Market Analysis

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.

 

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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.

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