Asheville Real Estate Trends: Buncombe County, NC - Sales vs Listings - March 2012
It is not truly a versus (vs) situation to compare Active Listings (current inventory) to Monthly Sales of residential properties, but there is a correlation to the facts.
If the number of units sold is not diminishing or reducing the inventory at a rate faster than new units are being placed on the market, then the end results is a saturation of active listings and ultimately, that brings about the need to reduce prices.
As the chart indicates below, the Sales line climbed above the Active Listings line, as the number of active listings has been on a steady, yet slow, decline or reduction through the winter, but in March, as is usual, a slight uptick in inventory occurred, which is expected in the spring and continuing in early summer. The Sales line needs to stay above the Active Listings line consistently to reduce the excess inventory.
In order to place a dent in the inventory that currently is trending, the sales must stay closer to the 225 sales per month level, which has not been the case on average.
March 2012
Asheville Real Estate Trends: Buncombe County, NC - Residential Sales Comparison - February 2011 to February 2012
Buncombe County Residential Sales Year over Year by Month Comparison
Single family homes includes, homes, condos, town homes, as well as manufactured homes on owned land.
Sales have begun to increase, which is a good thing because that number was necessary to barely exceed the total number of sales in 2011 overall. The Days on Market before selling improved, but the selling price was headed in a downward trend.
2 things are showing improvement: the Average List Price and the Month End Inventory. The inventory reduction will be critical to stabalizing 2012 because even at 2300, that suggests we have more than 12 months of inventory right now if no other homes are added.
Asheville Real Estate Trends, Vacant Land Sales - December 2011
Vacant Land, Lots, and Acreage Sales
Buncombe County, NC - DECEMBER 2011
Buncombe County includes the cities or areas of Asheville, Leicester, Weaverville, Black Mountain, Arden, Skyland, Candler, and Biltmore Forest.
2011 land sales were mildly stronger than 2010 but still have been mediocre, at best, and it is a signal that the developers, investors and builders are still not quite ready to commit their resources into land until the economy clears out more of the existing home inventories.
If land is NOT selling, then new homes, condos or townhomes are not soon to hit the market. Land sales have stalled here in Buncombe County, and as a result land prices are the best they have been in years (for the buyer's benefit).
290 parcels of vacant land (non-commercial) were Sold in 2010 in Buncombe County with an Average Sold Price of $89,948<. There was an increase in the number of sales over 2009 (259) but the selling price was down a fair amount from last year.
Now is a great time to buy because land values have adjusted in a downward trend. Of course, the risk of waiting to purchase is that once the Asheville market heats up, which it will, the prices on land will increase at a rapid pace because buyers wanting new homes will have a limited supply. Land is irreplaceable and limited and every parcel offers something unique. It rarely depreciates, unlike buildings sitting on the land.
A breakdown of the sales YTD DECEMBER 2011 looks like this:
All Vacant Land Sales YTD - 302 Sold with an average Sold Price of $100,453<
1 acre or under - 152 parcels have sold with an Average Sold Price of $63,297<.
1 to 2.99 acres - 93 parcels have sold with an Average Sold Price of $98,469<.
3 to 4.99 acres - 11 parcels have sold with an Average Sold Price of $183,792<>.
5 to 9.99 acres - 15 parcels have sold with an Average Sold Price of $170,056>.
10 to 20 acres - 10 parcels have sold with an Average Sold Price of $234,663<.
Over 20 acres - 8 parcel have sold with an Average Sold Price of $385,709<
There are currently 1893 parcels of any size vacant land on the market in the county with an Average Asking Price of $210,274<.
The Average Asking Price of the 2386< Residential Homes "for sale" in Buncombe County is $397,023<.
Key: < = Decrease > = Increase <> = Same
It is fairly obvious that the limited availability and high cost of vacant land has a great affect on the overall cost of homes in our area.
Disclosure: The data supplied in these reports/charts is researched and compiled by Don Davies, GRI from the Western North Carolina Mountains MLS and may not reflect all real estate activity in the market, i.e. FSBOs, etc.
Asheville Area Real Estate: Interesting TRADE Options: 3 Acre VIEW lot. Sell or will Trade even, up or down.
As a seller or seller client of a listing agent, are you open to creative ways to sell your property?
Have you considered owning property in Asheville?
Let's talk about a possible TRADE of our Assets. I am retiring and am interested to see where a trade will lead me. This is what I am offering:
I am the Owner/Broker of this 3 Acre Vacant VIEW Lot in Asheville/Leicester area - It is free and clear so I can sell or take a Trade, or Trade Up or Down for Land/Home/Condo/?.
Current Value of my land is now only $130,000 $116,000 before subdivision (can be divided into 2 lots). I can add up to $70,000 addtional cash.
(Feel free to verify my value, as I will verify your value)
What about trading your asset for my real estate? We adjust for differences in values, up or down or if values are equal, make it an equal trade.
Do you need to sell before coming to the Asheville area?
Or, do you need to reduce your real estate assets and get cash to boot if you can't sell at a favorable price?
Would you consider taking my land as a cash deposit or down payment towards your real estate and your asking price on your property?
This sub-dividable (per current ordinances - for more profit) 3 Acre Vacant Lot in Asheville/Leicester area is ready to build on. I can take a Trade, or Trade Up or Down for Land, Home, Condo, Motorhome, or Houseboat.
Current Fair Market Value (undivided) is now only $130,000 $116,000 (I have it listed in NC Mountains MLS as Owner/Broker. Comparables are available) and I will consider trade of sub-dividable acreage/land (equal, up or down) or trade towards home.
I can trade this lot plus add up to $55,000+ for home but will not trade up more than $5,000 on land alone.
Other possibilites that I will consider taking in on a trade: Live-aboard houseboat in the Southeast (preferably fresh water) or floating home/condo. Also, will consider taking a trade of a newer model diesel motorhome under 40 feet.
I will consider TRADES such as:
1. Trade for land or home of equal value.
2. Take trade of less expensive land, house, condo, motorhome or houseboat and consider owner financing the difference.
3. Trade my land towards a house and I pay the difference up to $70,000.
Should we consider a trade of our properties, I will also consider paying off 90% of any existing mortgage on your property up to $90,000 and transferring that debt to an owner financed loan using the 3 acre lot as collateral at 5.75 to 6.25%.
Areas preferred for trading of real estate assets: Western NC (southern end), south central TN around Chattanooga., north or south GA, northeast or south AL, SC or central to north FL. I will also consider other suggestions in these states.
I am only interested in pursuing any property or trade, if a trade would be considered, so anyone that may consider a trade should walk my property first or have someone trusted to walk it to decide if they would be willing to trade into it or accept it as a trade.
Feel free to verify my value as I will verify your value.
Details about the property:
This surveyed 3 acre lot sits in the NW corner of Buncombe County and has long range views into a State owned Conservation/game land area of 3600 acres+- in Buncombe and Madison Counties. The other homes in the area are newer on acreage ($170,000 to $400,000 price range). A new custom home (see photos - the new construction next door is NOT for sale) has just been completed on an adjoining lot by a local couple.
The lot has underground utilities/DSL/phone/cable and is ready to build on or it is in great shape to wait until you are ready to build. It can be easily be divided into 3 lots (ordinances permitting), but would also be an awesome site for just one home with room to garden or have a few animals. Also, a perfect location for your part-time RV site or build a RV garage with living quarters. Lots of room.
CLEAN. QUALITY. Sits off State and County maintained road with its own private drive. Great views to So., SE., and No. and has several possible house sites on a nice laying knoll. Easy year round access. About 12 minutes to Sonic and grocery, pharmacy, etc., 20 minutes to UNCA campus and 25 to DT Asheville.
Cows and horses dot the landscape since it is a country setting adding to the beauty. Some mobiles in area, but not a negative here (Buncombe County is not zoned). Restricted to 1700 sq. ft. min. No Mobiles permitted. Off frame modular, Deltec, log home or stick built only.
If you don't have a trade, but are interested in buying, I will consider some owner financing (I may consider some short term (3 years) owner financing with a 20% to 25% down) or trade for land of equal value, trade up or down or take a home in trade. Can add cash on my end up to $55,000+, but not just on land alone. Send me any info on what you might have.
I prefer not considering property in a flood plain or that requires Flood Insurance, mobile homes on less than 5 acres or high rise condo units.
If you have something to trade or are interested in knowing more, contact me at
Owner/Broker EMAIL ME
VIEWS From this property!
Below is a photo of custom home on adjoining lot and is NOT for sale:
Neighbor's new custom home on adjoining 3 acre lot - NOT for sale
Views across lot from new home to neighbor with 11 acres and horses.
These are the everyday views you will enjoy.
To contact me: Personal property of OWNER/BROKER
Asheville Named Among Top 10 Places to Buy a Second Home
Asheville was recently named among the top 10 places to purchase a second home.
Asheville Real Estate Trends - Nov 2011 - Average Selling Price
Asheville/Bucombe County
Average Selling Price of Residential Properties - Nov 2011
A 6 Month Trend Report
Basically, the Average Selling Price of a single family home is determined by the same influences that effect all market items - Supply and Demand.
The supply (active listings) has been higher than normal and the demand (buyers) has been lower than normal and that has a direct effect on the pricing of the properties available.
As the chart indicates below, our Average Selling Price increased since June with a nice bump up in November (normally, not one of our high selling months) but is overall bouncing around at the lowest levels in many years.
Prices are approaching the levels of late 2004 and the year of 2005 which were before our banner years.
Asheville Housing Market Trends
Asheville and Buncombe County Trends
The chart below shows a visual look at the number of Residential units sold in Buncombe County in the last 12 months and takes a look back at those sales numbers to the same period one year ago, month by month.
Residential units for this report include Single Family units, Condos, Townhomes, and Mobile homes on owned land.
As you can see, the sales in Buncombe County had a decrease in 9 months out of the last 12 compared to the number of sales exactly one year ago.
July showed some strength by having more (+37.4%) sales than July 2010. The upward trend is weak, but it may indicate that sales will be about equal to the number of sales in 2010 as we moved into the more active selling season, the summer and fall.
The number of sales were weak through the spring. We may have a more promising stabilization in the summer as our market struggles to gain ground without having prices drop much more than they have been dropping in the last 2 years, which has been a fairly regular downward pace.
AUGUST 2011
Asheville Real Estate Trends: Sales Year Over Year 2011 vs 2010
Asheville and Buncombe County Trends
The chart below shows a visual look at the number of Residential units sold in Buncombe County in the last 12 months and takes a look back at those sales numbers to the same period one year ago, month by month.
Residential units for this report include Single Family units, Condos, Townhomes, and Mobile homes on owned land.
As you can see, the sales in Buncombe County had a decrease in 7 months out of the last 12 compared to the number of sales exactly one year ago.
February showed some strength by having more (+6%) sales than February 2010. The upward trend is weak, but it may indicate that sales will be ahead of 2010 as we move into the more active selling season, the spring.
If the number of sales stays strong through the spring, we may have a more promising stabilization in the summer as our market struggles to gain ground without having prices drop much more than they have been dropping in the last 2 years, which has been a fairly regular downward pace.
Who is the "BEST" Real Estate Agent in Asheville, NC?
Who is the "Best" Real Estate Agent in Asheville?
Since I am a "referral broker" and do not take listings from new clients, this question is inevitably asked many times.
The answer: "IT DEPENDS"!
The "BEST Agent" does not exist in truth. There is no such designation in the Asheville or Buncombe County or any other real estate market. Oh, there may be someone that claims the most listings, or the most sales in a certain period of time, or that has the biggest ego, but the fact is, it all depends on many factors.
Sellers that are overwhelmed by the number of agents to select from or that have made a choice, but are not satisfied with the service, call on me to help them wade through which of the 1200+ agents in the Asheville Board of Realtors® that might be the choice for their needs.
They are really asking me, "Which agent has the greatest chance of selling my home (the BEST agent)?"
This is what I explain to them:
•· There are many agents in our area that are successful at selling real estate. There are many that would like to be successful, but have yet to establish a reliable track record worthy of taking a risk on their abilities with certain properties. There are some agents that are just not competent or truly dedicated to the responsibilities of a fiduciary.
•· There is no one agent that is known to be "the Best".
•· Location, price range, seller expectations, listing history, sales history, personalities and other factors enter into the selection.
•· Only a study, by me, of these factors will result in a suggestion (a referral), from me, as to which agent might be the "best" selection.
•· I do not work on a "buddy system" and that I will research these factors carefully before I make the referral. I will only give one name and that would be the same name I would give to a family member, and that name may vary considering all the factors from one seller to another.
The tool that gives me most of the answers is the MLS (Multiple Listing Service) database. Each agent has a history recorded there: Number of listings that they currently manage; number of listings that expired without selling; number of listings that the sellers withdrew, number of listings they have sold, and number of other companies' listings they have sold. All of this data shows a pattern and the price range they appear to have the best results within.
Combined with their reputation, personality, marketing habits, communications skills, it begins to develop a glimpse of whether they may be "the" agent that would have the greatest chance of generating a sale for a particular property.
Of course, market conditions can be a rude awakening and even the "best" attempts go unrewarded and can be discouraging to sellers and agents alike. There is no magic bullet in difficult economic conditions such as we have been experiencing, but, now more than ever, it is critical to choose your agent carefully and to insist that they expend the proper efforts to educate you, the buying public, and the fellow members of the MLS about the value of your property compared to the competition. Remember.......there has never been more completion, and accurate, fully researched pricing is critical.
If you want help in determining the "best" agent for your property in the Asheville/Buncombe County market, give me a call. It's a free service to you. And remember, I get paid by the agent if he/she sell the property. There is no extra charge to the seller, and I only get paid IF it sells......so I want to attempt to make the best choice too!
For more Asheville Trends and Market Reports : Asheville Real Estate Trends
Finding the "right" Real Estate Broker in these tough times - Asheville, NC
When the economy was balanced and buying and selling real estate actually offered value and quick profits, choosing a real estate broker was almost as simple as just asking a neighbor to help you, because every other person seemed to hold a license and it did not require a high degree of talent or skill to be involved in a real estate transaction.
Now, it is a different story. The economy has struck every segment of the work force and many have had to flee the real estate business for other sources of income, much of which require more talent, hours and lower pay.
There are still talented and skilled brokers in the business today who are committed and successful, but it is no secret that getting into the real estate business is fairly simple. It requires little professional or academic education. Entry and exit fees are minimal. Operating costs are minimal until listing inventory is generated. Many rely of the Firm Broker to provide office space, equipment and supplies. Many give themselves 3 or 4 months to “try” it out. If they feel they may be successful…..they stay while sales appear to be brisk. If things turn sour, it is easy to return to or get a “regular” job with little invested.
Buyers and sellers did not need to be highly concerned about their choices of brokers when the economy was flying along at a burning pace. Now, it is wise to do more due diligence of the choice of agent or broker one uses. It is not the time to be willy-nilly because inventories are higher than they should be, foreclosures are at an all-time high, short sales are difficult, pricing strategy is extremely important and agent selection can make a big difference on the success of the real estate transaction today.
I no longer take new clients. I only work with past clients, but I do offer a unique service because of my many years as a broker in the Asheville area. I help find the “right” or “best” seller or buyer agent for your particular situation and price range. There is no charge for this referral to the client. I research the MLS database for past sales history of the agents based on the price range (buying or selling) of the client. I do not operate on a “buddy” system. I make the referral if I can determine that the agent selected will do a great job, report to me and the client, be dependable, communicative and work with integrity and an honest evaluation. The client is not obligated to work with the referred agent, if they do not seem to match the needs or personality of the client.
Should a sale or purchase be completed, the agent/broker pays me a referral fee of somewhere between 25% and 30% of the commission they earn. They cannot charge the client a higher than normal fee and actually, they are more than happy to work under this sort of arrangement because otherwise, they may never have learned about the client.
If you are seeking help finding a great agent/broker match, give me a call or drop me an email. I’ll ask some important questions, help you determine your need and research the field of qualified matches and give you the referral within 3 days……..no charge.
Copyright by Don Davies
©
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What does "record" housing inventory numbers mean when early in the cycle?
A New Record for Homes in Inventory - Too Early to be Good News
As agents and Brokers, we are taught from the very beginning of our careers that, for a "newbie" to be successful in the Real Estate business, new listings are KING and are our pathway to that success we so desperately are seeking. Of course, there are other paths to pursue, but really, there are only two......working with sellers with something substantial to sell = Listings or working with buyers that may or may not be able to make the purchase they pursue. Many hope that they are fortunate enough to have both the listing and also produce the buyer of that listing. That rarely happens, but there is always hope.
New listings are the lifeblood of most offices/firms and new listings are proudly introduced at the weekly meetings each office holds. In many cases, the other agents car pool to the new listings so each agent can have an insight into what that seller is offering. The "Listing" offices must have inventory to produce the necessary income to remain in business and they constantly harp on getting those new pieces of business, listings.
Low numbers of homes in inventory normally means prices are stable or, in fact, able to be increased, if there are a substantial number of ready, willing and able buyers seeking homes. A "healthy" market is one that has somewhere between 5 to 7 months of homes in inventory based on the sales year-to-date. Brokers really work hard during these low inventory cycles to gain new listings and are ready to invest money in more advertising and marketing costs to help sell those listings.
High numbers of homes in inventory normally means a slower market, perhaps a struggling one, and prices must fall, if there are not a substantial number of buyers available to soak up the excess homes. Gaining new listings during record high inventory numbers can be expensive for Brokers to market because there is so much additional competition and it takes longer to make a sale. New listings, unless priced very competitively, may not be highly desirable for these Brokers.
Today, May 17, 2010, there were new record high numbers of homes in inventory set, both in Buncombe County and the other counties in the Region served by the North Carolina Mountains MLS, which is most of WNC. This may not be good news since inventory numbers do not normally increase rapidly this early in the year and we are still in a economy which is facing uphill battles in all areas, including real estate sales.
The Region (Henderson, Haywood, Transylvania, Madison, and several smaller counties) record was set on October 12, 2009 at 9194. The new record set today was 9318 an increase of a little over 1%.
The record high number of homes in inventory for Buncombe County was set on 9/30/2008 at 3493. This same time last year the number was 3406. The highest number of homes on the market in 2009 was 3470. Today the new record high was 3517. This is a 3% increase over last year at this time.
As of today there have been 778 homes sold in Buncombe County since January 1st. Based on that number of sales we currently have a 22 month supply of homes on the market. That does seem to be a "healthy market" and so new listings may be scrutinized very closely before being accepted, unless the price is seriously competitive and realistic. Sellers that do not "have to sell" may wish to wait until the number of homes decreases or the buyers return in stronger numbers.
Year End Report For Buncombe County Housing Market 2009
Copyright by Don Davies/REALSEARCH
CURRENT HOUSING TRENDS AND INDICATORS (Buncombe County)
2009 – Year In Review
Total number residential homes/condos/townhouses/mobile homes available as of 1/6/2010 ▼2695
Number residential homes/condos/townhouses/mobile homes put on market since 01/01/2009 6244
Purchasing power of median household income (est. $41,000 per US Census Bureau
for Buncombe County) assuming a 30 year fixed rate mortgage with 10% down
at 6% interest and $1,500 taxes/insurance $160,000
Average asking prices of all homes/condos/townhouses/mobiles currently on market ▼$428,833
Median (equal number above and below) asking price ▼ $274,900
Number residential homes/condos/townhouses/mobiles Sold in 2009 through 1/6/10 2223
Average selling price of all homes/condos/townhouses/mobiles Sold in 2009 ▲$262,470
Median (equal number above and below) selling price ▲ $205,000
Average days on market before selling ▲137
Number residential homes/condos/townhouses/mobiles Sold in last 12 months ▲2223
Average selling price of all homes/condos/townhouses/mobiles Sold in last 12 months ▼$262,470
Number of homes/condos/townhouses/mobiles currently under $100,000/Asking price ▲107/▼$80,114
Lowest price livable property on market ▬$43,000
Lowest price livable property Sold in 2009 ▼ $40,000
Highest price property on market and location/Zip Code $6,900,000/S/28803
Highest price property Sold in 2009 and location/Zip Code $2,900,000/N/28804
Number of properties Sold for over $1 Million Dollars in 2009 48
Number of properties currently available with asking price over $1 Million Dollars ▼212
Properties currently on market by location: Number properties SOLD in 2009 YTD:
Area Number Average ASKING Price Number SOLD Average SOLD Price
North ▼542 ▲$499,246 442 ▼$316,591
Central ▼242 ▼$388,623 194 ▼$277,142
Northwest ▼191 ▼$354,782 129 ▼$190,101
East ▼444 ▼$342,189 371 ▼$229,332
South ▼509 ▼$610,600 397 ▲$298,342
Southeast ▼198 ▲$517,793 142 ▲$312,623
Southwest ▼21 ▼$815,204 27 ▲$410,659
West ▼541 ▼$249,820 522 ▼$203,854
▲ = A Increasing Trend ▼ = A Decreasing Trend ▬ = No Change *▲ = New Record High
Source: North Carolina Mountains MLS. Data maintained by this source may not reflect all real estate activity in the market. This information was independently researched and compiled by REALSEARCH/Don Davies, GRI of Don Davies Real Estate, 683-3643. This form is copyrighted.
The Luxury Home Market in Asheville - 2010
Unique. Eclectic. Diversified. Expensive. These adjectives help define Asheville and Buncombe County. They also define the housing market.
In 2005, there were 64 homes in Buncombe on the market valued at $1 million or more. They were primarily concentrated in the South and North parts of the county. There were approximately 1292 homes, in total, on the market in December of 2005.
As the demand for more homes in the luxury market grew, the developers and builders began to produce the products the more affluent buyers (mostly from outside the local market) were seeking. That resulted in bigger, more complex homes and multi-unit, multi-story condos and town homes with luxury upgrades in all corners of the county. This also created demand for more desirable land with special features such as long range views and less challenging terrain with easy, and sometimes, private access. This then drove the price of such land dramatically upward in “choice” sections of the county.
In December 2008, the number of $1 million and up homes on the market, many of them speculation homes sitting empty, was 248. That year we peaked with 272. The total number of homes on the market then was 3004. At the end of December of 2008, the average asking price of all homes, mobiles on owned land, condos, and town homes on the market was $463,000. Today the average asking price of all homes on the market in Buncombe County is $400,300.
Many of the locals have complained about the high cost of housing lately and the lack of “affordable housing”.
Actually, the luxury home segment ($500,000 and over) makes up about 20% of the overall market for those currently on the market.
The number of sales of luxury units tells a different story. So far this year, only 4% of the homes sold were valued at over $500,000. In 2008, the percent was 31% sold. The luxury segment was slightly over 24% of the homes on the market.
2008: The average number of homes in inventory = 3258
The average number of luxury homes in inventory = 793 (24%)
Total luxury homes sold = 248 (31%)
2009: The average number of homes in inventory = 3261
The average number of luxury homes in inventory = 721 (22%)
Total luxury homes sold = 161 (22%)
2010: The average number of homes in inventory = 2966
The average number of luxury homes in inventory = 578 (20%)
Total luxury homes sold (through Feb) = 22 (4%)
It is fairly obvious that the luxury home market has now begun to cool and settle down, however, the average asking price is about the same, or down just slightly from what it was in 2008.
Below is the history of luxury homes ($500,000 and over) since 2008.
For more Asheville and Buncombe County trends go to AshevilleRealEstateTrends.com.
Copyright by Don Davies©
