyers achieve their lifestyle needs with a different set of features than originally anticipated (this is particularly useful when dealing with financial constraints)
  • Aid buyers in narrowing their search until they have identified their top choices
  • Handle the ins and outs of the negotiation process including the preparation of all necessary forms when making an offer and/or counteroffer
  • Provide oversight and follow up for any inspections deemed necessary
  • Counsel buyers on how to handle any repairs needed on the property
  • Be present at closing to ensure that all the buyer’s interests are protected

 

Buyer’s agents are no longer the gatekeepers of property information, but understanding, evaluating, and presenting that property information to home buyers remains an integral part of an agent’s job.  If done properly, everyone benefits; if ignored or executed inadequately, everyone suffers.

 

Search for an Asheville buyer’s agent now. 

Source: Realtor.com | Forbes | North Carolina Association of REALTORS®

Asheville Luxury Home Demand Increasing

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Asheville Luxury Home DemandAsheville has received many accolades, including one of the World's Best Cities by National Geographic in October of 2014. Asheville is considered "up-and-coming" and is an outdoor mecca with an established foodie scene. Home buyers from more expensive markets - such as New York, Florida, New Jersey, and California - are purchasing in and around Asheville. The draw to Asheville is real, and it is pushing pressure on middle-range to luxury home pricing, and creating demand.

 

Quarter ending housing reports September 30, 2015, establish the reduction in inventory of higher-priced homes. "When inventory levels are more than 6 months, it is a buyers' 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," Mike Figura, owner of Mosaic Realty, wrote in his third-quarter report on the Asheville and Buncombe County housing markets.

 

"As of October 2015, inventory in Asheville was well under 6 months in the price ranges below $450,000 and for price ranges between $450,000 and $800,000, inventory levels were around 6 months. The market has really strengthened in the upper-price ranges. For a long time (since 2013) that strength lay at houses priced under $450,000," he said.

 

Figura cited a dynamic that many analysts have observed for more than a year: Buyers from more expensive markets -- such as New York, Florida, New Jersey and California - are purchasing houses in the local area.

 

Want a glimpse of Asheville luxury home inventory? View Asheville homes priced $450,000 and higher - click here

Buying Your First Asheville Home

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Asheville First Time Home BuyerAre you ready to buy your first Asheville home? What you need to know before you buy.

 

A Financial Review - Do you have your budget in order and know where your monthly mortgage payments need to be? Keep in mind additional home ownership costs, such as property taxes, insurance, and maintenance. 

 

Check Your Credit. It is important to know the shape of your credit, and what you will qualify for if you are getting a home loan. If you have lots of late payments, have declared bankruptcy or left old debts unpaid, it's harder to get a mortgage. And if you do get one, your bad credit record will make you pay a much higher interest rate.

 

Discuss Likes & Dislikes.  When you start looking at homes, it will be important to know what you can't live without and what is a want more than a need. Having an understanding prior to your search, will assist in keeping the emotions out of the decisions. 

 

A REALTOR® on your side. You want to work with an Asheville real estate professional that understands your needs and understands real estate laws. Your agent will help guide you through the home buying process. 

 

Don't Skimp On A Home Inspection. Home inspectors look past the visible surface to the infrastructure, inspecting plumbing and looking for faulty fixtures and waste lines. They check electrical systems to make sure they aren't overloaded or a safety hazard.  Their job will protect your hard earned money by discovering problems or potential problems before you buy. Inspectors will also look at possible structural problems like the foundation, walls and floor joists.

 

How To Negotiate Your Asheville Real Estate Purchase- 6 Tips Everyone Should Know

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Buying a home will probably be the single largest purchase you will ever make. Having a trusted Asheville real estate agent to negotiate on your behalf is important. The Asheville housing market is in high demand, and having someone on your side to get you from searching to offer to closing is to your benefit.

Get your finance in order. Being pre-approved will let sellers know you are serious, and will also stay withing budget constraints when seeking properties. 

Base your offer on the home value, not the listing price. Recent home sales in the neighborhood will give you and your Asheville real estate agent ammunition when making an offer. If a home is priced at or below market value, you’re unlikely to get it for less. If it is priced above market value and has been on the market for a while, a lower offer accompanied by a market analysis may get you the home. This is where a good agent can be invaluable.

If you see a home you like, be prepared to move fast. In a competitive market such as Asheville, properties move quickly. Be prepared to make your first offer the best. A good agent will tell when to move and how fast. Often a home can go on the market and be under contract the same day in the right neighborhood at the right price. 

A home Inspection is always a good idea. Speak with you REALTOR®, but a home inspection is always a good idea. You may find items that need repair or you need to ask for credit at closing. Inspections can be done before submitting an offer for better negotiations. 

Find out why the seller is moving. The more you know about the seller, the more you can tailor your offer. Does the seller already have a new place and want a quick closing? Is there a divorce involved? Does the seller not have a new place and therefore would prefer a longer closing or even a rent-back agreement? The more you know, or your agent knows the better ability you have to negotiate. 

Expect to compromise. No matter your price range, you won’t find a perfect house. You’re likely to have to compromise on features and probably even on the big three: price, size or location. Enter your negotiations prepared to compromise, and you’ll be a step ahead.

 

HGTV Urban Oasis Viewing Party in Asheville

 HGTV Urban Oasis Viewing Party in Asheville

 

Enter for a chance to win this home. The sweepstakes entries for the HGTV Urban Oasis 2015 in Asheville will open up Thursday, August 6th at 9am EST.  You may enter enter twice online per day at HGTV.com for your chance to win the HGTV Urban Oasis 2015, an approximately 1,300-square-foot bungalow dressed with furnishings from Overstock.com and located in one of the hottest neighborhoods in Asheville, NC, plus a 2016 Acura TLX and $50,000 provided by national mortgage lender Quicken Loans. The grand-prize package is valued at over $500,000.

No purchase necessary. Open to legal residents of the U.S., age 21 or older.Void where prohibited. Sweepstakes ends at 5 p.m. ET on 9/24/15. Odds ofwinning depend on number of entries received.  For full official rules, visithgtv.com or send a self-addressed stamped envelope to: "HGTV Urban OasisGiveaway" - RR, P.O. Box 52916, Knoxville, TN 37950. Main Sponsor: ScrippsNetworks, LLC d/b/a Home & Garden Television.!

Sign up for reminders or enter online at HGTV - http://www.hgtv.com/design/hgtv-urban-oasis/sweepstakes/enter

HGTV Urban Oasis 2015 Premieres Monday, August 10th

 

Asheville's going to be on the national scene again, this time for HGTV Urban Oasis.  Earlier this year, Mike Figura with Mosaic Realty was asked to help HGTV find a house that they could remodel and give away in a national sweepstakes contest.  HGTV was looking for an urban house within walking distance to shops and restaurants.  Something with character but that could use a makeover.  Historic West Asheville was the perfect spot, and after a couple of months of searching, Mike helped to find the right house for the TV show.
 

After HGTV purchased the house, local design firm W2 Architects got going on the design with instructions from HGTV to design something that honored the historic character but added a modern element.  With the design in place, Asheville's premiere green builder, Jody Guokas of JAG and Associates Construction, worked quickly to demo and rebuild the house, turning it into a modern bungalow that features 2 bedroom, 2 bath and approximately 1,300 square feet.  The property search, design and remodeling of this bungalow will be featured on the show's debut on Monday August 10th and 11pm EST on HGTV. 

Enter for a chance to win this home. The sweepstakes entries for the HGTV Urban Oasis 2015 in Asheville will open up Thursday, August 6th at 9am EST.  You may enter enter twice online per day at HGTV.com for your chance to win the HGTV Urban Oasis 2015, an approximately 1,300-square-foot bungalow dressed with furnishings from Overstock.com and located in one of the hottest neighborhoods in Asheville, NC, plus a 2016 Acura TLX and $50,000 provided by national mortgage lender Quicken Loans. The grand-prize package is valued at over $500,000.

No purchase necessary. Open to legal residents of the U.S., age 21 or older.Void where prohibited. Sweepstakes ends at 5 p.m. ET on 9/24/15. Odds ofwinning depend on number of entries received.  For full official rules, visithgtv.com or send a self-addressed stamped envelope to: "HGTV Urban OasisGiveaway" - RR, P.O. Box 52916, Knoxville, TN 37950. Main Sponsor: ScrippsNetworks, LLC d/b/a Home & Garden Television.!

Sign up for reminders or enter online at HGTV - http://www.hgtv.com/design/hgtv-urban-oasis/sweepstakes/enter

To watch the premiere, tune in Monday, August 10 at 11pm EST.

Photos © 2015 Scripps Networks, LLC. Used with permission; all rights reserved.

 

 

Comments

  1. Kim Smith on

    Awesome opportunity!!
    • Johanna Sweet on

      I lived on this street 2 year ago, and want so badly to move back. My kids are the perfect age to enjoy this home and neighborhood.
      • lynn on

        WHO IS THE BLESSED PERSON WHO WON THIS DREAM HOME
        • lynn on

          WHO IS THE BLESSED PERSON THAT ONE THIS DREAM HOME I HOPE IT WAS SOMEONE WHO TRULY NEEDS IT LOVE LYNN

          Asheville Second Quarter Real Estate Report 2015

           

           

          Asheville set a record this year, as of June 30, the median home price within the city was $235,000, beating the 2007 high of $229,000.

          During 2015’s first quarter, a lot of (the lower-priced) houses were snatched up. Sellers have the ability to be more patient because they're more confident that they can make a profit, or at least recoup what they spent when they bought it.

          Attempts to make as much money as possible also could be a contributing factor to the increase in inventory in the second quarter for homes priced at $500,000 and lower, Figura said.

          Average days on the market within the city limits is another metric that shows the popularity of Asheville.

          That figure dropped to 110 days, as of June 30 — the lowest it's been since 108 in 2008, he said. That number was 127 during the first quarter.

          And the June 30 measure might be inflated due to a 2010 change in the way the North Carolina Real Estate Commission defined "on the market.”

          Prior to the change, any home under contract was considered off the market, but after the change, the commission added the due-diligence period that occurs during the contract period, shifting everything up by 20 to 25 days. 

          Asheville Real Estate Report Second Quarter

          Notable numbers in Asheville and Buncombe County real estate

          • $235,000: Median home sale price in city of Asheville this year as of June 30 — a record.

          • $345,900: Median asking price of all homes, condos, townhouses and mobile homes this year as of June 30, in Asheville and Buncombe County — a record.

          • 270: Number of homes on the market in the city of Asheville during second quarter.

          • 222: Number of homes on the market in the city of Asheville during first quarter.

          • 110: Average days on the market this year for homes in the city of Asheville — the lowest since that figure hit 108 in 2008.

          • 127: Average days on the market for homes in the city of Asheville during first quarter.

          • 417: Number of homes sold during June in Asheville and Buncombe County — the most since August 2006, when 418 sold.

          • 280: Number of homes sold during May in Asheville and Buncombe County.

          • 455: Number of homes sold during June 2006 in Asheville and Buncombe County — the one-month record.

          • 8.7: Percentage of homes during June that sold at or above the asking price.

          • 13.5: Percentage of homes during June 2014 that sold at or above the asking price.

          • 6.5: Percentage of homes that sold at or above the asking price this year through June 30.

          • 11.3: Percentage of homes that sold at or above the asking price in 2014.

          • $200: Median price per square foot for "green" homes sold during the last 12 months — a record.

           

          View Full Article in Asheville Citizen Times: 

          http://www.citizen-times.com/story/money/business/2015/07/24/housing-market-sets-records/30613967/

           

          5 Tips For Relocating To Asheville

           

          Relocating to AshevilleAsheville is a great town! We live here and work here, so we know why you may be choosing to relocate to the coolest mountain town in Western North Carolina. Before you move here, we recommend considering the following:

           

          1)  Location. Location. Location - Asheville has pockets of different neighborhoods, each having their own unique style and flare. It is important to know what you are looking for and the proximity to grocery stores, downtown, or schools. Work with a knowledageble relocation specialist to understand the areas in and around Asheville to find the spot that suits your needs. 

          2)  Transportation - Are you moving from a city that has mass transit trains or subways?  Consider the type of transportation you require while living in Asheville. There is a pubilc bus system, however most people in and around Asheville own a car. If you choose to live in the country, you will need your own transportation. 

           

          3)  Weather- We may be biased, but we love the weather here. The summer weather in Asheville is simply amazing. You will find people floating down the river on a weekly basis, and average temperature in the 80’s. Fall is stunning. The colors of the leaves on the trees is simply breathtaking. Winter is typically mild. There may be some snow, but it melts within 2-24 hours typically. Spring is fresh and sunny and as everything comes back to life, temps average in the 50’s. 

           

          4)  Lifestyle - What is your lifestyle? Do you want to leave your front door and be mountain biking within a moment, or do you want to be at a brewery or restaurant that is five minutes from home. Whether you have a bike, you like to walk or run, or you know you need access to convenience, the lifestyle you desire needs to be considered when you are looking at relocating to Asheville. 

           

          5)  What To Wear - This city has a little bit of everything. You will see everything from professionals in the city to flip flops and shorts and everything in between. Asheville has a sense of laid back. We are not New York paced, but we are not a beachtown. Asheville offers something for everyone, so don’t worry about what to wear! Wear your smile and love life and you will fit right in. People in Asheville are happy!

           

           

          Mosaic Community LIfestyle Realty 

          www.mymosaicrealty.com

          60 Biltmore Avenue

          Asheville, NC 2881

          828-707-9556

          info@mymosaicrealty.com

           

          Turning Old Charm Into Energy Efficient Living

          Ask about the Mosaic Realty Retrofit Program

           

          Asheville neighborhoods are filled with charming older homes that are part of this majestic city’s charm. These homes are desirable and tell a story. The key to enhancing the home you have fallen in love with, retrofit to make it more energy efficient. 

          Making your home environmentally friendly is simple and can save you money. The best way to start is with your heating and cooling needs. Simple changes can help keep your home cool in the summer and warm in the winter. If you have central heating, central air-conditioning or both, you can install and use a programmable thermostat. This way you control the temperature settings during all hours of the day, and are not spending money to heat or cool your home when you are not there. Energy saving thermostats run about $65. 

          Now, let’s talk about appliances and various fixtures in your home. Purchasing items such as refrigerators, freezers, lighting, washers, dryers, dishwashers, ceiling fans, windows, skylights, computers, roofing products, printers, doors, and televisions, you will want to look for the Energy Star symbol. This symbol represents a seal of approval by the U.S Environmental Protection Agency and the U.S. Department of energy, with a goal to help everyone save money while protecting the environment through energy-efficient products and practices. 

          What can you do today? Change your air filter. This is commonly overlooked. Filters get dusty, dirty, or clogged, making it harder for your system to pull air through. Keeping a fresh filter can keep your system running smoothly and efficiently, and not having to work so hard. It is best to change every 6-8 weeks, we recommend replacing your filter every six months. 

          Add life to your home, appliances, and fixtures by upgrading or changing to make your home more environmentally friendly. Upgrades to consider now or in the future include insulation, double-pane windows, solar panels, and a drought-tolerant garden. Each step we take to turn old charm into better energy efficient living, helps protect the earth and the environment around us. 

          Ask your Asheville REALTOR® from Mosaic Community Lifestyle Realty about our Energy Retrofit Program today.