Quarterly Asheville And Buncombe County Market Analysis

Continued Climb in the 2nd Quarter Asheville/Buncombe Housing Market

Asheville’s residential real estate market is closely watched by both out-of-towners looking to purchase in Asheville or Buncombe County and by current residents wanting to know how to get the most out of their investment.  We do the legwork for you and bring you a detailed market analysis every quarter so that you can stay abreast of the housing market in the area.

Real Estate Market Summary

The housing market in Asheville and Buncombe County continued to climb in the second quarter of 2016 with 436 homes sold in Asheville and 472 homes sold in Buncombe County during the last quarter.

 

Chart Q2 2016 Market Analysis

The median home sale price in Asheville climbed 7.2% from last year at the same time to $260,000.  In Buncombe County the median home sale price is 8% higher than the same time period last year at $243,000.

Asheville/Buncombe Housing Inventory

Inventory levels, or number of houses on the market, is one of the best indicators of the health of the housing market.  When inventory levels are more than 6 months, it is a buyer’s market.  When they are less than 6 months, it is a seller’s market.  

As of July 2016, inventory in Asheville was under six months in the price range below $700,000.  This represents lower inventory levels in Asheville in the middle/upper price ranges compared to previous years.

Table 3 Q2 2016 Market Analysis

In Buncombe County, inventory was under six months in the price range under $350,000.  Additionally, inventory in every price range was lower in the 2nd quarter of 2016 compared to the 2nd quarter of 2015.  

Table 2 Q2 2016 Market Analysis

Table 4 Q2 2016 Market Analysis

The average days on the market in Asheville decreased to 56 Days on Market in the 2nd quarter of 2016, the lowest on record since 2003.  The average days on the market in Buncombe County decreased to 84 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.

Chart 5 Q2 2016 Market Analysis

Mosaic Realty specializes in having a deep understanding of the housing market in Asheville and Buncombe County.  We carefully analyze the residential real estate market each quarter and compare it to previous years so that we are best positioned to help you make an informed decision about your sale or purchase of real estate.

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 in Asheville


 

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


 

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

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/

 

Asheville Real Estate Report : First Quarter 2015

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The first quarter 2015 Asheville are real estate report shows an eighteen and a half percent (18.5 percent) increase compared to first quarter 2014 for Asheville, NC. There continues to be growth in the market and average sales prices are up to $158,470 compared to $141,269 in the prior year. 

 

The median home sales price rose 8.57%, with a dollar value of $190,000. 

 

Asheville Real Estate Market Activity 1st quarter 2015

 

 

 

 

The number of units sold had an increase of 13.56% with 1,616 sold from January - March, 2015. 

 

Asheville Real Estate Sold 2015

 

 

 

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.

1ST QUARTER ASHEVILLE AND BUNCOMBE COUNTY MARKET UPDATE

There were some contradicting indicators in the housing market in Buncombe County in the 1st quarter of 2014 while the City of Asheville's indicators all point upward. The number of homes sold in the 1st quarter in Asheville was up 8.2% compared to the 1st quarter of 2013, but for Buncombe County, the figure was an 11.8% decrease. View entire report here

Median Home Sales Price in Asheville and Buncombe County. Median home sales prices increased 11.1% in Asheville and 8.8% in Buncombe County between the 1st quarters of 2013 and 2014.  The rise in prices in the County is a positive sign and contradicts the downward signal of the lower number of sales.

Inventory levels are some of the best indicators of the health of a housing market. When inventory levels are 6 months or less there is upward pressure on prices, such as we've been seeing in Asheville over the past few quarters. Current levels in all price ranges under $800,000 have inventory near 6 months or less in Asheville.  Buncombe County's inventory levels are higher but have been coming down over time with levels over 6 months for all price ranges above $250,000.
The Average Days on Market (DOM)  is coming down in Asheville (132) but it spiked in Buncombe County to 216. While the spike may seem alarming, DOM is a lagging indicator after a downturn, and the County's spike was caused by properties that had been on the market for a very long time (over 2 years) finally selling as the market improves.
Green Building The brightest spot in the market continues to be green building, with low inventory levels and high average 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.

Year End Asheville and Buncombe County Real Estate Market Analysis 2013

The housing market finished strong in Asheville and Buncombe County in 2013.

 

Number of Homes Sold The number of homes sold in Asheville was up 27.7% compared to 2012, and for Buncombe County, there was a 21.7% increase in sales. 4th quarter sales were up, with an increase in the number of home sales of in Asheville and Buncombe County.

Q42013homessold_year

 

Median Home Sales Price in Asheville and Buncombe County. There was a significant rise in the overall median home sales price in Asheville of 11.3% and a modest rise of median sales price in Buncombe County of 2%.

Q42013mediansalesprice

 

Inventory levels are some of the best indicators of the health of a housing market. A balanced market has inventory levels of 6 months. When inventory levels are significantly over 6 months there is downward pressure on prices and when levels are at 6 months or less, there is upward pressure on prices. Inventory in the 4th quarter is usually low since many would-be home sellers are waiting to put their properties on the market in the spring. By comparing 4th quarter inventory levels from years past, the impact of seasonality on inventory levels can be adjusted for.

inventory

Average Days on Market The average Days on Market (DOM) is coming down significantly in Asheville and is starting to decline in Buncombe County. Days on Market peaked at 193 DOM in Asheville in the 2nd quarter of 2012 but it is now down to 132 DOM. Days on Market had peaked at 191 DOM in Buncombe County in the 2nd quarter of 2012 and it is now at 165 DOM.
Q42013DOM

 

Median Price per Square Foot is rising in most price groups in Asheville and Buncombe County, indicating an across the board strengthening of the housing market.

Q42013MedianSFboth

 

Green Housing is still the brightest spot in the market in Asheville, with a low inventory level and a high median price per square foot.

Q42013green

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.

View entire report.

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      3rd Qtr 2013 Asheville and Buncombe County Market Analysis

      The housing recovery in Asheville and Buncombe County continues to accelerate.

      The number of homes sold in the 3rd quarter in Asheville was up 36% compared to the 3rd quarter of 2012, and for Buncombe County, the figure was a 16.7% increase in sales.

      Average Home Sales Price in Asheville and Buncombe County. Prices are generally rising amongst almost all price sectors in Asheville, with a significant rise in the overall median home sales price in Asheville of 12.2%. Pricing in Buncombe County is much more variable amongst price sectors, resulting in minimal overall median home sales price increase.

      Inventory levels are some of the best indicators of the health of a housing market. A balanced market has inventory levels of 6 months. When inventory levels are significantly over 6 months there is downward pressure on prices and when inventory levels are at 6 months or less, there is upward pressure on prices.  Inventory in the Asheville is reaching very low levels, with all price ranges under $600,000 having inventory near 6 months or less.  Inventory levels in Buncombe County are higher than Asheville, with levels over 6 months for all price ranges above $200,000.
      The average Days on Market (DOM) is coming down significantly in Asheville but not as much in Buncombe County. Days on Market peaked at 193 DOM in Asheville in the 2nd quarter of 2012 but it is now down to 135 DOM. Days on Market had peaked at 191 DOM in Buncombe County in the 2nd quarter of 2012 and it is now at 173 DOM.
      The brightest spot in the market continues to be green building, with low inventory levels and high average 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.

      View entire report here

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          2nd Qtr 2013 Asheville and Buncombe County Market Analysis

          The housing recovery in Asheville and Buncombe County continues to accelerate.

          The number of homes sold in the 2nd quarter in Asheville was up 25% compared to the 2nd quarter of 2012, and for Buncombe County, the figure was a 27% increase in sales.

          Average Home Sales Price in Asheville and Buncombe County. Prices are struggling to find equilibrium with the changing market.  While average prices are generally rising in Asheville and falling in Buncombe County, there's a lot of variation among different price categories. Generally, foreclosures and short sales continue to weigh down the market, while new or updated homes in desirable locations are lifting the market.

          Inventory levels are some of the best indicators of the health of a housing market.  A balanced market has inventory levels of 6 months. When inventory levels are significantly over 6 months there is downward pressure on prices and when inventory levels are at 6 months or less, there is upward pressure on prices. Inventory in the Asheville is reaching very low levels, with all price ranges under $700,000 having inventory near 6 months or less.  Inventory levels in Buncombe County are higher than Asheville, with levels over 6 months for all price ranges above $200,000.
          The average Days on Market (DOM) is coming down significantly in Asheville but not as much in Buncombe County.  Days on Market peaked at 193 DOM in Asheville in the 2nd quarter of 2012 but it is now down to 147 DOM.  Days on Market had peaked at 191 DOM in Buncombe County in the 2nd quarter of 2012 and it is now at 182 DOM.
          The brightest spot in the market continues to be green building, with low inventory levels and high average price per square feet.

          For a complete market analysis, including charts and graphs, view 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.

          1st Qtr 2013 Asheville and Buncombe County Market Analysis

          The Asheville and Buncombe County real estate market is looking up for the year 2013 compared to the past few years. All of the indicators used in this report are pointing in a positive direction. The average sales price has risen slightly between 2011 and 2012 in Asheville and Buncombe County (Graph 3). Most of the price ranges in the City of Asheville and Buncombe County are seeing increases in the average price per square foot (Chart 3 for the City of Asheville; Chart 4 for Buncombe County). However, price appreciation in the City of Asheville appears stronger than in Buncombe County, as more price ranges in the City are showing greater increases in average price per square foot.

          Looking at inventory levels (Chart 1 and Chart 2), it is evident why prices are stabilizing and bouncing back. Inventory is getting lower in both the City of Asheville and Buncombe County. The upper price ranges in the City and County still have much higher inventory levels than the lower price ranges, indicating that there is still downward pressure on prices in the uppermost price ranges. However, inventory levels are starting to balance in some of the upper middle price ranges ($350,000 to $450,000) in both the City and the County. A balanced and healthy market has inventory levels of 6 months. When inventory levels are significantly over 6 months, there is downward pressure on prices and when inventory levels are at 6 months or less, there is upward pressure on prices.

          The average Days on Market (DOM) is coming down. It had reached a peak of 193 DOM in Asheville and 191 DOM in Buncombe County in the 2nd quarter of 2012, but it has come down to 176 DOM (City) and 178 DOM (County) for 2012 as a whole (Graph 5).

          The brightest spot in the market seems to be green building, with low inventory levels and high average price per square feet (Chart 5).

          For a complete market analysis, including charts and graphs, download the Asheville Homes Report. If you have any questions or would like a price evaluation of your house, please contact Mike Figura, Broker, at (828) 337-8190 or at mike@mymosaicrealty.com.