November 15, 2018
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – The Carolina Multiple Listing Services, Inc. (CarolinaMLS) provides monthly reports on residential real estate market activity for the Asheville Metropolitan Statistical Area (MSA)*. The Asheville MSA includes Buncombe, Haywood, Henderson and Madison counties.
Asheville MSA year-over-year home sales in October rose 1.8 percent, with 666 properties sold compared to 654 properties sold in October 2017. Compared to the previous month (September 2018), October 2018 home sales increased 21.8 percent. Year-to-date sales for the MSA were down 1.7 percent compared to the same period (January-October) in 2018.
The average sales price in October 2018 ($325,510) increased 5.6 percent compared to October 2017 ($308,170), while the median sales price ($269,450) increased 7.8 percent compared to October 2017 ($250,000). Compared to the previous month (September 2018), the average sales price increased 1.8 percent, while the median sales price rose 0.4 percent.
The average list price across the MSA ($358,870) increased 4.2 percent compared to the average list price in October 2017 ($344,515), bringing the percent of original list price received measure to 94.0 percent, which is an increase of 0.4 percent compared to the same period last year. Pending sales in October 2018 (703), which are a forward-looking indicator and a measure of buyer demand, declined 7.9 percent compared to October 2017. Compared to the previous month (September 2018), pending sales increased 6.0 percent.
New residential listings (933) increased 10.8 percent in October 2018 compared to the same period last year. Compared to the previous month (September 2018), new listing counts rose 6.3 percent. Inventory fell slightly and was down 0.8 percent compared to October 2017, which left the Asheville region with 3,091 properties for sale at report time, or 5.0 months of supply of inventory. A year ago in October 2017 the MSA had 3,115 properties for sale, or 5.0 months of supply.
Homes continue to sell quickly across the MSA. The average number of days a property was on the market from the time it was listed until it closed (list to close) was 111 days in October 2018 compared to 123 days in October 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 62 days, which is eight days less time on market than October 2017.
Other counties within the region with significant activity:
Henderson County, which lies south of Asheville, saw October sales increase 17.0 percent compared to sales a year ago. Both the average ($298,675) and median ($271,250) sales prices increased year-over-year and were up 10.9 percent and 17.9 percent respectively. Pending sales declined 11.0 percent compared to the previous year, while inventory increased 8.7 percent, leaving the county with 4.3 months of supply. Properties continue to move quickly, with Days on Market at 52 days compared to 63 days in October 2017.
Haywood County, which lies west of Asheville and Buncombe County and whose principal city is Waynesville, had a 6.3 percent increase in home sales compared to October 2017. The average sales price ($244,484) rose 12.7 percent compared to the average sales price last year ($217,024), while the median sales price ($211,500) increased 1.1 percent compared to the median price in October 2017. Pending sales rose 6.5 percent compared to the previous year, while inventory declined 11.8 percent, which leaves the county with 5.9 months of supply at the current sales pace. Properties are averaging 60 days on market compared to 109 days on market in October 2017.
*MSA or metropolitan statistical area consists of one or more counties that contain a city of 50,000 or more inhabitants or contain a Census Bureau-defined urban area and have a total population of at least 100,000 (75,000 in New England).
For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with an Asheville-area Realtor®/Broker, please contact Kim Walker.
The Carolina Multiple Listing Services, Inc. (CarolinaMLS) is a wholly-owned subsidiary corporation of the Charlotte Regional Realtor® Association and is the private cooperative Realtors® use to access thousands of residential listings in a multicounty service area, including Charlotte, the Piedmont and Mountains areas of North Carolina and South Carolina, and beyond. CarolinaMLS, which has more than 16,000 Subscribers, provides the most trustworthy, timely, accurate and complete property data to support consumers in their residential real estate transactions.
Original Publish Date: 11/15/2018