Posted on January 7, 2015 - 09:37 AM
by Bonnie Gilbert
Buncombe Co. Sales Stats
Average Days on the Market
Average 3BR Sell Price
Median 3BR Sell Price
List to Sell Ratio 3BR
Total Residential Units Sold
Percent Cash Purchases
When news programs talk about the recovery of the housing market over the last four years, they usually refer to it on a national or statewide scale. Since we are celebrating a new year, I thought it would be perfect time to review the recovery in Buncombe County. The chart above offers stats on residential real estate sales in Buncombe County from January 1st, 2011 to December 31st, 2014.
Since 2011, the sales of residential properties (including condos, townhomes, and single family homes) have increased by 54.9%. This figure alone shows wonderful improvement in our local market, but there is more to celebrate. The average three bedroom property sales price is 16.6% higher in 2014 from 2011; meaning that the average three bedroom property sold for $35,000 more last year. Additionally, homes that sold in 2014, on average, sold a month faster that in 2012. These are just a few examples of the improvement we have seen in the market in the past four years.
What will the real estate market be for 2015? I get this question a lot, but I don’t have a crystal ball to predict the future. Based on recent sales data and the recovery of stock market, it appears that cash investors may be exiting our market. However, Buncombe County is still a popular retirement spot and often these buyers purchase with cash. I would not expect all the cash buyers to disappear, but probably a slightly lower figure than the 31% of the total homes sold in 2013. There are rumors that interest rates may be increasing this year and that will have some impact on housing affordability; already a hot topic in Buncombe County. Along with the fact that getting a loan is still challenging for many buyers, many homes come back on the market due to financing problems. However, we are starting to see more lenders offering 5% down products, not just the standard FHA loan.
In summary, our housing market has come a long way since the frustrating times of 2011 and all signs seem to be pointing to a good market in 2015. Asheville and Buncombe County are desirable areas with national and international notoriety, like it or not, and more people are coming to live in our beautiful area every year. That being said, I think we have possibly reached a stable market in our area. Fewer homeowners are under-water on their mortgages and properties are selling. There is still potential growth for our market, especially in hot neighborhoods and up and coming parts of town. Happy 2015!