November 24, 2020
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – Home sales continued on the momentum built since June 2020 with a fifth consecutive month of year-over-year gains, despite the pandemic that drastically slowed sales in April and May. Sales continued their streak, rising 38.4 percent year-over-year across the 13-county Asheville region, with 1,392 homes sold in October 2020. Realtors® across the region had 386 more transactions this past October than in October 2019. The region’s year-to-date sales are ahead of 2019 year-to-date sales by 8.5 percent with 10,199 homes sold over the last ten months.
Pending sales show an abundance of buyers seeking homes in the market and rose 46.9 percent year-over-year as 1,463 single-family and/or condo/townhomes went under contract during the month. Year-to-date figures show pending sales (which signify buyer demand) ahead of last year by 14.8 percent, a sure sign of steady sales in the coming months.
In a strong sign of increasing seller confidence, new listing activity rose year-over-year for a second month, increasing 15.3 percent year-over-year as sellers listed 1,493 homes for sale. Compared to September 2020 new listings are up 7.9 percent. Still, year-to-date figures show seller confidence is weak, with new listings down 9.9 percent compared to the regional listing activity during the first ten months of 2019.
Dave Noyes, a Canopy MLS Board of Directors member and a Realtor®/broker with RE/MAX Results, said, “A surprising result related to the pandemic is that the western region of North Carolina continues to gain the interest of buyers who are looking to get away from the density of cities, along with many who consider the mountains region ideal for their second home. And low mortgage rates have made it hard for buyers to resist that appeal. The welcome rise in new listing activity should help buyers with increased choice as well.”
Inventory throughout the Asheville region continues to fall and will impact prices for the foreseeable future. Inventory at report time in October was down 49.4 percent year-over-year to 2.5 months of supply or 2,705 properties for sale over the 13-counties Canopy MLS serves. Both the median sales price ($315,625) and the average sales price ($382,934) responded to strong seller’s market conditions with price increases and rose year-over-year by 18.7 percent and 17.0 percent, respectively. The average list price rose 7.3 percent year-over-year to $420,106, and the list price to sales price ratio was 95.7 percent. Days on market until sale averaged 61 days versus 74 days on market this time last year.
The Asheville region includes Burke, Buncombe, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey counties.
The four counties making up the Asheville MSA continue to beckon buyers with October home sales rising 32.1 percent year-over-year as 931 homes were purchased compared to 705 sold during October 2019. With the MSA or metro representing the core economic center, buyer demand, as displayed through pending contract activity, remained strong. Pending contracts rose 44.3 percent year-over-year as 977 properties went under contract during the month, an increase of 300 more properties than a year ago at this time. With pending contract year-to-date figures pacing 11.3 percent ahead of the same time period last year, the MSA should see a steady stream of sales over the next 45 to 60 days. Sellers responded to the favorable market by bringing 1,017 new listings in October, an increase of 16.2 percent year-over-year. Still, new listing activity was not enough to make-up for the lack of inventory, which has fallen by 46.6 percent year-over-year to 1,683 homes for sale at report time. This time last year the MSA had 3,150 homes for sale or 2.3 months of supply. Low inventory will continue to exacerbate prices, which rose in October 2020. The median sales price ($331,000) and the average sales price ($395,803) rose year-over-year by 16.8 percent and 17.6 percent, respectively. The average list price of $444,825 also increased 8.4 percent year-over-year, and the list price to sales price ratio was 96.2 percent. Days on market fell to 49 days in October 2020 compared to 67 days in October 2019.
Noyes continued, “Inventory has been a challenge for some time now in areas closer to the city of Asheville, and we don’t see that scenario changing any time soon. Sellers need to realize that even though the market favors them, homes still need to be priced for the neighborhood level in order to sell quickly. In some highly desirable areas, buyers need to understand there may be little room for negotiation due to increased competition and interest from buyers.
Buncombe County sales and new listings remained positive year-over-year for a fourth consecutive month. Closed sales increased 44.3 percent year-over-year in October 2020 with 521 homes sold. Sales increased 28.3 percent compared September 2020. Pending contracts continued to show tremendous pent-up demand, rising 45.8 percent year-over-year as buyers brought 541 properties under contract during the month. New listing activity was positive as well and rose year-over-year for a second month. Sellers listed 563 homes for sale compared to 489 listed in October 2019, an increase of 15.1 percent year-over-year. Still, with inventory down 43.6 percent year-over-year to 938 homes for sale or 2.4 months of supply, new listings added to the market will likely be absorbed as quickly as they are listed. Sellers in Buncombe are getting nearly all of their asking price as the list price to sales price measure was 96.5 percent in October. The average list price of $487,822 increased 9.0 percent over October 2019’s average list price. Prices in general are increasing due to tightening inventory. Both the median sales price ($350,000) and the average sales price ($421,292) increased 12.0 percent and 11.4 percent, respectively, over prices in October 2019. Homes are selling quickly, as days on market until sale averaged 43 days in October 2020 versus 69 days on market this time last year.
Home sales were positive again in October 2020, rising 15.6 percent year-over-year with 141 homes sold compared to 122 homes sold in October 2019. Compared to September 2020, sale dipped by 4.1 percent. Pending sales, which illustrate buyer demand, soared to a 59.6 percent year-over-year increase as 150 properties went under contract during the month, ensuring future sales over the next few months. This time last year, there were only 94 properties in pending status. New listing activity brought 156 homes to market in October 2020, an increase of 28.9 percent over a year ago. However, with inventory down 52.3 percent year-over-year to 263 properties for sale or 2.4 months of supply, new listings will likely be sold as quickly as they are listed. Inventory will continue to pressure prices in the county, especially in light of increased competition and demand from buyers. The median sales price ($255,000) and the average sales price ($315,920) rose year-over-year by 5.2 percent and 14.0 percent, respectfully. The average list price in October rose 8.3 percent year-over-year to $355,900, and the list price to sales price measure was 94.0 percent in October. Days on market in October 2020 averaged 58 days versus 69 days in October 2019.
Home sales across Henderson County in October also had a second month of year-over-year positive increases. Sales rose 21.6 percent year-over-year as 248 homes sold versus 204 that sold in October 2019. Pending sales continued to signal strong demand from buyers, rising 29.2 percent year-over-year as 252 properties entered the pipeline of sales this past month compared to 195 in October 2019. Pending sales typically close 45 to 60 days later and should ensure steady sales in the near future. New listing activity was positive again in this past month as sellers brought 261 homes to market, an increase of 10.6 percent compared to October 2019. Prices continue to tick upward due to tightening inventory. The average list price of $392,806 rose 4.2 percent year-over-year, while the median sales price ($331,508) and the average sales price ($386,049) were up sharply year-over-year by 23.9 percent and 28.5 percent, respectively. The list price to sales price ratio was 96.8 percent in October 2020. Inventory fell 51.2 percent year-over-year in October 2020 to 408 homes for sale or 2.1 months of supply, while days on market until sale averaged 50 days in October 2020 versus 57 days in October 2019.
Home sales in Madison County continued their positive run, rising 16.7 percent year-over-year as 21 homes were sold in October 2020, while pending sales jumped 100.0 percent year-over-year as 34 properties went under contract compared to 17 in October 2019. New listing activity was positive and saw a gain of 27.6 percent year-over-year as sellers brought 37 homes to market versus 29 listed this time last year. Low inventory continues to impact prices. Inventory fell 61.1 percent compared to last year, leaving 74 homes for sale or 3.2 months of supply at report time. Prices increased year-over-year, with the average list price up 33.4 percent to $533,599 and the median sales price ($373,000) and the average sales price ($414,970) increasing year-over-year by 20.5 percent and 30.3 percent, respectively. Properties in Madison County averaged 117 days on market in October 2020.
Other counties around the region
Burke County’s home sales rose 26.8 percent with 71 transactions in October 2020 versus 56 in October 2019, while pending sales rose 39.1 percent as buyers drove 89 homes in to the pipeline of sales, compared to 64 this time last year. New listing activity fell 12.1 percent to 94 listings compared to 107 new listings added to the market in October 2019. All price indices increased as a result of falling inventory. Inventory is down 44.6 percent to 128 homes for sale at report time or 1.9 months of supply. Both the median sales price ($ 180,000) and the average sales price ($229,557) rose 1.4 percent and 11.6 percent respectively. The average list price in Burke increased 19.1 percent to $268,114. This brings the list price to sales price measure to 96.9 percent. Days on market in October 2020 fell to 36 days versus 46 days this time last year.
Jackson County’s October home sales declined 6.9 percent as 27 homes were sold versus 29 homes sold in October 2019. Still, buyer demand as displayed through pending contract activity rose 35.5 percent as 42 home went under contract during the month. New listings rose 11.8 percent as sellers brought 38 homes to market in October versus 34 new listings added in October 2019. Inventory continues on a downward trajectory, falling 46.3 percent to 122 homes for sale at report time. This time last year there was nearly double the amount of homes for sale. Jackson County still has 4.7 months of supply of homes for sale. Prices are volatile and rose dramatically in October 2020. Both the median sales price ($375,000) and the average sales price ($528,763) rose 70.5 percent and 38.7 percent respectively year-over-year. The list price to sales price ratio was 94.8 percent and days on market trended at 88 days during October 2020.
McDowell County home sales increased 20.5 percent in October 2020 with 47 homes sold versus 39 sold last year. Pending contracts rose 6.7 percent as 48 homes went under contract versus 45 this time last year. New listing activity rose 23.1 percent with sellers brining 48 properties to market during the month of October. Inventory fell 53.3 percent to 100 homes for sale or 2.6 months of supply. This time last year McDowell County had 7.4 months of supply of home sale. Tightening inventory will continue to pressure prices. Both the median sales price ($245,000) and the average sales price ($323,801) rose 30.7 percent and 15.7 percent respectively. The average list price of $272,473 rose 5.5 percent year-over-year as well. This brings the list price to sales price ratio to 94.9 percent, while days on market until sale trended at 53 days versus 69 days in October 2019.
Mitchell County posted at total of 22 sales in October 2020, a 37.5 percent increase over sales this time last year. Pending sales rose 87.5 percent as buyers drove 30 properties under contract, compared to 16 that were under contract in October 2019. New listing activity is unchanged compared to last year, but year-to-date figures show new listing activity is up 2 percent compared to the first 10 months of 2019. Year-to-date figures also show pending contract activity (+60.7 percent) and closed sales activity (+41.4 percent) significantly ahead of year-to-date figures last year. Like a number of counties throughout the region, inventory fell 53 percent to 63 homes for sale or 3.5 months of supply. This time last year supply levels topped a year (11.8 months). Decreasing inventory has put pressure on prices, which rose significantly in October. Both the median sales price ($246,000) and the average sales price ($286,934) rose 42.8 percent and 43.5 percent, year-over-year respectively. The average list price of $454,876 increased 55.2 percent in October 2020 as well, bringing the list price to sales price ratio to 93.2 percent. In October days on market trended at 124 days versus 203 days in October 2019.
Polk County closed sales increased 55.6 percent year-over-year with 42 homes sold in October 2020 versus 27 sold this time last year. Pending sales increased by 69 percent year-over-year with 49 contracts in the pipeline of sales compared to 29 in October 2019. New listing activity decreased 2.2 percent year-over-year with sellers listing 45 homes for sale compared to 46 a year ago. Prices are volatile with the median sales price ($342,500) increasing 22.3 percent year-over-year and the average sales price ($402,644) decreasing year-over-year by 6.9 percent. The average list price of $454,481 increased 12.9 percent in October 2020, bring the list price to sale price ratio to 91.9 percent. Inventory fell 61.2 percent year-over-year to 92 homes for sale at report time, or 2.6 months of supply, while days on market averaged 117 days in October 2020 compared to 81 days in October 2019.
Rutherford County closed sales rose 109.4 percent year-over-year with 111 homes sold in October 2020 compared to 53 homes sold in October 2019. Pending sales figures continue to show strong demand and increased 59.6 percent year-over-year with 91 homes going under contract during the month versus 57 that were newly under contract during the same period last year. New listings increased 22.8 percent year-over-year as sellers listed 97 homes for sale versus 79 listed in October 2019. Prices are rising in relation to supply, which fell 63.6 percent year-over-year to 149 homes for sale at report time, or 2 months of supply. The average list price increased 4.4 percent year-over-year to $311,270, while both the median sales price ($219,000) and the average sales price ($296,713) rose 12.3 percent and 32.5 percent year-over-year, respectively. This brings the list price to sale price ratio to 95.4 percent. Days on market fell to 72 days versus 91 days in October 2019.
Swain County recorded only four closed sales in October 2020 along with 11 pending sales in the pipeline. New listings totaled 15 versus eight last year. October 2020’s average sales price was $236,850 while the median sales price was $201,250. The average list price was $411,207. There were only 33 homes on market at report time or 5.2 months of supply. Days on market until sale averaged 174 during the month of October 2020.
Transylvania County recorded 96 homes sold in October 2020 for an increase of 62.7 percent over the number sold last year. Pending sales or buyer demand increased 100 percent with 90 properties going under contract last month versus 45 in October 2019. Seller confidence is increasing as sellers brought 79 new listings to market, an increase of 36.2 percent year-over-year. Inventory fell 56.1 percent to 2.8 months of supply in October and will continue to impact prices for the foreseeable future. Both the median sales price ($359,950) and the average sales price ($459,605) increased 2.8 percent and 10.7 percent respectively over last October. The average list price fell 10.9 percent to $518,437, which brings the list price to sales price ratio to 93.9 percent during the month of October 2020. Days on market until sale trended at 110 days in October 2020.
Yancey County’s closed sales increased 86.4 percent year-over-year as 41 homes were sold in October compared to 22 homes sold in October 2019. Pending contract activity increased 20 percent year-over-year with 36 homes going under contract versus 30 in October 2019. New listing activity picked up and increased 34.4 percent year-over-year with sellers listing 43 homes this past month compared to 32 homes listed last October. Both the median sales price ($305,000) and the average sales price ($427,549) had year-over-year increases in October of 58.9 percent and 28.7 percent, respectively. Inventory was down 46.6 percent year-over-year to 159 homes for sale at report time, or 5.7 months of supply. Properties averaged 145 days on market in October 2020 compared to 175 days in October 2019.
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 19,800 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: 11/24/2020