Buncombe County Residential RE Snapshot

Wow, life and business has been SO hectic, I didn’t even have a chance to blog October stats!  That’s ok, there hasn’t been much change since then actually.

  The aggregate picture in Buncombe county shows a steady absorption of properties, holding between 17 & 17.5 months of inventory.  Most of the properties moving are below $350,000.   Actually, 72% of the sales in the past 6 months were below $350,000 sales price.  60% of those sales were priced below $300,000, which tells us that the higher price ranges are not gaining much ground.

Though the number of sales this month are 8.1% less than last year, the absorption this month is identical to November 2009 (17.5 months of active inventory).  This would be contributed to the fact that the inventory is down 7.9%, mostly due to the number of properties that have expired.  The number of expired listings have skyrocketed in the past 60 days and many have not re-listed.

As I have mentioned in previous reports, the pending ratio is a great barometer of what is going on right now and that ratio has been hovering right around 10%.  In a balanced market, the pending ratio would run as high as 25% to 30%.  November 2009 the pending ratio was 14.3%.  This month the pendings are coming in at 10.5%.  Keep in mind that many of these transactions will not close.

Our median price range has increased this month to $207,000 from last month coming in at $203,000.  November 2009 was $200,000.

See this month’s report HERE to see stats in specific price ranges.

Thanks for reading and the Brown & Raines Commercial Group wishes you a safe and happy Thanksgiving.  Visit us at www.BuyAshevilleOnline.com