Even a quick glance at the Asheville real estate numbers for 2012 indicates positive signs for the western NC market. In Buncombe County, the number of homes sold increased 21% for the year while in Black Mountain homes sold moved up 8%. In addition, total sales volume increased 25% for the County and 17% for Black Mountain. These numbers confirm what Realtors in our market have been feeling all year. The Asheville real estate market is back in business.
It is easy to see in the numbers provided by MLS that units sold and sales prices have bottomed out and are definitely rebounding. What's even more impressive is that, for the first time since 2007, sales volume, price and median price for Asheville area homes all improved. While still not at the peak of 2007, the picture painted by the 2012 real estate market numbers is certainly a positive one.
While the numbers show that 2012 was a very good, solid year, the statistics also bode well for the 2013 real estate market as well. One example to support this positive outlook is the sales to list price improving to 94%, indicating that homes are regaining value. In addition, inventories of homes on the market decreased which indicates that supply is tightening a bit which should lead to higher prices if that trend holds true.
In assessing the 2012 numbers, the only statistic not showing improvement is Days on Market, but it is anticipated that that number will improve in 2013, particularly with the decrease of homes on the market. For anyone waiting until the market bottoms out to enter into the buyers' market for Asheville, it's time to move forward.
Overall, the Asheville real estate market was very positive in 2012. For the most recent Asheville market numbers, check out our latest market statistics and trends. Yes, prices are still below peak prices before the recession, but almost all of the numbers indicate a very impressive upward trend. And with the decrease in number of homes on the market, the prices should continue rising. In short, with the basic economic theory of supply and demand as support, the market is well on its way toward recovery. For more information on western NC real estate listings, contact Greybeard Realty.