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Mountain Market Report

May 2018

Having a balanced number of homes for sale is an ongoing concern in most submarkets, as demand exceeds inventory. New construction optimism is tempered by building costs, but clever builders will figure out ways to turn profits while the economy is ripe for production. For the 12- month period spanning June 2017 through May 2018, Pending Sales in the Asheville region were up 3.1 percent overall.

The price range with the largest gain in sales was the $300,001 and above range, where they increased 21.3 percent.

The overall Median Sales Price was up 9.2 percent to $250,000. The property type with the largest price gain was the Condo-Townhome segment, where prices increased 12.1 percent to $197,500.

The price range that tended to sell the quickest was the $200,001 to $300,000 range at 69 days; the price range that tended to sell the slowest was the $300,001 and Above range at 99 days.

Market-wide, inventory levels were down 12.9 percent. The property type that lost the least inventory was the Condo-Townhome segment, where it decreased 4.6 percent. That amounts to 5.4 months supply for Single Family homes and 4.4 months supply for Condo-Townhomes.

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20 Ιουν 2018

So what does all this mean? Be sure to delve down further into the figures to check out the area that you are specifically interested in. For example, we hear constant news of a lack of inventory, and how the median price has risen. However, the median price doesn't mean much to a buyer or a seller - it's all about what home they are selling or buying. For example, check out the closed sales, and note that they have DECREASED in 2018 compared to 2017 in all but two price points. The pale bars are 2017, the green bars represent 2018. We are in this time of the unknown, with one certainty, inventory, or the number of homes fo…

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