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Low Inventory Drives Asheville Real Estate Market Statistics

The first quarter home sales numbers continue the pattern of the last year with steady increases in the number of homes sold. That trend, in turn, is matched with a steady decrease in the number of units on the market over the last year. And as occurs in Econ 101, that means the average price has risen as well. It’s a classic case study for supply and demand.

Buncombe County

In Buncombe County, the number of homes sold increased 7% from the same period in 2016. For 2017, 836 homes were sold after spending an average of just 80 days on the market.  At the same time, the average price per unit increased 8% to $314,354, which of course resulted in an increase of total sales volume of 15 % from last year’s first quarter, growing from $227.5 million to $262.8 million in 2017.

Black Mountain ListingSignificantly, the sales price/list price ratio increased to 98%, indicating that sellers are getting very close to full listing price in today’s tight market. And as has been the case for the last year, the number of homes on the market is tightening further. For the first quarter of 2017, there were 1635 units on the market, a 3% decrease over the same time period in 2016. Interestingly, both years had more than 30% of the listed units under contract at the time the statistics were recorded.

The County numbers illustrate the impact a tightening market with a shrinking supply has on price. Buyers entering this market need to know how much they can invest in a home and be prepared to make an offer. With homes on the market for less than 90 days, the competition can be fierce for a very desirable home.

Black Mountain

In Black Mountain, the story of the numbers is even more intense. With the smaller sample size, however, it’s important to temper any firm conclusions. For example, in the first quarter of 2017, there was an increase of one unit sold, from 41 in 2016 to 42 in 2017. The percentage increase is then 2%, but that’s a very small sample. In addition, the average price of homes sold soared in Black Mountain, up from $245,580 in 2016 to $331,904, an increase of 35%. That’s when it’s very important to keep the sample size in mind.

The number that stands out, however, is the days on market (DOM) which is down to 63 days from 86 a year ago. That number indicates just how tight this market is with a limited supply of homes available. The number of homes on the market decreased 15%, from 95 in the first quarter of 2016 to 81 in 2017. It’s very important to note, however, that in 2017 there were 27% of that 81 under contract, compared with 36% of the 95 listed homes under contract in 2016.  That may indicate a slight easing in the supply, although it’s not possible to draw a firm conclusion with one quarter’s statistics in such a small market.

Conclusion

So, what can be made of the first quarter numbers for real estate sales in 2017? As has been the case, supply is tight, particularly Black Mountain listings, and demand is high. If you’ve got a home you’d like to list, now is the time to get on that. And if you want to enter the buyers’ market during 2017, there are a few steps that will help you with that process. Know your budget. Know the market so you’ll know the fair asking price. And if you’re in love with a particular home, be prepared to make a quick, solid offer on the home. Unlike  seven or eight years ago when a buyers’ market allowed for negotiating and taking your time to select, the 2017 market seems ready to move. And if you want that dream home, you need to be ready to go as well. Contact Greybeard Realty for more information.

Peaceful Views From Old Fort's Havencrest

If long-range mountain views and top-of-the-line finishes lead your wish list for a new Asheville area mountain home, you’ll want to see Havencrest in Old Fort. Located just 20 minutes from downtown Black Mountain, this 5-bedroom post-and-beam home provides breathtaking vistas and meticulous interior finishes. Just imagine waking up to this view on a daily basis.

Constructed in 1991, this lovely home sits on just over four acres in Gateway Mountain, a gated community approximately 30 minutes from Asheville. Complete with a gourmet kitchen and two master suites, this home features a floor-to-ceiling stone fireplace as well as large guest quarters. While the interior of the home is stunning, it is almost eclipsed by the exterior panorama accessed from the wrap around deck. With long-range views of Lake Lure, it provides a setting of peace and tranquility. And while the home provides easy driving access to Black Mountain, Asheville and Lake Lure, it is nestled in Gateway Mountain, a 3,000 acre wooded forest with waterfalls, wildlife, and lakes.

While this home would make an excellent year-round home, it also could serve as a vacation home and has a rental history available. If you’re considering buying an Asheville area rental home, be sure to check out Greybeard Realty’s management webpage that outlines the philosophy and approach that Greybeard takes with its clients. If this home or any of Greybeard Realty’s listings catch your eye, contact Greybeard and schedule a time to come check it out. It’s a fantastic time to purchase a home; you can be a western NC resident before summertime! 

Steady Growth for Asheville Real Estate Market

As Greybeard Realty gears up for another year of sales and rentals, it’s worth a look back to see how the Asheville area real estate market fared in 2016. The annual numbers for both Buncombe County and Black Mountain are in, and the steady, positive growth seems encouraging for the year to come.
 
Buncombe County
County-wide numbers for 2016 indicate steady, solid growth throughout the year. The number of units sold in 2016, 4230 homes, is an increase of 5% over 2015 statistics. Meanwhile, total sales volume increased 16% to $1.3 billion in 2016. As those numbers suggest, the average price per home also increased in 2016, up 10% to $311,576.
 
These numbers represent new highs for Buncombe County across the board, surpassing statistics available since 2009. Another important indicator for the strength of the current real estate sales market is the increase in sales price/list price that stood at 98% for 2016, up one percent from 2015’s annual numbers. To understand what’s behind all of these numbers, it’s important to consider the days on market (DOM) and number of units on the market during the last year. DOM is down to 70 days, a drastic reduction from the 175 days in 2012. The number of units on the market for 2016 stands at 1482 at year’s end, again a sharp decrease from the 2,692 units in 2010, the peak year for the last 8 years. And to further analyze that number, at year’s end, 372 or 25% of those 1,482 units were under contracts that had not yet closed. As has been observed the last three years, supply continues to tighten across the county.
 
Black Mountain
Black Mountain homes sales figures closely parallel those of the county. The number of units sold in 2016 increased 8% from 2015, growing from 212 homes to 229. At the same time, total sales volume increased 11%, to $61 million in 2016, up from $55 million in 2015. That increase in sales volume is even more dramatic when you look back over the last few years. In 2010, total sales volume across Black Mountain totaled only $21 million. And again, like the county numbers, it is not surprising to see the average price per home increase, though that rise was a bit lower than county-wide numbers. The average price per home in Black Mountain increased 3%, from $262,548 in 2015 to $269, 878 in 2016.
 
And similar to county numbers, the DOM has decreased from a market high of 198 days in 2012 to 85 days in 2016. The sales price/list price ratio has stayed at 97%, the same number for 2015. In addition, the number of units on the market has decreased at year’s end to 85, down from 95 in 2015 and down from 174 in 2010, the peak for the last 8 years. And again if that number is parsed a bit more, of the 85 units on the market at year end, 14 homes or 16% were under contract though not yet closed which means that the market has an even shorter supply than the simple numbers would indicate.
 
Conclusion
So what kind of conclusions can be drawn from these year-end real estate statistics? Well, first of all, buyers should be prepared to pay close to list price. Buyers also should expect to face some competition as they search for homes. With only 70 DOM countywide and 85 DOM in Black Mountain, houses are not sitting on the market for long. Buyers can still get value as home prices have not skyrocketed, and they need to be prepared to purchase when they start the search.
Perhaps a simpler way to put this is that, right now, it’s a sellers’ market. If a homeowner in western NC has been considering putting a home on the market, this would be the time. Interest rates are still low, prices are at a solid sales price/list price percentage, and supply is very low.
 
To track the market numbers, please go to the Greybeard Realty website  and check out the market statistics webpage. And feel free to contact any of our Greybeard Realtors to list a home or buy the perfect mountain cottage.

Resolve to be an Asheville Area Vacation Home Owner

If Santa didn’t come through on the Asheville vacation home of your dreams, it isn’t too late to make that your New Year’s resolution. Isn’t it time to have your own home up in the most beautiful mountains in the world? Buy your own log cabin vacation home.

Greybeard Realty has some lovely western NC vacation homes for sale, and it’s a great time of year to come up and check them out. Greybeard Rentals #1 request for vacation rentals is a traditional log cabin, and there are a number of log cabins currently listed on our Asheville area vacation homes for sale webpage. As an example, take a look at 1506 McKenzie Way South in Old Fort. This cozy 2-bedroom, 2-bath log cabin features a spacious loft area, and its location within the gated community of Gateway Mountain provides access to hiking trails, waterfalls and a fishing pond.

If you begin your search now, you could be fishing in that pond by springtime and have a home that can be used for rentals this summer as well. Be sure to look at Greybeard’s Buyers Link for tips on how to choose a great Asheville area vacation home. To begin your search, consider staying in a Greybeard Rentals home for a long weekend. Not only will that let you get familiar with the local area, but you can also experience the top management quality as a guest and understand why our renters consistently rate us at the top after their rental experience.  Greybeard is here to help make your New Year’s Resolution a reality.

All aboard the Western NC Mountains' Polar Express

All aboard the Polar Express in Bryson City, NC!  Located about an hour from Asheville, the Great Smoky Mountains Railroad offers daily excursions with a chance to experience the magic of Santa and the North Pole. It’s one of the many western NC activities to experience during the winter holiday season.

Great Smoky Mountains Railroad operates year-round with excursions along the Nantahala Gorge and the Tuckasegee River as well as an adult-only Carolina Shine Moonshine Experience. During the Christmas season, however, the train welcomes passengers on board to hear and experience the Polar Express. Sit back and listen as the story unfolds, sip hot chocolate and enjoy a treat, and then welcome Santa on board. Each child receives his or her own sliver sleigh bell, just like in the book. On the return trip to Bryson City, join in the Christmas caroling and relish in the special memories that have been created by this magical train ride.

Whether it’s the special seasonal offerings in the Asheville area or the daily opportunities to experience the cuisine and culture of western NC, there’s no doubt that Asheville, Black Mountain and Montreat each provide a unique, warm and friendly environment to live in. If you already live here, choose something today to do that you probably can’t do anywhere else. For example, when was the last time you visited one of the new microbreweries in the area? And if you’re not living here yet, what’s holding you back? Greybeard Realty is here, just waiting to welcome you home.

Make Montreat Your Family Gathering Spot

A charming Montreat home has come on the market, and it’s worth a trip up to see. 340 Texas Rd, with its central location and its bedroom capacity, offers plenty of room to enjoy the amenities of this friendly, accessible community. Wonderful Montreat Home

Located just minutes from Lake Susan and the Conference Center, this nicely updated home has a large screened-in porch that overlooks a stream. The main level has the kitchen, dining area and half bath, along with the living room with gas stone fireplace. In addition to 4 large bedrooms, the upstairs also has a bonus room and full bath. The sunlit ground floor has another bedroom, along with the laundry room.

From this home, new owners can take advantage of the numerous hiking trails as well as the eclectic shops and dining spots in nearby Black Mountain. If you’re thinking about becoming Montreat homeowners, why not check out Greybeard Rentals Montreat listings and come up for a week or a longer stay and get a sampling of what it’s like living here. We at Greybeard love the area, and several of us have chosen Montreat as the place to call home.  So if you’d like to learn more, please contact Greybeard Realty and let’s talk about your moving up this way

Western NC 3rd Quarter Real Estate Numbers

Third quarter numbers of western NC real estate are in, and the market seems to be holding fairly steady to its latest upward trend. While growth in some areas is small, there are a few particular statistics that may be very telling about the market to come. NC Mountain Home View

Buncombe County

The number of units sold countywide is up a solid 4% from 3073 for this period in 2015 compared to 3192 for the same period this year. Total sales volume for this period is up 16% from 854.8 million in 2015 to $988.8 million this year. As those increases indicate, there has been an increase in average price of 11%, from $278,156 in 2015 to $309,764 this year. As has been discussed in the most recent market reports, this increase in price was expected due to a shrinking market and an increase in demand.

And that leads to the most interesting statistics in this data, the days on the market (DOM) and the sales price/list price percentage. In the county, the number of DOM has shrunk from 124 days in 2015 to a mere 72 days in 2016, year to date, and sales price is 98% of asking price for 2016. That means that homes are not staying on the market very long, and buyers are not getting much negotiating room at this time.

Black Mountain

The Black Mountain real estate sales market is a little different. There’s only a slight change in the number of units sold, 164 in 2015 down to 162 in 2016, a 1% decreased. Similarly, sales volume is down a small 2% from $42.3 million to $41.6 million in 2016. As that indicates, there has been a negligible change in the average price from last year. It’s important to note, however, that this statistic also may be indicative of the small supply that is available in Black Mountain right now. Anecdotally, there are interested buyers who have not been able to find a home because of the small number of homes available for sale at this time.

Interestingly, there has been a similar decline in DOM for Black Mountain, down from 141 days in 2015 to only 79 days in 2016. And again at the same time, the SP/LP percentage has increased, from 95% of asking price to 98% of asking price. And the number of units on the market has increased 15% to 129 from 112 in 2015. In this instance, there were 38 units, or 29% of the homes listed as on the market, under contract at the time the numbers were extracted for analysis. If that number is extracted from the number of units listed on the market, then the supply may actually be a bit tighter than last year at this time.

Conclusion

So what can be garnered from these third quarter numbers? First of all, it’s important to recognize that the Black Mountain market is smaller, making some of the numbers seem more dramatic than they are. It seems apparent that buyers are out there looking, as the DOM has decreased so dramatically across the board. Also, it seems as if perhaps sellers have decided that they can get a good price for their homes and perhaps people who were holding off on selling have now moved forward.

In the months to come, it will be fascinating to watch what interest rates do, with a rumored increase in late 2016 anticipated. While that shouldn’t have any immediate impact on buyers or sellers, it may be what’s pushing both buyers and sellers forward in this positive real estate market right now. As usual, time will tell.

And in the meantime, Greybeard Realty is ready to show you the home of your dreams. Whether you're considering a NC mountain home or the ideal Asheville log cabin for your own escape, it's a great time to own your own place in western NC. Come on up and settle into your own peaceful mountain place.

 

Comments

  1. Vijay Director on

    hey Chip and Graybeard friends, do your numbers show what the difference in sales price is in Black Mountain from 2015 to 2016? I see 11% for the county bu too not se the comparative numbers for BM. thanks.
    • GreyBeard Realty on

      It was a .5% decrease. Black Mountain's market is strong -- days on market is much lower than last year and inventory is down. This just reflects the inventory that has sold. Thanks!

Epic Views From a Black Mountain Log Home

If epic views from an immaculate Black Mountain log home appeal to you as a homeowner, you’ll want to take a look at 36 Winding Poplar, a 3-bedroom, 4 bath home located in the gated community of Laurel Ridge. Views and Quiet in Black Mountain

This 4,269 sq ft home is located just minutes from Black Mountain and Asheville and offers remarkable vistas from its two separate decks. The open floor plan features cathedral ceilings and two stone fireplaces, one located on the porch deck. In addition to its granite countertops in the kitchen and wood floors throughout, this luxurious log home also has a private game room and basement wine cellar. The meticulously constructed interior complements the outdoor living spaces, including the decks which feature natural, rustic railings. With its log construction and its convenient location, this lovely home makes an appealing full-time home or vacation home.

As mentioned in previous blogs, requests for log home rentals tops the list of Greybeard Rentals’ requests for rental homes. If you’d like information about owning a rental property and what that entails, please contact Greybeard Rentals or take a look at Greybeard’s property management webpage. Take some time to look through Greybeard’s residential listings and the Black Mountain Log Homes page. Then, come on up here and take a look at this beautifully crafted mountain home. It truly epitomizes the mountain home so any folks are looking to own

5 Fun Things to Do in Asheville, NC

Blue Ridge Parkway - Fall

Gray Line Trolley Tour

Visiting Asheville in the fall? Take a tour on the Gray Line! This hop-on-hop-off tour in a trolley is a great way to learn about the history of Asheville as well as interact with the bustling downtown. With 10 spots including the diverse Montford Historic District, Art deco-rich downtown, legendary Grove Park Inn, as well as the edgy River Arts District.

Biltmore

Created by George Vanderbilt in 1895, Biltmore is Asheville’s crown jewel. Fall is a great time to explore America’s largest home as the bounty of the fields, gardens, and vineyards are celebrated. Walk the spacious formal gardens or just enjoy the beautiful fall foliage across the Blue Ridge Mountains. From day passes to overnight stays, there is something for everyone at the Biltmore Estate.

Take a drive down the Blue Ridge Parkway

A 469-mile drive winding through the Southern Appalachians, the Blue Ridge Parkway is a must-see! Fall brings brilliant foliage that can’t be beaten. Whether you just take a drive through parts of it or get out of the car and hike, the Blue Ridge Parkway is a can’t miss in the fall!

Visit the Folk Art Center

While on your Blue Ridge Parkway adventure, you can’t miss the Folk Art Center located at milepost 382, and just 5 minutes from downtown Asheville. Home to the Southern Highland Craft Guild, the Folk Art Center showcases Southern Appalachia’s finest traditional and contemporary crafts.

Take a Farm to Table Tour

Take a tour with Asheville Farm to Table Tours and visit sustainable family farms where farmers specializing in cheese, chicken, produce, beef, or lamb share their passion and knowledge. At the end of the tour the Chef prepares a delicious meal made with the food from the farms you visited that day. Don’t just experience the uniqueness of Asheville, taste it!

 

Black Mountain Log Cabin in the Woods Anyone?

For some, residing in western NC is synonymous with living in a log cabin in the woods. If you are one of those people, you’ll want to look into 29 Woodhaven Lane. This 3-bedroom, 2-bath log home fits the bill perfectly.

Located in the gated community of Laurel Ridge, this charming Black Mountain home has a great room with vaulted ceilings and a large stone fireplace. The lofted master suite has exposed beams and a bathroom with a claw-foot tub. With a 1.56 acre wooded lot, there’s room to explore and ramble. Additionally, this home would make a fantastic vacation rental as one of our most popular rental requests is for a secluded log cabin in the woods! Despite its secluded feeling, this lovely home is only minutes from downtown Black Mountain. For owners who like a peaceful locale without losing access to amenities, this home is a great choice.

Greybeard Realty has a number of vacation homes for sale that can be solid investment properties. In addition, Greybeard Rentals has an award-winning rental management team to ensure that our rental properties are well maintained and well marketed. To get a better understanding about our management philosophy, take a moment to watch the video on the property management webpage.