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.