Ivester Jackson BlackStream Christie's Luxury Market Report
Q3 2019
Q3 Market Report
contents October 2019
MARKET REPORT Third quarter sales
and showings
rebounded from a slow starter to the third quarter, tracking higher than 2018.
COMMUNITY UPDATES Downtown | Montford North Asheville South Asheville West Asheville East Asheville | Black Mountain Hendersonville Tryon | Foothills
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SOUTHEAST AGENT LUXURY RETREAT Over 100 of the top agents from the Southeast joined us at the Grove Park Inn for a one day conference, culminating in presentations by Dan Conn, CEO and Rick Moeser, Executive Vice President of Christies International.
FORECAST Despite high inventory of homes on the market over $1 million, closed sales are projected to track at 18-20% higher than 2018 sales. Showing trends continue to track at 10-15% above 2018 numbers across the region.
3rd Quarter Luxury Market Report THIRD IN
KEY
QUARTER
SALES
CONTINUE
NEIGHBORHOODS,
LUXURY
TO
TRACK
OVER
INVENTORY
AT
A
2018
NUMBERS
HIGH.
The initial luxury market in Buncombe County saw an increase of 29% in homes sold in the $500K-$1 M price range compared to the same quarter in 2018. The luxury market over $1 million saw a decrease in homes sold compared to last year,with 21 homes sold versus 32. However, if sales continue at the current rate, we expect to see a 20% increase in luxury sales compared to last year. Luxury inventory is at a high, with close to 200 homes on the market valued at over $1 million, which at current sell-thru rates is close to 2.5 years of inventory. Following some slowness in the middle of the summer, showings have increased in the last 5 weeks and are tracking at 10-15% higher than last years numbers, which will continue to correlate with more homes going under contract. The amount of luxury inventory on the market has created a competitive marketplace. making it more important than ever to price your home accordingly.
LAST 90 DAYS
ASHEVILLE LUXURY Q3 HOMES SOLD & SHOWINGS
IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE
EXPERTS IN LUXURY REAL ESTATE
DOWNTOWN CONDOS | CHICKEN HILL | RIVER ARTS
The Downtown Asheville market saw an astounding 95% increase in homes sold between $500-$1 M this quarter. This is in part due to the completion of 55 S Market Street, a new condo building in the heart of downtown, which closed 20 units last month. However, pending sales are solid and showings tracked 36% above 2018, which points to a strong fourth quarter and end of the year. The luxury market, homes over $1 M, saw 2 homes sold compared to 1 in 2018. This is likely due to a lack of inventory, as showings were up 78% from last year. There is currently 1 pending sale and only 12 active properties on the market.
LAST 90 DAYS
DOWNTOWN ASHEVILLE Q3 HOMES SOLD & SHOWINGS
IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE
EXPERTS IN LUXURY REAL ESTATE
Listings & Sold Downtown
1 SUNSET PARKWAY #A 254 PEARSON DRIVE 100 WINDSWEPT DRIVE 55 S MARKET STREET #15 - SOLD (BUYER REPRESENTATION) 225 WESTOVER DRIVE - SOLD
NORTH BUNCOMBE GROVE PARK | LAKEVIEW PARK WEAVERVILLE | ALEXANDER
In North Asheville, there were 42 homes sold in the $500K-$1 M market. This is an 8% increase from 2018 numbers, and a 30% increase from second quarter closings. With 33 pending sales and a 41% increase in showings, the solid sellthru should continue and round out 2019 on a positive note. The luxury market, homes priced over $1 M, saw 6 homes closed which is on par with 2018 numbers. However, there are currently 10 homes pending and showings were up an astounding 61% from 2018.
LAST 90 DAYS
NORTH BUNCOMBE Q3 HOMES SOLD & SHOWINGS
IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE
EXPERTS IN LUXURY REAL ESTATE
Listings North Buncombe
193 STRATFORD ROAD 534 OLD MARS HILL HIGHWAY 370 MIDLAND DRIVE 366 MIDLAND DRIVE 171 DRY RIDGE ROAD 494 CLARKS CHAPEL ROAD 58 POINTS WEST DRIVE 180 DRY RIDGE ROAD 44 WOODLAND ASTER WAY
Sold North Buncombe
288 MACON AVE #305 20 STONY RIDGE 220 MIDLAND DRIVE 32 GREENWOOD FIELDS DRIVE
SOUTH BUNCOMBE BILTMORE FOREST | THE RAMBLE | BILTMORE PARK ARDEN | FLETCHER
In the $500K-$1 M range, we saw an increase of 58% in homes closed this quarter compared to last year, with a total of 46 homes sold. There are currently 16 pending sales and a little more than 6Â months of inventory, which makes this one of the more seller friendly markets in the region. In the luxury range, we saw a decrease of homes sold, with 11 homes closed compared to 18 in 2018. Showings are up by 8% and there are currently 11 pending sales which bodes well for the fourth quarter sell-thru.
LAST 90 DAYS
SOUTH BUNCOMBE Q3 HOMES SOLD & SHOWINGS
IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE
EXPERTS IN LUXURY REAL ESTATE
Listings South Buncombe
31 CEDAR HILL DRIVE 2 CLEFTRIDGE COURT
WEST BUNCOMBE WEST ASHEVILLE | BILTMORE LAKE | LEICESTERÂ
West Asheville continues to trend positively, with more homes sold by the numbers than any other neighborhood in the region. In the $250500K range, there were 147 homes sold and over 2,600 showings, which is on par with last years numbers. In the initial luxury market, sales over $500K were up 35% from last year. There are currently 20 pending sales and only 69 homes on the market in this price range. There is less than 5 months of inventory across all price points and we expect to see the strong sellers market continue in this neighborhood.
LAST 90 DAYS
WEST BUNCOMBE Q3 HOMES SOLD & SHOWINGS
IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE
EXPERTS IN LUXURY REAL ESTATE
Listings West Buncombe
93 LOMBARD STREET 55 S LINDON COVE 95 STONEGATE TRAIL
Sold West Buncombe
263 SPIVEY MOUNTAIN ROAD (BUYER REPRESENTATION) 714 QUEENTOWN ROAD (BUYER REPRESENTATION) 54 CLIFTON AVENUE (BUYER REPRESENTATION) 53 RIVERVIEW DRIVE
EAST BUNCOMBE EAST | FAIRVIEW | SWANNANOA | BLACK MOUNTAINÂ
In the $250-$500K range, the market continues to strengthen with a 5% increase in homes sold from 2018 and a 10% increase in showings. There are 148 homes on the market which is roughly 5 months of inventory and indicates a sellers market. In the initial luxury market, $500 K+, we saw a slight downturn from 2018, with 26 homes closed compared to 28 last year. However with 17 sales currently pending, we predict a solid fourth quarter.
LAST 90 DAYS
EAST BUNCOMBE Q3 HOMES SOLD & SHOWINGS
IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE
EXPERTS IN LUXURY REAL ESTATE
Listings East Buncombe
565 SOUTHCLIFF PARKWAY 7 TWIN SPRINGS COURT 59 MORTON CIRCLE 20 CANE CREST CIRCLE 488 LAMBETH WALK 563 BETSY ROSS LANE - *UNDER CONTRACT
Sold East Buncombe
502 OLD HAW CREEK ROAD (BUYER REPRESENTATION) 110 STILL WATER LANE 274 OLD HAW CREEK ROAD 42 WOODCREEK CIRCLE 11 FLORIDA AVE
HENDERSONVILLE FLAT ROCK | ZIRCONIA | HENDERSON COUNTY
Henderson County saw a slight downtick of homes sold in the $250-$500K range, closing 245 homes this quarter compared to 265 last year. However with 143 pending sales, showings holding at a 20% increase from 2018, and less than 4 months of inventory, we predict a strong finish to 2019. The initial luxury market, $500K+ saw an astounding 93% increase in homes sold compared to 2018. Showings in this price range were up 27% from last years numbers and there are currently 35 pending sales. The inventory in this range is a bit higher, but with continued interest represented by showing trends and pending sales, the fourth quarter should see solid sell-thru to the end of the year.
LAST 90 DAYS
HENDERSONVILLE Q3 HOMES SOLD & SHOWINGS
IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE
EXPERTS IN LUXURY REAL ESTATE
Listings Hendersonville
35 WILD TURKEY COURT, ZIRCONIA 144 CARRIAGE SUMMITT WAY
Sold Hendersonville
1001 ESTATE DRIVE (BUYER REPRESENTATION) 435 N HARPER DRIVE
FOOTHILLS FOOTHILLS | POLK | RUTHERFORD | CLEVELAND
Following a slower start to the year, the housing market in Tryon hit its stride in the 3rd quarter. There was a 44% increase in homes sold in the $250-500 K market, selling 126 compared to 87 last year. Showings were up an impressive 35% and there are currently 69 pending sales, which indicates a strong fourth quarter as well. The initial luxury market, $500K+, saw a slight downturn in sales and showings from last year. Inventory at this price point is high, with over 3 years are current sell-thru rates. However, there are currently 16 pending sales which points to a solid end of the year.
LAST 90 DAYS
TRYON AREA Q2 HOMES SOLD & SHOWINGS
IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE
EXPERTS IN LUXURY REAL ESTATE
Listings Foothills
265 PHILLIP HENDERSONVILLE ROAD, RUTHERFORDTON 352 WINDFLOWER LANE, MILL SPRING 106 UNCLE POND LANE, COLUMBUS 465 NORTH PARK LANE, MILL SPRING 393 SPRINGHILL DRIVE, RUTHERFORDTON 243 TRAIL RIDGE DRIVE, RUTHERFORDTON 117 CANTERBURY DRIVE, KINGS MOUNTAIN 1080 MEADOWLARK DRIVE, TRYON 231 HICKORY LOOP, RUTHERFORDTON
Sold Foothills
99 PINEY POINTE LANE, MILL SPRING 782 HIDDEN HILLS, RUTHERFORDTON 80 MELROSE CIRCLE, TRYON 106 CLINE BRANCH LANE, KINGS MOUNTAIN
IJB Flagship Listings
1077 FOREST LAKE HEIGHTS DRIVE, LAKE JAMES 18243 JOE BROWN HIGHWAY, MURPHY 77 CASTLE RIDGE ROAD, TUCKASEEGEE *UNDER CONTRACT 1077 WAYAH MEADOWS ROAD, FRANKLIN 269 PINE RIDGE ROAD, LAKE SANTEELAH
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SOUTHEAST REGIONAL LUXURY RETREAT GROVE PARK INN | ASHEVILLE What an incredible day we enjoyed at The Grove Park Inn with 120 of the top agents from Christie's International Real Estate! Attendees enjoyed hearing from agents about social media, digital platforms, old school initiatives that produce results, and our special guests Christie's Executive Director Rick Moeser and Christie's Real Estate CEO Dan Conn.
Market Forecast for Asheville With 32 homes under contract in Buncombe County over $1 million in list price heading into the fourth quarter, the Asheville region is tracking at a 10-12% increase in luxury sales compared to 2018. Traditionally high demand areas like Downtown, Montford, Grove Park, and Biltmore Forest have been joined by neighborhoods in Fairview and West Asheville as growing luxury enclaves.  Following slightly slower mid to late summer activity, pending sales and showing requests have rebounded in the last month, leading to a spike in pending contracts heading into the fourth quarter. The region will post very solid closing levels in comparison to last year’s finish, which occurred as interest rates neared 5%. Overall, given that the market is heading into an election year, we predict the first quarter should be solid. Historically, in presidential election years there has been some third quarter sluggishness due to uncertainty surrounding elections. There are also multiple other potential impact issues too keep an eye on such as trade discourse, Brexit resolution, and increased building costs.
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