November 19, 2019
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – As the 13-county Asheville region settled into fall and what is typically a slower selling season, sales across the region remained steady, rising 3.2 percent over sales last year, according to data from Canopy MLS. Home sales compared to September’s strong activity, decreased 4.4 percent, with some 972 properties sold across the region.
Year-to-date activity showed the region, which includes Buncombe, Burke, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey counties, pacing 9.7 percent ahead of sales during the same time period (January through October) last year.
The mountain region of North Carolina, which boasts a growing second home market in a number of counties surrounding the Asheville MSA, saw the median sales price in October ($267,500) rise 4.9 percent year-over-year, while the average sales price ($329,340) rose 4.1 percent compared to October 2018.
Sales steady throughout the Asheville MSA
A closer look at the four counties that make up the Asheville MSA (Buncombe, Haywood, Henderson and Madison counties), showed sales were steady in October, rising 0.4 percent over October 2018 with 680 homes sold. Sales compared to September were nearly unchanged, rising 0.3 percent. Pending sales, which are often a predictor of future sales, rose 20.1 percent year-over-year, showing the steady demand for homes closer to the primary economic centers.
With inventory down 12.7 percent and months of supply at 4.5 months, buyers will continue to find strong sellers’ market conditions pressuring prices throughout the Asheville-metro area. Both the median ($285,000) and the average ($338,135) sales prices in October 2019 rose 6.5 percent and 4.1 percent, respectively. The average list price in October ($419,332) rose 20.4 percent as sellers continued to flex their muscle in response to demand and tight supply. Sellers across the MSA received 93.4 percent of the original list price.
“Dave Noyes, a Realtor®/Broker with RE/MAX Results and Canopy MLS Board of Director representing the Asheville region said, “The sharp price increases we are seeing across the region and MSA over the last couple of months are in response to increasingly higher demand and faster days on market amidst tighter supply. Sellers know they’re in control of the market and we see this through double-digit increases in list prices all over the region. Still, sellers need to realize that pricing the home correctly is key to reaching a successful closing.”
New residential listings across the MSA declined 6.4 percent compared to October 2018, and were down 2 percent compared to new listing activity in September 2019. Though not enough to effect overall supply, year-to-date figures show that new listings in 2019 are pacing 2.1 percent ahead of the same time period in 2018. Inventory across the MSA fell 12.7 percent in October 2019, with 2,904 homes on market. This leaves the MSA with 4.5 months of supply at report time, compared to 5.5 months a year ago.
Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, averaged 66 days in October 2019 compared to 61 days in October 2018.
Haywood County sees robust sales; demand for homes increase significantly in Henderson County
Sales in Haywood County rose 18.6 percent in October 2019 compared to a year ago, with 102 homes sold. Compared to the previous month, closings increased 16.3 percent. Pending contracts increased 5 percent year-over-year, showing buyer demand has not waned. New listing activity decreased 9 percent in October 2019 compared to a year ago, but continues to pace well for the year, with year-to-date figures up 3.2 percent compared to listing activity during the first ten months of 2018.
Prices continued to increase in Haywood County, with both the median ($243,900) and average ($277,819) sales prices increasing 15.3 percent and 13.4 percent, respectively. Days on Market are increasing, averaging 70 days in October as compared to 61 days this time last year.
In Henderson County year-over-year sales declined 3.4 percent with 198 homes sold in October 2019. Compared to September 2019, sales were up 17.9 percent. Pending contracts rose significantly, increasing 48 percent over contracts written during October 2018, and were up 7.4 percent compared to September 2019. New listing activity, though not enough to impact inventory, rose 4.9 percent year-over-year and 8.8 percent compared to September 2019.
Prices in Henderson County, although pressured by tightening inventory, are somewhat steady, with the average sales price rising 2.3 percent to $302,009 during the month of October, but down 2.4 percent compared to September 2019. The median sales price ($267,500), which is a better measure of prices over time, declined 0.9 percent year over year but increased 1.9 percent compared to the median in September 2019. Inventory declined 15.1 percent, leaving the county with 3.8 months of supply. With demand strong amidst decreasing supply, properties are moving quickly in Henderson County averaged 57 days on market in October.
Canopy MLS provides monthly reports on residential real estate market activity for the 13-mountain counties in western North Carolina which includes the high-growth Asheville Metropolitan Statistical Area (MSA).
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.
Canopy MLS is a wholly-owned subsidiary corporation of Canopy Realtor® Association and is the private broker cooperative used by Realtors® to bring buyers and sellers together with access to thousands of residential listings in a multicounty service area, including Charlotte, the mountains area of North Carolina, South Carolina, and beyond. Canopy MLS, which has 17,500 Subscribers, provides the most trustworthy, timely, accurate and complete property data along with proprietary tools for showings, market stats, predictive analytics, and more, used by its members to support consumers in their residential real estate transactions, whether selling, buying, investing or renting.
Original Publish Date: 11/19/2019