In another sign of steady real estate growth in the Asheville area, statistics for land sales and residential building permits rose for the first three quarters of 2013. These figures, when matched with the recent local residential sales figures in a recent Greybeard blog, indicate that the market continues on its positive trend.
In the Asheville area, land sales increased 74% over the same period last year. That number shows strong growth but still lags 44% behind the land sales peak of 2007. The 420 units sold today account for $45 million in sales, a 68% increase over last year this time, but, again, still 57% below the 2007 peak. At present, there is a 3% increase in the number of units on the market.
In Black Mountain, the number of units sold is much smaller, 22 so far in 2013, versus 23 in 2012 which accounts for a 4% increase. This figure is well below the 70 units that sold in the peak year of 2007. The $1.7 million in dollars sold year-to-date represents a 2% increase over sales in 2012. Again, this figure is well below the peak of $8 million in sales in 2008, the peak year. At present, there is a 15% increase in the number of units on the market. The figures used for land sales were provided by Western NC MLS.
For residential building permits year-to-date, Buncombe County saw an increase of 566 permits over the 460 pulled for the same period last year, an increase of 23%. These statistics are provided by The Market Edge. Of interest is the number of residential permits taken out for units more than 4000 sq ft or with permit value of more than $400,000. Statistics provide numbers for the total 2012 residential permits, 75, while numbers are only available for year-to-date for 2013, 58. It will be interesting to track that statistic to the year end to see if permits for larger, more expensive homes will increase at year's end.
To stay on top of land sales and residential building permits, as well as area real estate sales, please see our market reports which are updated regularly.