Asheville Q4 Luxurty Market Update

Ivester Jackson BlackStream Christie's Luxury Market Report

Q4 2019

Q4 Market Report

contents January 2020

MARKET REPORT Fourth quarter sales tracked above 2018 numbers at nearly every price point, despite relatively high inventory in the luxury market.

COMMUNITY UPDATES Downtown | Montford North Asheville South Asheville West Asheville East Asheville | Black Mountain Hendersonville Tryon | Foothills

FORECAST Pending Sales and Showing Trends continue to track above 2018 numbers, indicating a strong 2020 market.

4th Quarter Luxury Market Report FOURTH NEARLY

QUARTER EVERY

SALES

PRICE

TRACKED

ABOVE

2018

NUMBERS

AT

POINT

Following a slower start to the year, the real estate market continued to strengthen through the Fourth Quarter to finish with a 26% increase in homes sold in Buncombe County compared to 2018. Broken down by price point, there was a 1.5% increase in the initial luxury price range, homes sold between $500-999K, and an astounding 39% increase in homes sold over $1 million. Additionally, showing requests this quarter trended at a 32% and 46% increase above 2018 numbers.

In totality, the 2019 luxury real estate market in Asheville saw a 21% increase in luxury home sales compared to 2018. In many of the key neighborhoods, sales were consistent with or above 2018 numbers. Showings trended positively across the board this year, and we expect to see these patterns continue through 2020.

LAST 90 DAYS

ASHEVILLE LUXURY Q4 HOMES SOLD & SHOWINGS

IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE

EXPERTS IN LUXURY REAL ESTATE

DOWNTOWN CONDOS | CHICKEN HILL | RIVER ARTS MONTFORD | GROVE PARK

The neighborhoods within walking distance to Downtown Asheville continue to be popular, despite a slight decrease in homes sold across the board this quarter compared to 2018. This is most likely a consequence of low inventory, as pending sales show favorable market conditions entering the first quarter of 2020 and showing requests have increased significantly. In the initial luxury market, homes priced $500K- $1M, there was a 38% increase in showings from 2018. In the luxury market, homes priced over $1M, there were an impresive 71% increase in showing requests.

LAST 90 DAYS

DOWNTOWN ASHEVILLE Q4 HOMES SOLD & SHOWINGS

IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE

EXPERTS IN LUXURY REAL ESTATE

Listings Downtown

75 BROADWAY STREET #204, 205 69 EDWIN PLACE 55 S MARKET STREET #5``1Ì€0 - *UNDER CONTRACT* 1 SUNSET PARKWAY #A

Sold Downtown

254 PEARSON DRIVE 21 BATTERY PARK #602

NORTH BUNCOMBE LAKEVIEW PARK | WEAVERVILLE | ALEXANDER

The initial luxury market in North Asheville, homes priced between $500K-$1M, saw an increase of 26% in sales compared to fourth quarter 2018 and a 21% increase in showing requests. With 29 pending sales and a little over 4 months of inventory, we predict this market will hold its strength in the first half of 2020. Similarly, the luxury market saw a 44% increase in sales, with 13 homes closing compared to 9 last year. There is slightly higher inventory at this price point, but showings are trending 32% higher than 2018.

LAST 90 DAYS

NORTH BUNCOMBE Q4 HOMES SOLD & SHOWINGS

IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE

EXPERTS IN LUXURY REAL ESTATE

Listings North Buncombe

106 ROBINHOOD ROAD 534 OLD MARS HILL HIGHWAY 370 MIDLAND DRIVE 366 MIDLAND DRIVE 89 GOVERNORS THOMSON TERRACE - *UNDER CONTRACT* 171 DRY RIDGE ROAD 58 POINTS WEST DRIVE 180 DRY RIDGE ROAD 105 POINTS WEST DRIVE

Sold North Buncombe

103 WALNUT RIDGE DRIVE 47 S GRIFFING BLVD 46 RUNNING RIDGE - *BUYER REPRESENTATION 54 GREENWOOD FIELDS 44 WOODLAND ASTER WAY

SOUTH BUNCOMBE BILTMORE FOREST | THE RAMBLE | BILTMORE PARK ARDEN | FLETCHER

The initial luxury market in South Asheville, homes priced between $500-999K, sales were on par with 2018 numbers. 20 pending sales , coupled with a little more than 8 months of inventory on the market indicates a solid start to 2020. The luxury market in South Asheville saw an astounding 82% increase in sales over $1 million from the fourth quarter of 2018.

Showing trends in both markets indicate continuing strength, with increases of 63% and 35% respectively.

LAST 90 DAYS

SOUTH BUNCOMBE Q4 HOMES SOLD & SHOWINGS

IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE

EXPERTS IN LUXURY REAL ESTATE

Listings South Buncombe

2 HOLLY HILL ROAD 30 S OAK DRIVE 736 WICKHAMS FANCY DRIVE 111 UPPERFELL COURT #724

Sold South Buncombe

105 WOODFIELD DRIVE 10 ABERDEEN DRIVE 188 PINNERS COVE ROAD - *BUYER REPRESENTATION

WEST BUNCOMBE WEST ASHEVILLE | BILTMORE LAKE | LEICESTERÂ

The entry level market in West Asheville, homes priced between $250-500K, saw an increase of 15% in sales this quarter, with an impressive 150 homes sold. There is only 3 months of inventory at this price point, continuing the popularity trends we have seen over the last few years in this area. The initial luxury market continues to strengthen with 25 homes sold over $500K, up 31% from 2018 numbers. At current sell thru there is roughly 7 months of inventory at this price point and showings are trending 30% above 2018 numbers.

LAST 90 DAYS

WEST BUNCOMBE Q4 HOMES SOLD & SHOWINGS

IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE

EXPERTS IN LUXURY REAL ESTATE

Listings West Buncombe

206Â STATE STREET 55 S LINDON COVE 210 BROOKS BRANCH ROAD

Sold West Buncombe

95 STONEGATE TRAIL 78 WHISPERING PINES DRIVE

EAST BUNCOMBE EAST | FAIRVIEW | SWANNANOA | BLACK MOUNTAINÂ

There was a 6% increase in homes sold between $250-500K in East Buncombe this quarter compared to last year. Inventory at this price point in East Asheville is just under 4 months, indicating a sellers market. Additionally, showings are trending at 31% above last years numbers. In the emerging luxury market, homes priced over $500K, there was a 31% decrease in homes sold. However there are currently 15 pending sales and showing trends are tracking 8% above 2018 numbers. There is relatively low inventory at this price point, with only 76 home active on the market.

LAST 90 DAYS

EAST BUNCOMBE Q4 HOMES SOLD & SHOWINGS

IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE

EXPERTS IN LUXURY REAL ESTATE

Listings East Buncombe

565 SOUTHCLIFF PARKWAY 1298 CANE CREEK ROAD 9 BRADFORD VISTAS - *UNDER CONTRACT 59 MORTON CIRCLE - *UNDER CONTRACT 20 PEREGRINES RIDGE CT 24 PEREGRINES DRIGE CT 33 STILLS CREEK LOOP 17 TWIN SPRINGS COURT #322 303 SOUTHCLIFF PARKWAY $605

Sold East Buncombe

14 CLEAR FORK LANE - *LISTING AND BUYER REPRESENTATION 7 TWIN SPRINGS COURT 18 EAST OWL CREEK LANE 563 BETSY ROSS LANE 20 CANE CREST CIRCLE 21 STILLS CREEK LOOP - *BUYER REPRESENTATION

HENDERSONVILLE FLAT ROCK | ZIRCONIA | HENDERSON COUNTY

Henderson County rebounded from a slower third quarter to end 2019 with an impressive 20% increase in homes sold in the entry level market, priced between $250-500K, and a 45% increase in the luxury market, homes priced over $500K. Showings trends and pending sales indicate a strong start to 2020.

Showings are tracking 32% above 2018 numbers at the entry level, and 46% above 2018 in the luxury market.

Henderson County ended the year as a whole with an impressive 38% increase in homes sold in the luxury market compared to 2018. In the $250-500K price range we saw an increase of 7% in homes closed, with 1,086 total sales. We expect to see the Hendersonville market continue to strengthen in 2020.

LAST 90 DAYS

HENDERSONVILLE Q4 HOMES SOLD & SHOWINGS

IVESTER JACKSON | BLACKSTREAM | CHRISTIE'S INTERNATIONAL REAL ESTATE

EXPERTS IN LUXURY REAL ESTATE

Listings Hendersonville

420 E PATTERSON STREET 3 STEEPLECHASE COURT - *UNDER CONTRACT

Sold Hendersonville

124 OLD PASTURE WAY 144 CARRIAGE SUMMIT WAY

FOOTHILLS FOOTHILLS | POLK | RUTHERFORD | CLEVELAND

The Foothills region of Western NC ended the year with solid fourth quarter sales. At the entry level price point, $250-500K, there was a 59% increase in homes sold and showings tracked 38% above 2018 numbers. These positive trend lines indicate continued strength into 2020.

At the luxury price point, homes sold over $500K, there was an impressive 33% increase in closings.

With a 38% increase in showings and 22 pending sales, we predict this price point to continue to trend positive for the first quarters of 2020.

Year end sales as a whole trended positive across markets, with a 26% increase in total homes sold compared to 2018.

LAST 90 DAYS

TRYON AREA Q4 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 COSS POND LANE, COLUMBUS 465 NORTH PARK LANE, MILL SPRING 393 SPRINGHILL DRIVE, RUTHERFORDTON 243 TRAIL RIDGE DRIVE, RUTHERFORDTON 163 APPIAN WAY, SHELBY 1080 MEADOWLARK DRIVE, TRYON 230 CONIFER WAY, SHELBY

Sold Foothills

122 WHITE TAIL DRIVE, BOILING SPRINGS 601 GREEN HILLS RD, LAKE ADGER 527 FLOYD BLACKWELL ROAD, TRYON

IJB Flagship Listings

551 HICKORY GAP ROAD, FRANKLIN 18243 JOE BROWN HIGHWAY, MURPHY 77 CASTLE RIDGE ROAD, TUCKASEEGEE *UNDER CONTRACT 1077 WAYAH MEADOWS ROAD, FRANKLIN 1077 FOREST LAKE HEIGHTS DRIVE, LAKE JAMES

Development Spotlight Looking for New Construction?

We are proud to represent the following new home communities.

SOUTHCLIFF Enjoy luxury mountain living with unrivaled views, proximity to downtown Asheville, and an active outdoor lifestyle with over 6 miles of hiking trails.

Enjoy lock & leave lifestyle with a full-time staffed security gate.

TOWN MOUNTAIN PRESERVE Located only 5 minutes from vibrant downtown Asheville, this community seamlessly blends nature and luxury. Enjoy long range views, privacy, and security with 2 gated entrances.

GREENWOOD FIELDS Nestled along the banks of the historic French Broad River, this new build community offers new construction homes at an accessible price point.

Market Forecast for Asheville In the first few weeks of 2020, showing requests are averaging 45% above 2019 numbers and pending sales are tracking at a 67% increase from 2019. In short, the traditional "Spring Market" has started early.

Strong fourth quarter pending sales have translated into solid sell thru in the first month of the year, which we expect to continue through the quarter. For 2020, there are a lot of factors influencing the dynamic in Western North Carolina. The year has started off strong, with low rates, a high stock market, and high consumer confidence levels spurring growth. North Carolina continues to draw top rankings in national surveys for its advantageous property tax levels compared to high population/tax value states, benign climate, and access to mountains and coast. That said, we are in an election year, and while we expect the first half to be extremely robust, historically, the 3rd quarter begins to see some tapering as October and November near, regardless of which political party prevails. By all accounts, the U.S. economy continues to offer more security than many other options, and provided that continues to be the case, it appears it will remain attractive for investment.

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