Ah, summer. Temperatures rise and so do home sales in the seasonal Asheville real estate market. That's why it is imperative that you consider equivalent months and year to date statistics when studying the area trends. Even a quick glance at the most recently released MLS numbers, however, indicates some very strong signs for 2013.
Black Mountain Real Estate Trends
Black Mountain home sales volume increased 13% over the same period last year. While still 19% below the peak market of 2007, the number still indicates substantial growth for real estate in the town. Also increasing was the total number of homes sold, up 29% in 2013. Interestingly, the largest change in observed statistics is a decrease of 22%. That downward shift is considered a positive stat for sales, however, as it is the number of units on the market. Compared to 2012 when 167 units were listed, there were only 131 homes on the market which points to the tightening supply in the area.
Buncombe County Real Estate Trends
Buncombe County also had a hefty decrease in inventory, down 19% from 2012 numbers, with 2144 homes on the market in July 2013 as compared with 2644 units in 2012. And county home sales volume outpaced those in Black Mountain, increasing 30% year to date in July 2013 with a 28% increase in number of homes sold. As with Black Mountain, these numbers are still off the peak numbers of 2006 but illustrate how solidly the real estate market is growing. Days on the market in both Buncombe County and Black Mountain decreased year to date in 2013 for the first time since before 2006. That statistic means that homeowners putting their houses on the market generally have to wait a shorter time to sell their homes than they have in the past few years.
Home Prices in the Asheville Area
The town numbers and the county numbers diverge when it comes to average and median price, with both categories showing a very modest increase in Buncombe County and a decrease in Black Mountain. It is possible that retirees, who make up a large portion of Black Mountain homebuyers, are considering smaller homes for their retirement. Also, it is possible that several smaller, lower priced homes in Black Mountain have sold, driving down the average price per home. It may take a few more months to see if this decrease is a downward trend or more likely some market blip that will reverse itself in the next couple of months.
There are a couple of things that can be known for sure. The summer months are warmer in our area than the winter months, and with the market inventory shrinking in our real estate area the prices should begin to rise. So, if I could suggest, it may be time to take advantage of our good weather and head on out to select that Asheville area home you've always wanted. And with sales inventory decreasing, it may also be a good time to put your home on the market. For information about how to get your home market ready, please check out our home staging tips. As the old song goes, "Summer time, and the living is easy." So perhaps is the selling and the buying in the Asheville home market right now.