As we move through the summer months, we find ourselves on the other side of the 2nd quarter real estate numbers. While our first quarter numbers told the story of a real estate market that was bursting at the seams, the real estate market has only intensified as spring transitioned to the summer.
In Buncombe County, as a whole, the average closed price increased from $378,708 to $482,261—a 27% increase. The closed price to the original list price has been over 100% for the past two months and is sitting at a very strong 98.8% year to date. It’s very much a red hot seller’s market and properties are selling very close to list price and beyond as multiple offer scenarios are a regular occurrence. Days on market decreased from 62 days in 2020 to 43 days on market in 2021. Inventories have decreased an astonishing 52% from 2020—a decrease of 1,209 homes in 2020 to 581 in 2021.
In a similar vein, the Black Mountain real estate market average sales price increased from $316,971 in 2020 to $438,800 in 2021—an increase of 38%. Year to date, the number of homes sold through June 2021 totaled a 56% increase, or 139 homes compared to 89 in 2020. Sales to list price year to date in Black Mountain is also at 100%.
The Asheville area market is a reflection of supply and demand at the core. Demand is far exceeding supply and continues to drive the elevating prices. The only softening the market is experiencing compared to last year is that the number of new listings has increased 12.2% compared to the same period last year.
Time will tell what the market will do next, but for now, the market’s story centers around a high demand for Asheville area real estate amidst a tight supply, elevating prices, multiple offer situations, and very quick transitions from listing to closing for home sellers.
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