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Positive Signs of Life for the Asheville Real Estate Market

The Asheville Real Estate 2012 mid-year statistics have been released, and both Buncombe County and Black Mountain markets show positive signs of growth.  While still not to the peak market numbers from 2006-2008 in most categories, the 2012 Asheville Real Estate Sales Market report gives reason for optimism.

Asheville Market Shows Signs of Life

For Black Mountain, the number of homes sold increased 20% in 2012 compared with the same time period in 2011.  That strong increase, however, still leaves the number of homes sold down significantly from the 2006 peak experienced in this category.  Similarly, Black Mountain homes sales increased 4% in 2012 for the first half of the year, also still not at the peak levels which occurred in Black Mountain in 2007.

Also significant is the 5% increase in median home price to $193,500 for Buncombe County mid-year 2012 and the 15% increase to $220,000 for Black Mountain home sales for the same time period.  While that figure still does not match the median home price in Buncombe County for 2007, the 2012 Black Mountain median price actually represents a 4% increase over the peak median price which occurred in 2008.

Increases also occurred in total sales volume in 2012, year to date, in both the County and Black Mountain sales.  Again, however, the increases still do not match the peak sales volume which occurred in Buncombe County in 2006 and in Black Mountain in 2007.

As the final positive sign, days on the market (DOM) continued the increase in Buncombe County that began in 2006.  Conversely, however, DOM for Black Mountain held steady, ending the annual increase that also began in 2006, the earliest numbers available.

In conclusion, it always encourages me when I see the market behaving the way business experts propose that it will.  By that I mean, I indicated in a Greybeard Blog in 2008 that we were seeing signs of a declining market and while that was troubling, it was a positive sign that the Asheville Real Estate market had held its own well past the national downturn.  Economists agree that the last real estate markets to feel the impact are the first to show signs of improvement.

That concept is shown true within the Buncombe County/Black Mountain markets as well.  As indicated by the later peak dates in Black Mountain, Black Mountain was able to ride the positive real estate wave a bit longer than Buncombe County was.  And now, as indicated by the most recent statistics, both areas are showing positive signs of growth with Black Mountain a bit ahead of Buncombe County in recovery.  It's always  a positive to me when I can find examples in real life that support the economic theories that get thrown about in the business world. For more information about the Asheville Real Estate Market, please contact Greybeard Realty.