Buncombe County includes the cities or areas of Asheville, Leicester, Weaverville, Black Mountain, Arden, Skyland, Candler, and Biltmore Forest.
198 parcels of vacant land have been Sold in 2009 in Buncombe County with an Average Sold Price of $106,286<, down a bit from last month.
The first 8 months have started off with a a slower rate of sales, but the October sales should be increasing at a faster pace than we are currently experiencing. 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.
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 - 107 parcels have sold with an Average Sold Price of $67,714>.
1 to 2.99 acres - 55 parcels have sold with an Average Sold Price of $94,535<.
3 to 4.99 acres - 4 parcels have sold with an Average Sold Price of $120,417<.
5 to 9.99 acres - 15 parcels have sold with an Average Sold Price of $132,763<.
10 to 20 acres - 10 parcels have sold with an Average Sold Price of $241,040<.
There are currently 2392 parcels of any size on the market in the county with an Average Asking Price of $236,501<.
The Average Asking Price of the 3460> Residential Homes "for sale" in Buncombe County is $435,073<.
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.
(The above 3.06 acre lot next to new house in Leicester, NC can be purchased for $138,000. Will also trade up or down. Underground utilities/DSL/phone and is ready to build on. Broker/Owner)
To have some idea of the health of the market, you must compare the current inventory to the number of sales that has taken place to project the actual number of months supply of homes.
The redundant question is: What is a Healthy Real Estate Market?
Rule of Thumb: That is not always an easy question to answer, but usually, inventory of unsold homes available should not equal more than a 5 to 7 month supply. Asking prices and inventory seem to set the theme.
More than halfway through the year, it is obvious that Asheville is not yet experiencing the "healthy" market we had 2 years ago. In 2008, Asheville and Buncombe County were continuing to hold steady at about 14 months supply, on average. So far, in 2009, the average is over a 20 month supply.
As indicated below, we have 2.93 times more homes on the market than what a "healthy" market should have. This is a positive decline since May but a negative compared to August 2008.
In Asheville, we are still continuing to see a slow, but small, reduction in home prices, as the inventory sits at the top of recent high numbers, and the July inventory numbers are moderating.
There has been an increase in the number of properties offered under the "short sale" concept, which is where the mortgage holder agrees to let the owner attempt to sell the house for less than what is actually owed, so as to prevent a foreclosure. Many banks are allowing the owners to stay in their homes for extended periods to see if a buyer will buy before a foreclosure takes place.
The ongoing area of concern continues to be about the homes over $400,000. The worrisome market is the homes at or over $1 million. 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 small 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.
The question is....where are the buyers? January 2009 looks like it will produce the lowest number of units sold in a month in over 12 years. August sales have been below 2008.
Buncombe County is the home of Asheville, NC.In 2008 and 2009, Buncombe County and the surrounding areas of Asheville, Leicester, Black Mountain, Biltmore Forest, and Arden, like the rest of the country, have been experiencing many of the trends that have kept the real estate markets unsettled, higher than normal inventory and lower number of units sold. However, unlike most of the country, our prices have basically held fairly firm, with only a modest drop of about 3.4% in 2009 over the Average Asking Price of $465,018 in 2008.
For more on that story: The Asheville Citizen Times has the story at Holding Value
The Active listings inventory normally begins to peak this time of year as expected. An EXCESS in the inventory numbers, which is beginning to develop, is not desirable. High inventory numbers will most likely mean prices must go lower, on average, in order to clear out any excess. June peaked at the highest number of units available, so far in 2009.
There has been a slight change in the market conditions compared to last month, but only slight.
Until mid-summer of 2008 the Asheville area had historically been immune from the negative real estate trends that the rest of the country had been experiencing, but we, along with the rest of the country, are showing signs of an anemic market, at least as far as the number of home sales over the $275,000 mark.
This story is the same as last several months, but the Asheville area has continued to see a dramatic slow-down of Sold homes, a moderately fluctuating inventory, and a noticeable drop in "pending" listings. There is a noticeable increase in homes on the market that are pre-foreclosure and many that are "short sale" candidates, both negatively affecting the market.
The record number of Active Listings in Buncombe County is 3,493 which was set in September, 2008.
The trend indicator below is for the current month compared to last month.
Active and Sold - July 2009 and 2008 Comparisons
Our Active Residential Listings (Inventory) numbers are still close to the "peak" and only had a very slight increase over July of last year.
The Average Asking Price had a decrease (3%), which the slower market influenced, and the Median Asking Price has decreased 5%. That is mostly because of the higher priced homes taking "price reductions".
July sales had a decrease of 10% over July 2008. This is normally the time of year when sales should be increasing.
The Average Sold Price had a decrease (8%) compared to July 2008 and the Median Sold Price had a decrease (11%) compared to July 2008.
That is the real problem we still face, the SOLD numbers are down for the year to date. As you can see by the chart below, we have been down significantly on our SOLD numbers and that has been the case all of the last 12 months, yet our inventory has remained flat, but on the high side.
The number of Days on Market is at the highest levels in over 5 years for both Active and Sold listings.
AR Members: Post your listings and market reports at the Group: http://activerain.com/groups/CityStateListingsReports
Buncombe County includes the cities or areas of Asheville, Leicester, Weaverville, Black Mountain, Arden, Skyland, Candler, and Biltmore Forest.
140 parcels of vacant land have been Sold in 2009 in Buncombe County with an Average Sold Price of $112,464>, up from last month.
The first 7 months have started off with a a slower rate of sales, but by July, sales should be increasing at a faster pace than we are currently experiencing. This would indicate that investors, builders and speculators are still waiting for the market to stabilize and to plan for the future growth of the area.
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 - 74 parcels have sold with an Average Sold Price of $65,366>.
1 to 2.99 acres - 40 parcels have sold with an Average Sold Price of $101,621>.
3 to 4.99 acres - 4 parcels have sold with an Average Sold Price of $120,417<.
5 to 9.99 acres - 10 parcels have sold with an Average Sold Price of $139,433<.
10 to 20 acres - 5 parcels have sold with an Average Sold Price of $289,817<.
There are currently 2330 parcels of any size on the market in the county with an Average Asking Price of $241,581<.
The Average Asking Price of the 3434< Residential Homes "for sale" in Buncombe County is $453,961>.
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.
(The above 3.06 acre lot next to new house in Leicester, NC can be purchased for $140,000. Will also trade up or down. Underground utilities/DSL/phone and is ready to build on. Broker/Owner)
 |
|
|
Innovation in Real Estate Since 1984. 1st Exclusive Buyer's Agent in WNC. 1st Discount Listing Service Provider in WNC. REALSEARCH provides Buncombe County Real Estate Statistics, Trends & Refer
Today, I am a Research and Referral conduit for Sellers and Buyers. I rarely take new listings or work with new buyer clients. I work primarily as a referral agent. At this time, I work only with past clients and the referrals they send to me. After over 20 years in the business in Asheville, I am able to go in that business decision.
The benefit, to Sellers and Buyers looking for agents to work with in our market, is I have learned how to determine which agents are truly successful in their field of expertise, in all those years of my experinece in this market As a result, where I can be of the most assistance to a Buyer or Seller is to guide the Buyer or Seller in the "right" direction in their choice of the agent they may decide to work with. I refer you to the most qualified agents among the masses of the "old -timer" established, the newbies, the good ones and the ones that may best be suited for the particular needs of you, the client. I also help you avoid considering the agents that may not deliver the services you are expecting. All this is done through my research of the history of the agents best suited for the job based on their past production and legacy. There is NEVER a charge to the Buyer or Seller for the referral. The receiving agent pays my fee from their commission, when a sale is completed. For Sellers, the referral I make is based on the price range of the property, the location, the time frame desired to sell, and to an extent, the personalities of the parties. There are agents who think they are "multi-talented", but today, agents are no longer all things to all people. There are agents that specialize in, or just plain do better with homes under $250,000. There are agents that specialize in homes from $200,000 to $500,000, those that only do well if the home is over $450,000, those that don't do much outside the city limits, those that prefer only new homes, etc. I sort through all of that to pinpoint the one best suited for the job based on the facts, not hyperbole. For Buyers, the referral is based on the longevity of the agent and the background necessary to truly appreciate the special relationship a buyer and the agent should have. I avoid any agent that believes in dual agency as the "best" solution to helping buyers and sellers. Buyers and Sellers are adversaries and the agent needs to understand that the buyer should be given every fact to put that buyer in the best negotiating position possible based on the facts and knowledge of the market. A great buyer's agent should be a great researcher, not a bulletin board reader. The referral and research that I do is not based on a "buddy" system! It is based on the pure facts resulting from an MLS search of the sales in the area of interest of the client. It is my job to see who is doing what in the marketplace using my research skills. If you need to know which of the 1,900 Asheville agents might be the best agent for you, give me a call or email. It costs you nothing unless YOU pick the wrong agent without having a little help. Now, with that said, sometimes even the "best" will not give you exactly what you had hoped for, but we will try to find the "best" suited to your needs. www.asheville.com for the latest in "Things to do in Asheville."
REALSEARCH 
Market condition statistics, especially current trends, can be very useful to some buyers and sellers. Since market conditions affect how we market and, the expectations we have, I do a great deal of statistical research (not just 3 listing CMAs) to help my clients, the local newspaper, the Chamber of Commerce, other brokers, and clients of other agents, etc. with the research they find necessary. As a Realtor, I find many fellow Realtors, because it can be time consuming and tasking, do not pay a great deal of attention to in-depth statistics and trends.
That is where REALSEARCH comes in.
This research service, for both real estate professionals and the general public, compiles the data that is a roadmap into the market conditions in Western North Carolina (specializing in, but not limited to Buncombe County/Asheville), for at least one year back, on a monthly basis (some research is done daily) for Buncombe County single family residential real estate market, which includes single family homes, condos, townhomes, and mobile homes on owned land.
This is NOT a "Crystal Ball" approach and is not a forecasting program, but rather a gathering of the statistics gained from the Western North Carolina Regional Multiple Listing Service (WNCRMLS). It is designed to show trends. It provides data about the number of Active listings (daily), as well as the number of Listed, Pending, Sold and Expired (monthly). The "Average List Price" and the "Median List Price" and "Days on Market"(DOM) are displayed. The "Year to Date" number of "Sold" compared to a year ago and the percentage difference is recorded.
The Asheville/Buncombe County reports are provided in Windows format on Excel (data and charts) and Word. $50 for first report, which includes the last quarter "Year in Review" and then $25 per report (provided monthly, for any month desired) thereafter. Customized research is also possible on an hourly basis.
You tell me what data you need, and I will do the research for you.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
