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 email@example.com.