The numbers are in for real estate sales for the 2013 third quarter, and the solid growth seen last quarter continues. In both Buncombe County and Black Mountain, positive numbers indicate a solid foundation for the real estate market as we move into the last quarter. With interest rates holding steady, we anticipate that the market will continue this upward trend into 2014.
Buncombe County/Asheville Area Home Sales
Buncombe County numbers indicate a 25% increase in homes sold year-to-date versus last year's numbers for the same period. With 517 more homes being sold this year than last year at this time, one would expect to find a similar growth in total sales volume. In fact, the more than $663 million in sales volume represents a 32% increase over last year. These numbers are particularly impressive given that average home prices increased a modest 5%. While these numbers are still below the peak numbers experienced in the market in 2006 and 2007, they still indicate solid, sustainable growth for the Buncombe County market. And with the 16% decrease in the number of homes on the market year-to-date under last year's homes available, it is anticipated that average price should continue to creep upward over the next six to nine months.
Black Mountain Homes Sales
The Black Mountain real estate numbers parallel those of Buncombe County in some ways. Homes sold increased a robust 28% year-to-date with 111 homes being sold, versus 87 in 2012 during the same months. Similarly, total sales volume increased 20%, to almost $24 million in 2013 versus almost $20 year-to-date in 2012. The surprising element to the numbers for Black Mountain is the small decrease in the average home price, 6%, for year-to-date 2013. As with the Buncombe County numbers, however, with the shrinking number of units on the market, a 7% decline in numbers of homes listed, it is anticipated that the average home sales price will slowly begin increasing over the next six to nine months. Another indicator for this prediction is the decrease in the number of days on the market (DOM) this year. While DOM had increased slowly since the peak years of 2007 and 2008 in Black Mountain, this year shows a decline in DOM, usually indicating growth in the real estate market for an area.
Again, the market continues to demonstrate solid growth trends in both Black Mountain and Buncombe County as indicated by our market analysis, which includes the statistics provided by Western North Carolina MLS. Anecdotally, at Greybeard Realty, we continue to see solid interest in our western NC mountain listings and a positive growth rate in our number of homes sold. As always, we recognize the seasonal quality of our real estate market, but as indicated by a careful analysis of these year-to-date statistics, we anticipate continued growth, particularly as the supply of homes on the market continues to decrease. With market prices showing only modest increases and decreases, we expect the real estate market in the Asheville area to stay on this positive track for the foreseeable future.