Asheville Real Estate Blog, Buncombe County, NC: Vacant Land Sales - 2009 Year End Report

Vacant Land, Lots, and Acreage Sales- Buncombe County, NC - Year of 2009

Buncombe County includes the cities or areas of Asheville, Leicester, Weaverville, Black Mountain, Arden, Skyland, Candler, and Biltmore Forest.

259 parcels of vacant land have been Sold in 2009 in Buncombe County with an Average Sold Price of $98,971<. Both the number of sales and selling price were down a fair amount from last year.

The first 8 months had started off with a a slower rate of sales and 2009 continued to lag below the levels of 2008. This would indicate that investors, builders and speculators are still waiting for the markets to stabilize and to plan for the future growth of the area.

Now is a great time to buy because land values are back to the 2004 levels. Of course, the risk of waiting to purchase is that once the Asheville market heats up, which it will, the prices on land will increase at a rapid pace because buyers wanting new homes will have a limited supply. Land is irreplaceable and limited and every parcel offers something unique. It rarely depreciates, unlike buildings sitting on the land.

A breakdown of the sales for 2009 looks like this:

1 acre or under - 147 parcels have sold with an Average Sold Price of $63,972<.

1 to 2.99 acres - 65 parcels have sold with an Average Sold Price of $89,444<.

3 to 4.99 acres - 10 parcels have sold with an Average Sold Price of $114,958<.

5 to 9.99 acres - 18 parcels have sold with an Average Sold Price of $138,555>.

10 to 20 acres - 11 parcels have sold with an Average Sold Price of $255,913>.

There are currently 2114 parcels of any size on the market in the county with an Average Asking Price of $229,384<.

The Average Asking Price of the 2855< Residential Homes "for sale" in Buncombe County is $415,708<.

Key: < = Decrease > = Increase

It is fairly obvious that the limited availability and high cost of vacant land has a great affect on the overall cost of homes in our area.

Disclosure: The data supplied in these reports/charts is researched and compiled by Don Davies, GRI from the Western North Carolina Mountains MLS and may not reflect all real estate activity in the market, i.e. FSBOs, etc.

(The above 3.06 acre lot next to new house in Leicester, NC can be purchased for $136,000. Will also trade up or down. Underground utilities/DSL/phone and is ready to build on. Broker/Owner)

Copyright by Don Davies©