3rd Quarter 2010 Asheville and Buncombe County Real Estate Market Analysis
This local real estate market report compares the 1st through 3rd quarters of 2010 to the 1st through 3rd quarters of 2004 to 2009. It also examines real estate activity over the last 18 months. In addition, we have added a section on green homes at the end of this report!
The Asheville and Buncombe County real estate market is feeling the effects of the expiration of the Federal First Time Home Buyers Tax Credit, which expired at the end of the second quarter, 2010. The number of homes sales in the third quarter of 2010 was lower than they were in the second quarter. That was to be expected, since home buyers were intentionally purchasing homes in the second quarter to take advantage of the federal tax credit. The rush to purchase homes in the second quarter created an artificially stimulated demand, which took some of the home sales activity away from what would have normally occurred in the third quarter. However, averaging out the home sales activity for the year, home sales in the first through third quarters of 2010 increased by 1.5% in Asheville and increased by 9.7% in Buncombe County compared to the first through third quarters of 2009.
The average sales prices have been variable in Asheville and Buncombe County over the last 12 months, ranging from $210,000 to $310,000.
The Average Price per Square Foot of homes in most sales price categories declined between 2009 and 2010, indicating a broad depreciation of home values over all price sectors.
The average Days on Market (DOM) increased in the third quarter of 2010 to 163 DOM in Asheville and 152 days in Buncombe County.
There is still a high inventory of homes in Asheville and Buncombe County, especially in the upper price ranges. A balanced and healthy market has inventory levels of 6 months, and every price segment in Asheville and Buncombe County has inventory levels over 6 months. In short, it is still a Buyer’s Market.
For more details (lots of graphs and charts!), go to the report website: http://www.mymosaicrealty.com/sites/mymosaicrealty.com/files/3rd_Quarter_2010_Market_Analysis%20_Final_0.pdf.Read the full article