Press release from Carolina Multiple Listing Services:
According to data from Carolina Multiple Listing Services, Inc. (CarolinaMLS), sales across the Asheville MSA fell 7.4 % in June with 665 homes sold, even as inventory continues to tighten throughout the region. Sales compared to May fell further, by 11.5%. Still, year-to-date figures show that the MSA’s sales activity during the first half of 2019 have increased by 1.1% compared to the first half of 2018.
Buyer demand, as gauged through pending sales counts, rose significantly by 26% compared to last year, and it was also up 3.5 % compared to May 2019. Since pending sales generally close some 45 to 60 days later, pending sales counts are usually a good indicator of future sales.
Prices throughout the region in June continued to rise, with the average ($345,625) and median ($290,000) sales prices increasing 7.9% and 8.0 % respectively, largely due to rising demand and diminishing supply. Month-over-month the rate of increase was smaller, with the average and median rising 2.1% and 1.8 % respectively in June when compared to prices in May.
The average list price ($393,369) rose 8.4 % compared to June 2018, but cooled a bit compared to May’s average list price, falling 5.2 %. Sellers still received 94.9 % of the original list price received, which is unchanged compared to June 2018.
Randall Blankenship, a CarolinaMLS Board of Directors member and Realtor®/broker with eVolve Realty Group/Coldwell Banker said, “The Asheville area continues to experience strong seller’s market conditions however buyers may be surprised to find small pockets of inventory increases in both Haywood and Henderson counties. Sellers need to remember that even though current conditions are very favorable to them, consulting a Realtor® to price the home for the local market is key.”
New residential listings in June rose 2.4 % compared to last year, but fell 12.3 % compared to May 2019. However, year-to-date figures show that new listings are pacing 5.7 % ahead of the first half of 2018, which nearly guarantees a stable supply of active listings for buyers this summer. Inventory across the MSA is still challenged, falling 4.2 percent in June with 2,866 homes on market. This leaves the MSA with about 4.5 months of supply at report time, compared to 4.8 months last June 2018.
Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, was unchanged in June at 61 days.
Other counties within the region with significant activity:
In Henderson County, year-over-year sales mirrored the MSA and declining sharply by 23.6 %, with 165 homes sold in June 2019 compared to 216 sold in June 2018. The average sales price of homes ($296,122) increased 6.4 %, while the median sales price (273,000) increased 7.4 % compared to May 2018. However, compared to May 2019 the average (+0.5 percent) and median (-2.5 percent) sales prices show the rate of increase is slowing.
Pending sales were up 13.4 % year-over-year, while new listings rose 2.5 % compared to last year. This indicates that Henderson’s supply of inventory, already at 4.1 months in June, should remain steady. Inventory increased 3.9 % in June. Properties in Henderson County averaged 46 days on market in June 2019 compared to 55 days last June.
June 2019 housing activity in Haywood County also contracted, falling 13.3 % compared to last June with some 98 homes sold. The market had 5.1 months of supply in June, with buyer demand, as seen through pending sales counts, up 28.4 %. The average sales price rose sharply last month by 18.9 % to $265,438, while the median sales price, a better measure of overall price in a region due to not being affected by very large or very small swings in data, rose 5.1 percent to $225,950. Compared to May, both price indices rose 9.2% and 2.7 % respectfully. Buyers will find that new listings in Haywood increased 11.4 % compared to last June, a sign of increasing seller confidence, which also helps overall supply. Properties in Haywood County averaged 96 days on market in June 2019 compared to 76 days June 2018.