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.
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.
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.