Ivester Jackson Blackstream Christie's Asheville Luxury Market Report
Q3 2021
Q3 Market Report
contents October 2021
MARKET REPORT Asheville Market Sees Record Transaction Activity as Inventory Remains Scarce
COMMUNITY UPDATES Asheville (City, North) Buncombe County Arden Biltmore Forest Henderson County Foothills
FORECAST The Asheville market, as well as surrounding areas, continued to show explosive growth.
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3rd Quarter Luxury Market Report WESTERN NORTH CAROLINA SALES STEADY IN Q3 OF 2021
With Asheville and surrounding areas showing steady gains, it's no secret that the housing market continues its ascent. As air travel picks up steam, tourists continue to flock to the Western North Carolina mountains. Many migratory buyers have exited the larger metropolitan areas to find a heightened quality of life while being in close proximity to regional and international airports, world class dining, and a plethora of visual and performing arts.
City of Asheville
North Asheville
City of Asheville & North Asheville The Asheville area continues to build on strong 1st and 2nd quarters, with both luxury ($1m+) and mid-market ($500k999k) segments showing gains in the third quarter of 2021. The mid-market sales were up 36% over 2020. The luxury market saw an increase of 25% over the Q3 2020 sales tally. Showing activity has remained flat, as we saw a 2% increase for showings of luxury homes in the third quarter of 2021 year over year. Active inventory in both the mid and luxury markets is historically low and could affect sales volume in both price points in the coming months. North Asheville continues its steady hand in the luxury market. Inventory in North Asheville is limited however, we are seeing sell-through at a rapid pace. Showing activity is slightly down as demand for neighborhoods such as Lakeview Park and Grove Park continue to climb at a dependable clip. North Asheville for the most part is built out, therefore new construction starts are few and far between, and we expect values to rise as inventory holds at historic lows. The mid-market in North Asheville also saw a jump in sales with 44 closed transactions, as opposed to 38 in 2020.
BUNCOMBE COUNTY Buncombe County showed tempered increases in sales, pending sales, and showing activity across the board. Sales in the luxury space have risen with 77 closed transactions $1M+, while only recording 58 in 2020. We believe this is fueled by out of state buyers looking for a refuge in the mountains, while still being close to national and international airports that are convenient for both work and travel.
Closed sales volume in the luxury market is up 33% year over year.
Buncombe County
Buncombe Homes Sold: 54 Macon Avenue | $1.325 M 165 Pinkerton Corner | $1.38 M 181 Ardmion Park #4 | $1.7M 630 Flat Top Mountain Road |$1.595 M 1 Sunset Parkway | $1.3 M 616 Windsor Road | $1.3 M
Under Contract: 101 Crestwood Road
HENDERSON COUNTY Henderson County has historically been a strong second home market in both the luxury and mid-range segments. As vaccination rates climb, and national as well as regional travel continues to set records, it's no surprise the Henderson County market showed an increase in mid-market transactions. Compared to 2020, the mid-market saw an increase of 25% in closed sales, totaling 122 transactions. The luxury market was anchored with 13 closed transaction compared to 13 sales in Q3 of 2020. Pending contracts in the luxury segment currently sit at 7. Showings are up across the board which could lead to elevated sales in the fourth quarter of 2021 and beyond.
Henderson County
ARDEN Active inventory in the Arden market is sitting at historic lows while demand has increased year after year. This will continue to be the trend for months to come, but is expected to be hedged by many new construction starts in communities like The Cliffs at Walnut Cove. Luxury sales are down 13% versus 2020, while the mid-market stays hot with 25 sales, up 79% from 2020 numbers. With pending sales also trending higher in the luxury space, we expect to see a robust 4th quarter with closed sales activity.
Arden
FOOTHILLS: POLK, RUTHERFORD, CLEVELAND COUNTIES The Foothills market has continued its meteoric rise as buyers from larger, regional metropolitan areas such as Charlotte and Greenville continue to migrate to the region. Home sales in the luxury and midmarket range have increased in all three quarters of 2021 thus far. Currently 34 homes in the $500-999k range are under contract and 13 in the $1M+ range. Keep an eye on the Foothills region as it is expected to grow as more buyers discover this hidden gem.
Foothills: Polk, Rutherford, Cleveland Counties
Foothills
Sold: 1883 Buffalo Shoals Road | $3 M 64 Peniel Road | $1.35 M 1835 Palmer Road |$1.068 M
BILTMORE FOREST The luxury ($1M+) segment of Biltmore Forest has recorded a stable third quarter for 2021. Eight homes over $1M have sold while an additional 4 are currently under contract. Showing activity continues its dependable path. With over half of the closed sales being cash transactions, we expect to see continued elevated activity in Biltmore Forest for months to come.
Biltmore Forest
WESTERN NORTH CAROLINA MARKET FORECAST 2021 has proven to be a great year for real estate across Western North Carolina. Sales are up in many segments across the region. With stock market stability, we expect to see steady demand that will propel real estate sales through the 4th quarter of 2021. While supply concerns become the norm, we anticipate that demand will continue to rise and force values higher in the short term. Interest rates have started to tick up in recent weeks which could adversely impact new home starts moving into 2022. We could see a slight pull back if credit markets start to tighten or the Federal Reserve begins to taper its mortgage-backed security buying, as indicated in recent meetings. Moving into early fall, we will keep our eyes on showing trends, inventory levels, and overall market demand to gauge how we’ll finish the year as an industry.
IVESTER JACKSON IS OPEN AT THE COAST North Carolina’s leading upscale real estate brokerage has once again partnered with global purveyor of fine collectibles and estate properties, Christie’s International Real Estate, to open its 6th brokerage office, this one covering the Carolinas coast from its sparkling new location in Wrightsville Beach. Cornelius-based Ivester Jackson announced the opening. “Our market-leading partnership with Christie’s led to over 70 estate home closings in excess of $2 million in value statewide last year, placing us at the top of the state’s luxury brokerages. Coastal inquiries from both Christie’s clients and our own network of luxury brokerages, along with Wilmington’s dynamic growth, led us to select this new location for our next partnership”, said Ivester Jackson-Christie’s managing partner, Reed Jackson. The Ivester Jackson Coastal office is being led by Christie’s Master’s Circle managing broker, Britt Allen, who previously led Ivester Jackson and Christie’s wildly successful joint venture with Blackstream International, in Asheville, NC. Allen relocated to Wilmington’s flagship Landfall community. The new office is located at 527 Causeway Drive in Wrightsville Beach, and has already attracted several leading area brokers to join the new Ivester Jackson Coastal team.
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Our Offices Asheville Office - Ivester Jackson Blackstream 18 S Pack Square Asheville, NC 28801 (828) 367-9001 Charlotte Office 1515 Mockingbird Lane Suite 900 Charlotte, NC 28209 (704) 817-9826 Lake Norman Office 21025 Catawba Ave #101 Cornelius, NC 28031 (704) 655-0586 Lake Norman North Shore Office 350 Morrison Plantation Parkway, Suite C1 Mooresville, NC 28117 (980)-435-5169 Wilmington Office - IJ Coastal 527 Causeway Drive Wrightsville Beach, NC 28480 910-300-5140
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