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Has The Residential Real Estate Market Topped Out? Nope!

Staff Report

CHARLOTTE – Has the residental real estate market topped out?  Nope, although the numbers tell two different stories, a report show the area will be as popular as ever come Spring.  Asheville MSA year-over-year home sales in January 2019 declined 11.7 percent, with 385 properties sold compared to 436 properties sold in January 2018. Compared to December 2018, closed sales declined 25.4 percent according to Carolina Multiple Listing Services, Inc. (CarolinaMLS) .

The average sales price in January 2019 ($279,921) decreased 6.3 percent compared to January 2018 ($298,741), while the median sales price ($247,500) declined 4.1 percent compared to January 2018 ($258,000). Compared to prices in December, both the average and median sales prices declined 11.6 and 7.0 percent respectively.

The average list price across the Asheville Metropolitan Statistical Area (MSA)* in January 2019 ($363,957) increased 1.3 percent compared to the average list price in January 2018 ($359,351), bringing the percent of original list price received measure to 92.8 percent. Pending sales, which measure buyer demand, rose significantly in January 2019 to 623, which was a 34.6 percent increase compared to January 2018. Compared to December 2018, pending sales increased 56.5 percent.

CarolinaMLS provides monthly reports on residential real estate market activity for the Asheville MSA. The Asheville MSA includes Buncombe, Haywood, Henderson and Madison counties.

Dave Noyes, a Realtor®/broker with WilkinsonERA and a CarolinaMLS Board of Directors member representing the Asheville/Hendersonville market, said, “Our seasons are well established, so it’s not unusual to see slower sales across the Asheville MSA in the winter months. However, we’re pleased to see the significant increases in pending contracts at the start of the year, which tells us that buyers will be out in full force when the spring selling season truly gets underway.”

New residential listings in January 2019 were unchanged compared to January 2018 but increased 91.0 percent compared to listing activity in December 2018. Inventory for the MSA declined 3.4 percent with 2,344 homes for sale at report time, leaving the MSA with 3.8 months of supply. A year ago in January 2018 the MSA had 2,426 properties for sale, or 3.9 months of supply.

Homes continue to sell quickly across the Asheville MSA. The average number of days a property was on the market from the time it was listed until it closed (list to close) was 124 days in January 2019 compared to 127 days in January 2018. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 70 days in in January 2019 compared to 74 days at the start of 2018.

Other counties within the region with significant activity:

In Henderson County, sales declined 5.5 percent year-over-year in January 2019, with 104 properties sold compared to 110 sold in January of last year. Both the average ($276,832) and median ($246,251) sales prices in January 2019 fell 0.3 percent and 3.0 percent respectively compared to January 2018. Pending sales in Henderson County in January 2019 rose 11.3 percent compared to last year and increased 68.8 percent compared to December 2018. New listing activity was not as strong as last year and was down 20.9 percent in January 2019 compared to January 2018. Inventory in January 2019 remained somewhat unchanged compared to a year ago (down 0.7 percent), leaving the county with 3.3 months of supply of homes for sale. Properties still moved quickly in January 2019, with days on market at 62 days compared to 61 days last January 2018.

Haywood County’s closed sales in January 2019 were down significantly year-over-year, falling 30.7 percent compared to sales in January 2018. Closed sales compared to the previous month were down 33.3 percent, with only 52 homes sold. The median sales price ($199,500) rose slightly year-over-year (0.3 percent), while the average sales price ($234,094) declined 7.6 percent. Compared to the previous month, both the median and average sales prices declined 20.5 percent and 11.5 percent respectively. Pending sales increased 36.8 percent year-over-year in January 2019 and were up 78.8 percent compared to December 2018. Meanwhile, inventory continued to decline and was down 8.2 percent year-over-year, leaving the country with 4.7 months of supply. Properties in Haywood County in January 2019 averaged 101 days on market, which is six days less time on market than last January.

*MSA or metropolitan statistical area consists of one or more counties that contain a city of 50,000 or more inhabitants or contain a Census Bureau-defined urban area and have a total population of at least 100,000 (75,000 in New England).

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