The end of the year is always time for reflection and resolutions. And real estate is no different. The year-end numbers for real estate sales in Buncombe County and Black Mountain indicate that the market is solid. A closer reflection of the numbers reveals some interesting information.
Buncombe County Numbers
For the whole year of 2015, Buncombe County saw 4,026 units sold, a 13% increase over the same period in 2014. That number of units sold marks the fifth consecutive year of increased unit sales in the county. Further, that number also represents the highest number of units sold in the last nine years. At the same time, total sales volume showed a healthy 17% increase in 2015 over the same time in 2014. And in fact, 2015 volume was the highest in the last nine years as well.
The average price, in 2015, increased 4% to $282,224. It will be interesting to track the average price change over the next few months as recent increases have been tied to a shrinking supply. After a steady decline for the last four years, however, the number of units on the market ticked up 4%. If that increase continues, it could impact prices further out.
Black Mountain Numbers
In 2015, Black Mountain saw a strong 25% increase in the number of homes sold. The number of units sold has gained strength each year since 2010, but this number is the largest annual increase since that trend began. Sales volume in 2015 increased a remarkable 42% to $55.6 million. That number surpasses total sales volume for the last eight years.
A large portion of that sales volume increase can be attributed to the 14% increase in price that Black Mountain experienced in 2015. And, in turn, that price increase can be attributed in part to the shrinking supply of homes. While Black Mountain did not see the increase in units on the market that Buncombe County did for the same period, it did have a very modest 1% decline. That may illustrate that the Black Mountain market remains fairly tight on the supply side for now. Those numbers will bear watching in the months to come.
So after reflection, it seems important to come to some resolution. For now, the Black Mountain market seems to remain tight on supply, with prices still increasing as a result. In Buncombe County, this is the first year in some time where supply shows a slight increase. It will take some time to see if that is going to be the next trend. In the mean time, the market shows very positive signs of growth and very solid trends in the positive. It will be interesting to see how the 2016 real estate market evolves.
To stay up to date on Asheville real estate market numbers, please see Greybeard's current market statistics. If you'd like to see what's on the market right now, click on Greybeard Realty's available western NC listings. and as always, if you have any questions, please contact Greybeard Realty.