Q1 Asheville Area Market Report

1st Quarter 2018 I Issue No. 1

CAROLINA MOUNTAIN SALES

Area Market Report: Asheville & Buncombe County

www.CarolinaMountainSales.com

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MEDIAN SALES PRICE •

$315,000

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CLOSED HOME SALES

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PRICE PER SQi.JARE FOO.

$201

AVERAGE SALES PRICE 2007-PRESENT

$350,000 $325,000

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AVERAGE DAYS ON MARKET

$275,000

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MARKET OVERVIEW The City of Asheville housing market continues to experience a low inventory in the first quarter of 2018, while the Average Sales Price continues to rise. This seller's market shows no signs of slowing down any time soon!

SALES.

The number of Closed sales decreased this quarter by just over 7%--A notable change that signifies the challenge inventory levels are having on the Asheville market.

PRICES. This quarter, our median sales price grew yet again, at more than 13.6% over this time last year. Price Per Square Foot has increased by 10.5%, demonstrating the premium placed on city property.

NEGOTIABILITY.

This is yet another quarter where Asheville is experiencing a "seller's market". The number of New Listings coming to market have not altered dramatically and land sales suggest a rising premium on lots, farms, & acreage. Sellers are getting offers closer to their asking price and we are finally seeing Days on Market begin to move at a faster pace.

$175,000 $150,000 1st Quarter

2007 200a 2009 2010 2011 2012 2013 2014 201s 2016 2017 201a

REAL ESTATE

TR EN Ds

CURRENT 2018 Ql

PRIOR YR 2017 Ql

% CHANGE

FROM PRIOR

YR-QTR

PRIOR YR 2016 Ql

PRIOR YR 2015 Ql

RESIDENT/AL PROPERTY (SINGLE-FAMILY HOMES, CONDOMINIUMS) 70 Days on Market 62 63 110 -1.6% List to Sales Price Ratio 98% -1.03% 97% 97% 97% Median Sales Price $315,000 $275,000 +13.6% $275,000 $255,750 Sold Homes/ Closed Sales 409 441 394 529 -7.25% Months Supply 7 3.1 2.7 2.7 +13.8% +10.5% Price Per Square Foot $201 $181 $170 $155 New Listings 622 651 596 754 - 4.6% LAND Days on Market 115 List to Sales Price Ratio 96% Median Sales Price $122,000 Months Supply 17 Sold Land/ Closed Sales 68 New Listings 218

145 92% $120,000 17 75 165

-23.1% +4.3% +1.7% 0% -9.8% +27.7%

159 191 86.2% 90% $92,500 $88,333 21 32 70 78 158 181

Real estate trends above are averages, unless otherwise specified This information is not meant to solicit properties currently listed with another brokerage. © 2018 Carolina Mountain Sales Real Estate.

SINGLE-FAMILY HOME I CONDO Ql YEAR-OVER-YEAR 2018

DASHBOARD

BUNCOMBE CO.

MEDIAN SALES PRICE. $285,000 � CLOSED HOME SALES

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PRICE PER SQlJARE FO OT

$181

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AVERAGE SALES PRICE 2007-PRESENT

$350,000 $325,000

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AVERAGE DAYS ON MARKET

69

$300,000

MARKET OVERVIEW Buncombe County's housing market experienced some fluctuation in in the first quarter of 2018, with fewer year-on-year Closed Sales, a reduction in the number of New Listings to market, and a steadily rising Median Sales Price.

SALES. Buncombe County Closed Sales declined noticeably by 8.7% in the first quarter, while Days on Market remained virtually unchanged.

Sales are steady and buyers in Buncombe County could be patiently awaiting the right investment.

PRICES. The Median Sales Price in the first quarter of 2018 saw a sizeable increase of just over 11% on figures from this time last year.

Running parallel to the Median Sales Price, the Price Per Square Foot has once again increased, this time by 9.3% on last year's first quarter figures, settling at an impressive $181/sq ft.

NEGOTIABILITY. Following alongside the City of Asheville, Buncombe County homes are commanding higher sales prices and closing closer to original asking prices. Land buyers are having greater negotiability, benefitting from a slight rise in the Days on Market (inventory sitting longer) and increased Median Sales Price.

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1st Quarter

2007 200a 2009 2010 2011 2012 2013 2014 201s 2016 2017

RESIDENTIAL

TRENDS

CURRENT

2018 Ql

% CHANGE PRIOR YR FROM PRIOR PRIOR YR 2017 Ql YR-QTR 2016 Ql

2018

PRIOR YR

2015 Ql

RESIDENTIAL PROPERTY {SINGLE-FAMILY HOMES, CONDOMINIUMS) Days on Market 69 68 81 119 +1.5% List to Sales Price Ratio 96.9% 97% 97 % 0% 96% Median Sales Price $285,000 $255,000 +11.1% $235,000 $218,166 Sold Homes/Closed Sales 758 827 780 999 -8.7% Months Supply 8 3.2 3.3 4.2 +27% Price Per Square Foot $181 $165 $152 $142 +9.3% 1178 1258 New Listings 1184 1491 -6.6% LAND Days on Market List to Sales Price Ratio Median Sales Price Months Supply Sold Land/ Closed Sales New Listings

175 173 92% 91% $85,750 $82,000 23.7 27.1 180 164 489 476

181 +1.1% 199 88% +1.1% 87.3% +4.5% $80,000 $70,917 -13.4% 29.7 45 165 +9.3% 145 489 +2.7% 519

Real estate trends in this report are averages, unless otherwise specified.

The source of all data contained in this report is obtained from the Asheville and Buncombe Co. mailing areas of the Charlotte Regional REALTOR® Association's Multiple Listing Service. The Information is deemed reliable, but not guaranteed.

Carolina Mountain Sales I 10 Brook Street, Suite 235 I Asheville, NC 28803 Office: (828) 277-5551 I 1nfo@CarolinaMountainSales.com