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Western NC Market Numbers Add Up to Solid Growth

The first six months of Asheville real estate statistics further confirm the solid positioning of home sales in 2017. In both Buncombe County and in Black Mountain, sales figures continue to indicate that the western NC home sales market is strong and growing steadily.

Black Mountain Market

In Black Mountain, the numbers of homes sold dropped 16%, but that decline can be attributed more to lack of supply than a falling market. Sales volume stayed steady despite the units sold drop which indicates that the average price increased, up 19% over 2016 year to date prices. With the meager change in the number of homes on the market, only a 1% increase over 2016 numbers, the tight supply continues. At mid-year, there were only 106 homes on the market, and 30 of those listed actually were under contract but had not yet closed.

Black Mountain Log Cabin for SaleThe average home price for homes sold to date in 2017, $294,642, has surpassed the record high that occurred in 2008, $286,926, prior to the severe economic issues and stock market decline. That price increase coupled with the steady sales price/list price ratio of 97% and the significant decrease in days on market (DOM) from 81 days to merely 64 days so far in 2017 are all further indications of the incredibly tight market right now in Black Mountain. As always, it’s important to add the caveat that Black Mountain is a small market sample. Interestingly, a look at Buncombe County numbers only solidifies these observations.

Buncombe County Market 

The number of homes sold in year-to-date in 2017, 1991, represents a small 1% increase over the same time period in 2016. At the same time, total sales volume has grown 10%, from $601.1 million to $659.5 million. The average home price has increased 9% in 2017 to $331,255, which is a solid increase. That rise in price is even more significant when you take a look at the average home price for the same period in 2009, $270,089. That’s a fairly impressive increase over a not very long time.

As we saw in the Black Mountain market analysis, the DOM has decreased, from 75 days in 2016 to 71 this year. Compare that with the 2009 DOM of 131 days. That means that homes sat on the market for almost 4.5 months in 2009, compared to just over 2 months in 2017. At the same time, the sales price/ list price (SP/LP) held steady in 2017 at 98%. It’s interesting to look back again to 2009, when SP/LP ran at 94%. And again, that tightening of asking versus sales price ratio can be attributed to a continuing shrinking of the houses on the market. Year-to-date 2017, there are 1921 units on the market, a 2% decrease in the market over 2016. And consider the number of units on the market in 2009 at this point in the year, 3406 homes. That number really illustrates what’s happened in the western NC housing market over the last few years. It’s a classic supply versus demand lesson, and, if you follow that theory, you can anticipate that prices will continue to rise as the market shrinks.

Conclusion

In Black Mountain and Buncombe County real estate markets, it’s anticipated that home prices will continue to rise. It will be interesting to see just how low supply will go. It’s notable that the decrease in units has slowed slightly in the last few months. In addition to an anticipated price increase, it’s also possible that DOM may further diminish as the competition for listed homes rises. It’s hard to imagine the SP/LP rising much more, but anecdotally, some buyers are finding themselves competing with other buyers for the same home. That may mean sales prices may begin to match or even surpass list prices. That bears watching over the next six to 10 months.

So, if you have a home you’ve been sitting on, waiting for the right time, it may be that time has arrived. It’s a good time to list your home and expect a relatively quick sale, if the home is appropriately priced. On the other hand, if you’re considering buying in the area, there are still plenty of fine homes on the market, just fewer of them than in prior years. If you’re buying, come ready to make an offer and do not anticipate that sellers are going to accept offers that are not fairly close in line with the asking price.

If you have questions about homes for sale in western NC, please contact Greybeard Realty. And if you’d like to track market trends, take a look at our Real Estate Market webpage. While the supply is smaller, Greybeard Realty still has plenty of Asheville area home listings to show you. In addition, there doesn’t appear to be any expected decline in prices for the short term. If you want to have a western NC home, now is the time to make the move. Let us know at Greybeard how we can help make that happen for you. We look forward to hearing from you.

Buy Your Own Western NC Log Cabin

If you take a glance at the photos of this wonderful log home at 87 Spring Branch Rd. in the Gateway Mountain community, you’ll see the elements that make it a quintessential mountain getaway. From the stone fireplace to the wooden beams to the year-round mountain views, this 3-bedroom, 4-bath home checks all of the boxes for buyers searching for that ultimate mountain house. Add in the lovely gated community it’s nestled in, and there’s really no need to look any further.

On approach of the property, you’ll see the log cabin structure, along with the wrap around deck. Upon entering the home, you will encounter the large log beams and the vaulted ceiling of the great room. The main floor includes the master bedroom w en suite bath as well as the kitchen/dining area that opens out into the screened porch. In addition to a large loft area with plenty of reading space, the upper floor has two bedrooms with a bath. On the lower level, there’s a family/rec room as well as two bonus rooms and a bath.  The finely crafted home is energy efficient with insulation between the half-log construction.

Situated on 8.9 acres, this mountain house has plenty going on outside as well with a fire pit, a basketball/bocce ball area as well as a nearby creek. The Gateway Mountain community features a waterfall, canoeing and fishing, as well as numerous well-marked hikes. If you’re interested in utilizing the property as a vacation rental, be sure to read over Greybeard Rentals rental management webpage to get an idea of what services Greybeard Rentals provides. Gateway Mountain community makes a great living and rental location with its extensive amenities, its privacy, and yet its proximity to Black Mountain and Asheville.

Constructed in 2004, this lovely home has been meticulously cared for and is move-in ready. If you’re interested in more information about this home or any of Greybeard Realty’s other log homes for sale, please contact Greybeard.

Find Your Dream Home on Greybeard Realty's New Website

Greybeard Realty proudly announces the arrival of its fresh, new website. With updated photos and a streamlined look, we think you’ll find it even easier to find the western NC home of your dreams.

In addition to a new video header, the new site offers additional photos and videos that stream while users browse. The images provide more info about the area, including scenery and activities of interest. At the same time, the site continues to be responsive to adjust to any device and has on-time filters, enabling users to pare down home choices according to their interests. Greybeard hopes you’ll find the website even more user-friendly than before, and our Realtors are standing by to provide individualized assistance when requested. Be sure to keep checking out the webpages some of our individual Realtors have put together, which will soon be accessible from the Greybeard Realtors’ webpage.

While there’s a new look to the page, the same up-to-date features remain. For example, take a look at the latest Greybeard blog posts, look for fun outings on the Greybeard’s event calendar page, and check out real estate sales numbers on the current market trends page. Greybeard remains committed to providing each person with individualized care. Tryout the new website and let us know what you think. We look forward to hearing from you

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.

 

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