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.

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%.

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.

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.

 

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.

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.