The mid-year real estate sales numbers for Buncombe County are in and reflect solid growth for 2014. The housing market in the Asheville area continues to show steady gains with healthy increases across the board, and indications are that this positive trend should follow through the rest of the year.
In Buncombe County, the number of homes sold increased modestly with 1616 units sold year to date in 2014, compared with 1597 units for the same period in 2013. Total sales volume increased 9% for this same period with the average price per home increasing 8% to $267,839. While these numbers are still substantially below the peak levels of 2006 and 2007, they represent a very steady trend that has been underway in the County for several quarters now. And at this rate, the market should be able to maintain this level of growth.
In addition to the sales numbers themselves, there are two other statistics that foretell future growth as well. First of all, the days on market (DOM) numbers are down since peaking in 2012. That number indicates that houses are selling a bit faster than they have. And the second number, the number of units on the market is down 4% in 2014 from the same period in 2013 which means supply continues to decline as it has for the last few quarters. That number has decreased each year since the peak in 2010. With that tightening supply, it is reasonable to assume that demand will be increasing for homes on the market as fewer homes are available.
The Black Mountain market is a little more difficult to read. Because the number of units sold is smaller, it makes it more difficult to draw conclusions about trends. For example, the number of units sold year–to-date in 2014 is down only 1 unit from 2013 while total sales volume is down 5% year-to-date in 2014. The average price per unit also declined, a modest 4% to $207,336. And while supply tightened county-wide, the number of units on the market actually increased in Black Mountain, up 25% from last year to 146 units in June. These numbers will bear watching over the next quarter to understand more fully what is happening in the Black Mountain market. It is reasonable to conclude that the supply is increasing as homeowners have been waiting for signs that the market has improved which it has over the last few quarters.
Again, the solid numbers in Buncombe County should continue with the limited supply of homes on the market and the small but solid level of growth which should be sustainable for the foreseeable future. If you want to track the Asheville real estate market, check out our up-to-date market trends webpage. And for Black Mountain, it seems that patient homeowners who wanted to be sure the real estate market was on solid footing may have finally taken that step toward listing their homes for sale. It is anticipated that the Asheville area housing market should continue its solid march toward higher numbers over the next few quarters, at least. For more information about the Asheville area real estate market, please contact Greybeard Realty. For current sales listings, visit our western NC real estate listings.