December 19, 2019
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – With the slower selling season setting in and consumers focused on the holidays, sales across the 13-county Asheville region, continued to buck the trend and rose 3.5 percent over sales this time last year, with some 831 homes sold during the month of November 2019. Year-to-date data showed the region pacing 9.5 percent ahead of sales during the same time period (January through November) last year.
Canopy MLS, which tracks data in Buncombe, Burke, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey counties, showed that Realtors® across the region have been busy with some 10,221 homes sold so far this year.
As inventory in and around Asheville’s core continues to be rapidly absorbed, buyers are expanding their searches outside of the MSA, keeping sales steady. Prices during the month of November continue to be pressured by inventory, with both the average sales price ($332,106) and median sales price ($275,000) rising sharply, 9.8 percent and 10 percent respectively. Year-to-date data showed prices across the region are stabilizing, with the average sales price, up 2.4 percent for the year at $305,858. The year-to-date median sales price was up 4 percent to $260,000. The region currently boasts nearly five months of supply, which should help buyers find plenty of choice properties for sale throughout the region.
Sales fall across the Asheville MSA
A closer look at the four counties that make up the Asheville MSA (Buncombe, Haywood, Henderson and Madison counties), showed sales during the month of November, declining 4.2 percent with 571 homes sold in November as compared to 596 homes sold in November 2018. However, year-to-date data showed that sales are pacing ahead of last year, rising 4.8 percent, with 7,069 homes sold so far this year.
Pending sales, generally seen as a predictor of future sales, rose 28.7 percent year-over-year, showing the strong demand for homes closer to Asheville. With inventory continuing its downward trend, falling 15.1 percent and months of supply at 4 months, buyers will continue to find strong sellers’ market conditions impacting prices throughout the Asheville-metro area. Both the median ($295,000) and the average ($361,617) sales prices in November 2019 rose 9.3 percent and 11 percent, respectively. The average list price in November ($397,429) rose 16.3 percent, as sellers responded to demand and tight supply. Sellers across the MSA received 93.5 percent of the original list price.
“Debbie Williams, a Realtor®/broker with Beverly Hanks & Associates, and Canopy MLS Board of Director representing the Asheville region said, “November’s housing trends along with the rise in activity that we’ve seen in the latter half of 2019, create a strong outlook for Asheville’s housing market next year. Year-to-date November sales activity shows the market is up nearly 5 percent when compared to the same period last year. However, buyers will continue to face headwinds with inventory and price growth as demand is expected to continue to outpace supply next year.”
New residential listings across the MSA increased slightly, rising 0.6 percent compared to November 2018. And even though new listing activity has not been enough to effect overall supply, year-to-date figures show that new listings in 2019 are pacing 2 percent ahead of the same time period in 2018. Inventory across the MSA fell 15.1 percent in November 2019, with 2,640 homes on market. This leaves the MSA with 4 months of supply at report time, compared to 5.1 months a year ago.
Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, is increasing, averaging 68 days in November 2019 compared to 66 days in November 2018.
Demand for homes grows strong in Haywood County as inventory woes continue in Henderson County
Sales in Haywood County declined 20.2 percent in November with 79 homes sold compared to 99 homes sold in November 2018. However, year-to-date figures show sales pacing 4.4 percent ahead of sales for the period January through November 2018. Buyer demand for homes in Haywood was strong, as displayed by pending contracts, which rose 30.3 percent, in November 2019. As inventory continues to be absorbed in nearby Buncombe and Henderson counties, buyers shift their searches to areas with more inventory. New listing activity is down 2.2 percent year-over-year, however sellers continue to list their homes, as year-to-date 2019 activity, which is not enough to replenish supply, rose 2.9 percent.
Prices in Haywood County rose sharply in November, with both the median ($258,000) and average ($303,603) sales prices increasing 18.6 percent and 11 percent, respectively. Days on Market increased, averaging 100 days in November as compared to 82 days this time last year.
With inventory extremely tight in Henderson County year-over-year sales unexpectantly rose 17.6 percent with 160 homes sold in November 2019. However, pending contracts decreased 1.2 percent, perhaps an indication of buyer fatigue, as Henderson County’s supply continues to be absorbed. Year-to-date pending contract activity is up 2.1 compared to contract activity from January through November of last year.
New listing activity, continues to weaken, down 21 percent in November 2019. This further depresses inventory which fell 15.6 percent leaving the county with 3.6 months of supply at the current sales pace.
Prices in Henderson County, pressured by the lack of supply, also rose sharply, with both the average sales price ($339,666) and the median sales price ($310,000) rising 15 percent and 15.5 percent respectively. Days on market, though faster than DOM in Haywood, continues to increase and averaged 70 days in November 2019 compared to 66 days in November 2018.
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: 12/19/2019