Blog :: 10-2016

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.

Black Mountain Cottage with Modern Charm

Several Greybeard staff and Realtors call Black Mountain home, and we can’t think of a better place to live. This new 3-bedroom, 3-bath home, 25 Lake Ave, is within walking distance of downtown Black Mountain, meaning new owners are just steps away from everything this fine town has to offer.

Constructed in 2013, this lovely home features an open floor plan with vaulted ceilings. It also has a large covered front porch to sit and watch the world go by. That’s only appropriate as Black Mountain is viewed as the “Front Porch of Western NC.” With cork floors, granite counter tops and stainless-steel kitchen appliances, this carefully-crafted home offers modern amenities with old-style charm. The interior and exterior woodwork as well as the large stone fireplace work to give this home a great cottage feel. And the fenced-in backyard makes a wonderful area for children or grandchildren to enjoy. It’s only a mile from the Montreat gate which means new owners will be in proximity to the Montreat trails, some of the finest hiking in western NC.

For more information about this home, please contact Greybeard Realty. And feel free to browse through Greybeard Realty’s other Black Mountain home listings as well. Those of us that live in Black Mountain are always happy to talk about the quality of life we’re afforded here. With good schools, great outdoor activities, and unlimited cultural and dining options, there really isn’t a better place to call home.