3rd Quarter 2021
I
Issue No. 3
CAROLINA MOUNTAIN SALES
ASHEVILLE CITY
I MEDIAN SALES PRICE
$415,000
CLOSED HOME SALES
695
.
PRICE PER SmJARE FOOT
ASHEVILLE REGION
5,469
$283.30
■ 03-2019 ■ 03-2020 ■ 03-2021
HOMES FOR SALE
CLOSED SALES
24
3,939
3,751
3,396
Asheville's third quarter continued from strength to strength in Q3 of 2021. Despite continued inventory challenges, the market continued to be consistent in Sold Homes, with a slight upward tick in Closed Sales vs 2020. As Asheville continues to deplete its existing inventory to the smallest supply on record, prices continue to gradually rise.
SALES. The number of Closed Sales in Q3 increased by just over 3% on 2020 results. Days on Market in Asheville continues to plunge, dropping to a whopping -52% over Q3 last year. Land has drastically decreased in Days on Market, dropping by -30.8%! In-town lots for sale are difficult to come by and while the demand has consistent inventory coming to market, in Q3 we saw a drop of -22.7% on new land listings vs this time last year.
REAL ESTATE
CURRENT
TR EN Ds
2021 Q3
15.2% on the prior year. Buyer demand continues to impact
pricing,
with
low
inventory
and
high
demand, Price Per Square Foot, and Median Sales Prices steadily increasing. Housing prices are likely to maintain this rhythm through the end of the year, into the start of 2022.
24
Days on Market
List to Sales Price Ratio Median Sales Price Sold Homes/ Closed Sales Months Supply
FROM PRIOR PRIOR YR
YR-QTR
-52.00%
$415,000
$374,900
15.28%
1.6
2.29 $233.57
695
828
LAND
184
Days on Market List to Sales Price Ratio
97%
$188,713 8.4
Median Sales Price Months Supply
New Listings
50
100%
$283.30
Price Per Square Foot
Sold Land/ Closed Sales
NEGOTIABILITY. Both Median and Average housing
2020 Q3
% CHANGE
2019 Q3
RESIDENTIAL PROPERTY (SINGLE-FAMILY HOMES, CONDOMINIUMS)
New Listings PRICES. In Q3, we saw a Median Sales Price increase of
PRIOR YR
98
156
98%
665
825
268 go%
$130,000 17.9 98
201
2.04%
3.12% -50.00% 21.25% 0.36%
63
98%
4.0
$231.95 791
155
92%
-57.36
24.3
45.16% $120,000
-22.77%
2018 Q3 48
97%
$330,000 $312,000 671 571
-30.83% 7.78%
-2.00%
PRIOR YR
67 156
4.63
$212.58 818
102
95%
$137,000 22.07 64
177
prices continue to rise substantially, with Asheville
Real estate trends above are averages, unless otherwise specified. This information is not meant to solicit properties currently
trending
listed with an other br okerage.
at
both
a
Median
and
Average
Sales
Price exceeding $400K! It's still a seller's market, so buyers will need to be prepared to act quickly and do their research in this competitive market.
©2021 Car ol ina Mountain
Each ERA office is indepe ndently owned and operated.
Sales RealEstate, A Wil k inson ERA Real Estate C ompany.
MEDIAN SALES PRICE.
$399,Q00
�
T
CLOSED HOME SALES
1J71
BUNCOMBE COUNTY ■ Q3-2019 ■ Q3-2020 ■ Q3-2021
price per square foot
$255.82
1,668
..
HOMES FOR SALE
CLOSED SALES
T
AVERAGE DAYS ON MARKET
28
1,290
1,385
1,378
MARKET OVERVIEW 647
Buncombe County property sales have continued to rise in tandem with Asheville’s. High demand and a shrinking inventory are working together to bring the Months' Supply under a remarkable 1.6, for the quarter. SALES. Buncombe County Closed Sales fell almost 3% on 2020's figures, showing demand but also the first signs of a slowing of this frenetic pace. Land sales in the county rose 3.54 %, showing buyer trends in 2021
REAL ESTATE
TR EN Ds
List to Sales Price Ratio
PRICES. Days on Market are down by almost
Sold Homes/Closed Sales
demand. Price Per Square foot has risen by 4.85%, showing a modest increase. Affordability is still a major factor in 2021 buying trends, with a continued focus on buyers seeking more space, larger lots, and privacy. NEGOTIABILITY. Similarities continue to exist between the two markets of Asheville and Buncombe Co., with both following a parallel path. Buyer trends in the county continue to demonstrate buyers seeking homes with more flexible living and larger lot sizes, compared to Asheville’s more densely populated communities.
PRIOR YR 2020 Q3
%CHANGE
FROM PRIOR VR-QTR
PRIOR YR 2019 Q3
RESIDENTIAL PROPERTY (SINGLE-FAMILY HOMES, CONDOMINIUMS)
Days on Market
amidst the current pandemic.
12% on 2019 figures, demonstrating buyer
CURRENT 2021 Q3
Median Sales Price
Months Supply
Price Per Square Foot New Listings
LAND
Days on Market
List to Sales Price Ratio
28
100% $399,000 1,371 1.6 $2ss.82 1,640
53
98% $343,100 1,412
3 $212.27 1,617
219
304 90%
$140,000
94%
-47.17%
60 98% 2.04% 16.29% $315,000
-25.51%
236
178
4.44% 23.62%
$86,450
$113,250 21.4
-53.74%
New Listings
368
490
-25.35%
263
252
97% $300,000
$202.65 1,538
20.52% 1.42%
10.5
Sold Land/ Closed Sales
536
1,092 5.o3 $196.37 1,554
-2.90% -46.67%
Months Supply
Median Sales Price
PRIOR YR 2018 Q3
3.54%
1,267 4-47
NA%
28-43 182 409
91%
$91,000 29.13 178
481
Real estatetren dsabove are averages, unless otherwise specified. The source of all data contained in thisreport is obtained
from Canopy MLS. Information is deemed reliable, but not guaranteed. For more information on our current properties for sale, visit www.CarolinaMountainSales.com.