January 2012-Buncombe County Real Estate Snapshot

Well, you are probably getting tired of my consistent good news lately and this report will not be an exception.

For the past 8 months, Buncombe County has shown positive absorption of residential inventory (improved).  We are presently sitting at 12 months of inventory, a number we haven’t seen since 2007/2008.  Last year in January, we were sitting on 17 months of inventory.

Pending ratio is up to 13.8% which was 9.6% a year ago.

Our present median sales price (based on 6 months sales) is $190,000.  2011 median was $188,000 with 79% of residential sales below $300,000.

At least 20% of 2011 sales were “distressed”.  That is, either they were in foreclosure, REO (bank-owned) or short sales.

These numbers show a show and steady recovery for our residential market.  With more absorption of our existing homes, you will gradually see new construction enter the market as builders and developers ease back in the game.  I will wager that they will carefully consider the price ranges that are actually moving and shift to more affordable products.

For my most recent report go HERE

Asheville Real Estate Report-November 2011 (Residential)

Happy November!

Does anything feel different?  As far as the real estate market goes??  No???  Me either after reading the news.  Just the usual doom & gloom.  That is, until I pulled my numbers this month.

The last time my report reflected less than 14 months of inventory was summer of 2008.  Based on the previous 6 months’ sales,  there is presently 13.9 months of inventory on market.  In May of 2009, this number was at 27.3 months.  November 2010-17.5 were were down to months of inventory.

#1-Jan 2009-Nov 2011

The Absorption (months of inventory) is derived from the relationship between active inventory on market and the number of sales (past 6 months) averaged monthly.

#2-Jan 2009-Nov 2011

The closer the lines in chart #2 get, the more balanced the market.

The pending ratio (contracts to inventory) is up to 14.3%, again due to the lower inventory and more units pended.  Presently, there are 429 residential properties under contract, up from last year’s 358.

The median price has nudged back up to $190,000.

For the report and to see the numbers in specific price ranges, go here:

11-12-11 Buncombe Co

In summary, it is slow and steady, but there is continued improvement in our housing market.

Have a wonderful Thanksgiving!

Scott

Short Term Rentals In Buncombe County-CALL TO ACTION!

When I originally posted this, it was tweeted that I was asking Realtors to attend the October Commissioners meeting, however,  this issue has little to do with “Realtors” and everything to do with the citizen who owns property in Buncombe County and his or her right to commerce generated by their personal assets.

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After 9 months of  deliberation, the Buncombe County Planning Board voted 5 to 1 on Monday to recommend vacation rentals be allowed in all county zoning districts.  Asheville Citizen Times

Since this issue may be on the Buncombe County Commissioners’ Agenda on October 4th, I highly recommend we all either show up at the meeting or email the Commissioners ahead of time to let our voices be heard.

I live in the city of Asheville and own properties in Buncombe County.

Without the option of short term rental, it is possible that our property taxes would have not gotten paid last year.

It is my opinion that issues (prevention & mitigation) should be dealt with at the lowest possible level. This should help to keep blanket encumbrances at a minimum and preserve the freedom of our citizens.

Deed restrictions should be the tool used by opposing citizens.

AGENDA

EMAIL THE COMMISSIONERS