Typically, July is one of the busiest months in real estate. I thought it would be interesting to compare July 2013 with July 2012 for Buncombe County residential sales. This data is compiled from the Western NC Regional MLS for comparison. Let’s look at list to sell ratios, number of sales, average sales price, and days on the market; all important data to understand market trends. This residential data is for single family homes, condos, and townhomes in Buncombe County, I will be referring to all of these as “homes” in this comparison.
Firstly, let’s look at list to sell ratios. Three bedroom homes that sold in July 2012 had an average list to sell ratio of 95%, meaning if a home was listed for $150,000; it would on average sell for $142,500. Compared to July 2013 list to sell average of 97% were a home listed for $150,000 would on average sale for $145,500. Calculating the increase in list to sell average shows an increase of 2% of home value based on this ratio.
Secondly, the number of residential sales in Buncombe County has increased when comparing July 2012 sales of 249 and July 2013 sales of 332, effectively 83 more homes sold this July from last. The average sales price for a three bedroom home also increased from $226,141 in July 2012 to $253,191 in July 2013. The average sales price went up over $27,000 from last July to this July, meaning homes at higher price points have started to move.
Thirdly, the number of days on the market from the time a home is listed and sold decreased when comparing July 2012 to July 2013. The days on the market for July 2012 was on average 166, in July 2013 the average days on the market went down to 117. Meaning, on average, sellers sold their homes 1.5 months faster.
In summary, more homes are selling, sellers are getting more for their homes and negotiating less on the sales price, and homes are selling faster than a year ago. This is definitely a positive sign for our local market and signs that recovery is starting in Asheville.