CMS Q3 Market Report Asheville and Buncombe County

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.