ASHEVILLE AREA RESIDENTIAL SALES SUMMARY The spring season continues to see a reduction in Closed Sales across the Asheville region, largely due to the lack of inventory available, as well as, a changing economic forecast, and mortgage rate increases. Days on Market dropped more than 34.8% on 2021's results, showing the demand from homebuyers remains strong, outpacing supply in all price ranges. Not only is the lack of inventory impacting the market, but the rising sales price continues to put homes further out of reach for many first-time homebuyers. Sellers, on the other hand, are consistently getting the asking price or more for their homes, in a seller's market that is expected to continue through Q2 of 2022. Key observations from this first Quarter of 2022 are: Homes in Asheville have steadily sold for 97.9% of the asking price in this active seller's market during the first quarter of 2022. A slight increase from the previous year. Once again, first-quarter sales results saw inventory fall in all of the markets we serve, with the Month's Supply reaching .9 in Asheville, an unprecedented result that is 42.8% down on last year's result. The shortest average time to have an offer accepted on a home in Asheville is 37 days, a reduction of more than 34.8% on 2021 first quarter results. Closed sales are down 6.4% in the first quarter of 2022–likely due to further anticipated interest rate hikes, and a continued, and quite considerable, lack of inventory.
Carolina Mountain Sales Real Estate Q1 | 2022.
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