Since March 2020, stay at home orders, health and safety concerns, and the events surrounding the novel coronavirus have had an impact on daily life in the United States (and across the globe). It is no surprise that questions about the economy, including the health of the real estate market, have naturally surfaced as well. As North Carolina and other states begin stages of reopening and we enter "the new normal," many are wondering what "the new normal" is for buying and selling real estate.
While the answer to that question will likely vary depending on what part of the country you are living in, the Asheville area market remained relatively stable in the early spring and has even gained momentum and remained strong going into the late spring. The quick answer is: It's still very much a seller's market in Asheville due to the market continuing to tighten with fewer homes coming on the market and buyer demand remaining strong. If you've been considering listing your home or property, this is a good time to make the move.
In Buncombe County, the number of new listings year to date compared to 2019 has decreased from 1,866 to 1,527, an 18% decrease. New listings in April were down a staggering 39.5% compared to April 2019. This has created a decrease in the supply of inventory -- there is simply not enough inventory to meet the demand of buyers looking to purchase homes and property in the area. This decrease in inventory has impacted key metrics in favor of the seller. List to close days has decreased by 5.6% while days on market have decreased by 16.4% -- going from an average of 61 days on the market to 51 days. Sales to list prices have increased by 0.4%. The tighter market has driven the average sales price up 9.5% year to date.
Other regional markets are showing similar trends to Buncombe County and Asheville. McDowell County's inventory of homes for sale has decreased even more than Buncombe County from 8.4 months supply in April of 2019 to 4.1 months in 2020, or a decrease of 51%. Burke County decreased from 3.6 to 2.3 months, and the median price is up 13.7%. Yancey County is showing the same trends. Inventories are down 12.2% with months of inventory decreasing from 15.3 in 2019 to 10.5 in 2020. The average sales price in Yancey County is 34.9% higher compared to 2019 for the month of April.
Real estate has remained an "essential business" in North Carolina throughout the stay at home orders, and GreyBeard has remained committed to serving buyer and seller needs, safely. These safety initiatives have included:
- Utilizing contact-free signature software for documents
- Offering simple video tours and 3D virtual tours of listings
- Video conference meetings
- Following CDC guidelines for physical distancing for in-person showings
As we enter phases of reopening, GreyBeard Realty and our agents remain committed to the health and safety of our clients. We have joined our community to support the "Asheville Cares Pledge" which includes wearing face coverings around customers and clients while showing homes and property in Asheville, frequent hand washing, following CDC standards of cleaning and sanitation at our office locations, and conducting wellness screenings of employees. The health and safety of our clients, employees, and community remains our top priority.