Asheville Real Estate Trends, Buncombe County, NC: Vacant Land Sales - September 2011

Buncombe County, NC - September 2011

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

2011 land sales have been mediocre, at best, and it is a signal that the developers, investors and builders are still not yet ready to commit their resources into land until the economy clears out more of the existing home inventories.

If land is NOT selling, then new homes, condos or townhomes are not soon to hit the market. Land sales have stalled here in Buncombe County, and as a result land prices are the best they have been in years (for the buyer's benefit).

290 parcels of vacant land (non-commercial) were Sold in 2010 in Buncombe County with an Average Sold Price of $89,948<. There was an increase in the number of sales over 2009 (259) but the selling price was down a fair amount from last year.

Now is a great time to buy because land values have adjusted in a downward trend. 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 YTD SEPTEMBER 2011 looks like this:

All Vacant Land Sales YTD - 237 Sold with an average Sold Price of $103,339<

1 acre or under - 127 parcels have sold with an Average Sold Price of $66,233<.

1 to 2.99 acres - 71 parcels have sold with an Average Sold Price of $100,338<.

3 to 4.99 acres - 10 parcels have sold with an Average Sold Price of $214,765<>.

5 to 9.99 acres - 12 parcels have sold with an Average Sold Price of $106,075>.

10 to 20 acres - 9 parcels have sold with an Average Sold Price of $254,614<.

Over 20 acres - 7 parcel have sold with an Average Sold Price of $433,343<

There are currently 1985< parcels of any size vacant land on the market in the county with an Average Asking Price of $207,789<.

The Average Asking Price of the 2686< Residential Homes "for sale" in Buncombe County is $405,961<.

Key: < = Decrease > = Increase <> = Same

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 $120,000. Will also trade up or down. Underground utilities/DSL/phone and is ready to build on. Broker/Owner)

Copyright by Don Davies©