While some people consider 13 to be unlucky, followers of the Asheville real estate market will have to agree that 2013 was a very positive year for sales. Buncombe County and Black Mountain sales figures indicate that residential home sales have rebounded solidly from the lows several years ago.
County-wide, units of home sales showed a 24% increase over 2012 numbers with 3,437 homes sold in 2013. While still down 17% from the peak number of homes sold in 2006, this year marks the fourth consecutive years of unit increases which is very encouraging and demonstrates a solid growth market. Sales volume for the year increased 30% over 2012 volume to just under $900 million, again down from the 2006. The two year gradual increase in sales volume for Buncombe County is a very positive sign that the economy is on a very solid footing.
The average price for each home sold increased a conservative 5%, indicating that the upward trend is not accelerating at an unhealthy rate. With the dwindling supply of homes on the market, a 16% decrease this year from last year with 1,705 versus 2.032 in 2012, the expectation is that the price will continue inching up. It’s a simple matter of supply and demand.
Mirroring the Buncombe County statistics, unit sales in Black Mountain increased 22% in 2013 over 2012 numbers, increasing from 123 homes to 150. This four year upward trend coincides w a four-year trend in increases in total sales volume. Black Mountain sales volume reached $30.6 million, a modest 5% increase for 2013. Again, both of these numbers represent a decrease from the peak of 2007; unit sales are 16% below the peak while sales volume is 34% below $46.7 million of 2007. The average price for Black Mountain homes decrease 13% in 2013, but with the 19% decrease in units on the market, that number should begin to climb as the supply tightens.
The numbers for the 2013 real estate market for this area are encouraging. Growth in unit sales and sales volume are showing an observable trend up. At the same time, however, the market is not accelerating at an unsustainable rate. With the market tightening, it is anticipated that prices will gradually increase as supply declines. Greybeard sellers hoping to put their homes on the market this year are in luck. Black Mountain and Buncombe County could use more homes on the market. For Greybeard’s buyers entering the market, now is a good time to buy that second home or make that move to western North Carolina. The real estate market is healthy, and the numbers indicate it has not peaked. It’s a time when both buyers and sellers can benefit from the real estate market.