Asheville NC Real Estate market weathers the storm

Despite the news from the rest of the nation, Real Living Connect has news that Asheville real estate is performing better than you might think! In Buncombe County 2008 1st quarter market activity is down an average of 26% from the same period last year, but the good news is that most of the other indicators prove that much of Asheville's real estate market is still healthy. According to the WNC Regional MLS, in the first quarter of 2008 homes sold for an average of 96% of list price, which is consistent with area averages over the past decade. This is an important indicator in that we have not seen the fire sale price free fall that some markets are experiencing, with sales occurring only when buyers make low ball offers and sellers accept values far below market. In addition to the continued desirability of life in vibrant Asheville, this may be due in part to our lower foreclosure rates.

Although foreclosures in the Asheville area are up over previous years, they remain well below state and national averages. According to an Asheville Citizen-Times article from May 4, 2008, the local foreclosure rate in 2007 was 3 homes per 1000, which was well below the state average of 9.5 per 1000, and much lower than the national average of 17.7 per 1000 for the same period.

For more infomation about Asheville Real Estate, check our website www.RealLivingConnect.com