Asheville, Buncombe County, NC: Homes In Inventory By Price Range - July 2008

In a "normal" real estate market it is estimated that the housing inventory of homes for sale should be somewhere around 6 to 7 months supply. We are at holding steady about 15 months supply on average.

The news nationally, almost constantly, is about the home prices going down as inventory goes up.

In Asheville, we are still seeing somewhat of a conflict with that assessment. Our inventory is at all time record highs, yet our prices are higher than this time last year. In fact, just this month, August 2008, we set an all time high on the Median Asking Price of homes at $322,000.

The real area of concern appears to be on homes over $400,000. The number of sales per month compared to the existing inventory suggests a rather long term for that inventory to either shrink or see prices drop by large percentages.

Sales of homes under $285,000 seem to be stable with only a smalll excess in inventory. This would indicate that the "average" buyer has plenty of homes to choose from and most of them are at fair market value.

Residential Properties = Single Family Homes, Condos, Townhouses & Mobiles on Owned Land