2014 First Quarter Statistics
Housing prices building in western NC real estate market.
For the past few quarters, western NC real estate numbers generally have been positive. The first quarter numbers of 2014 continue to show that positive trend. As a matter of fact, for the first time, average home prices in both markets have ticked upward, a further indication that the real estate markets in Buncombe County and Black Mountain are on solid footing.
Buncombe County total sales volume increased 4% from January to March in 2014 compared with numbers from the same time in 2013. At $169 million that number is still down 27% from the peak sales volume of 2007. The number of units sold decreased a bit, 4%, from 683 units to 658 units. At the same time, however, the average price increased 7% year to date over last year’s numbers. It bears noting that the market supply continues to shrink. The number of units on the market, compared with the same time last year, are down a hefty 18%.
Total sales volume in Black Mountain increased 9% compared with last year at the same time, more than double the increase seen in Buncombe County. And in contrast to county numbers, the number of units sold increased 7%, from 28 to 30 units. And for the first time in quite a while, the average price has increased, up 2% from last year at the same time. For some time, while other statistics have shown an increase, the average price has lagged behind a bit. This recent increase, though a small one, indicates that the solid market numbers appear to show an upward trend. Indeed, with the number of units on the market decreasing 12% in Black Mountain, this tightening of supply would tend to foretell a further increase in average sales price as our summer demand increases. To see what’s available in Black Mountain, please see Greybeard’s Black Mountain home listings page.
With the western NC real estate market numbers continuing to show positive signs of growth, it seems the overall market is on very solid ground. Perhaps the most significant numbers in both Black Mountain and Buncombe County statistics are the small growth in average price and the larger decline in units on the market. With the diminished supply, Greybeard Realty expects to see those average prices continue that upward tick. And in another sign of market strength, it seems important to note the sustainable level at which the markets are growing. With this slow, steady strength of market, the statistics indicate that western NC real estate has gained a very solid footing. To continue tracking western NC real estate statistics, sign up to receive our market news which is updated regularly.