Vacant Land, Lots, and Acreage Sales- Buncombe County, NC - September 2009
Buncombe County includes the cities or areas of Asheville, Leicester, Weaverville, BlackMountain, Arden, Skyland, Candler, and BiltmoreForest.
198 parcels of vacant land have been Sold in 2009 in Buncombe County with an Average Sold Price of $106,286<, down a bit from last month.
The first 8 months have started off with a a slower rate of sales, but the October sales should be increasing at a faster pace than we are currently experiencing. This would indicate that investors, builders and speculators are still waiting for the markets to stabilize and to plan for the future growth of the area.
Of course, the risk of waiting to purchase is that once the Asheville market heats up, which it will, the prices on land will increase at a rapid pace because buyers wanting new homes will have a limited supply. Land is irreplaceable and limited and every parcel offers something unique. It rarely depreciates, unlike buildings sitting on the land.
A breakdown of the sales for 2009 looks like this:
1 acre or under - 107 parcels have sold with an Average Sold Price of $67,714>.
1 to 2.99 acres - 55 parcels have sold with an Average Sold Price of $94,535<.
3 to 4.99 acres - 4 parcels have sold with an Average Sold Price of $120,417<.
5 to 9.99 acres - 15 parcels have sold with an Average Sold Price of $132,763<.
10 to 20 acres -10 parcels have sold with an Average Sold Price of $241,040<.
There are currently 2392 parcels of any size on the market in the county with an Average Asking Price of $236,501<.
The Average Asking Price of the 3460> Residential Homes "for sale" in Buncombe County is $435,073<.
It is fairly obvious that the limited availability and high cost of vacant land has a great affect on the overall cost of homes in our area.
(The above 3.06 acre lot next to new house in Leicester, NC can be purchased for $138,000. Will also trade up or down. Underground utilities/DSL/phone and is ready to build on. Broker/Owner)
"If ever there's a field ripe to be made obsolete by technology, it's real-estate brokerage. There is no objective reason for real-estate agents to exist these days. Buyers and sellers can easily find one another online, and thanks to the endless data capabilities of the Internet, anything you need to know is readily available. From the comfort of your easy chair, you can take a video tour of a home, use Google maps to walk around its neighborhood, check crime statistics for the area, find out what the house next door sold for, etc. At this point, the most useful skill an agent brings to the table is knowing how to open the little lockbox where the key to an available home is secured. Yes, it's an important task - then again, so was operating a telephone switchboard. When was the last time you talked to a phone operator?"
Quote from G.D.Gearino from the October 2009 issue of BUSINESS North Carolina magazine "The realities of realty" For his complete insight, I suggest you read the entire article.
That is the perspective of a consumer of Realtor services. He is also an influential author/commentator in a prominent, well respected business magazine designed especially to inform citizens and fellow business folks of North Carolina about what is happening in the business world in all regions of the state of North Carolina.
After being in the real estate business full time as my career since 1984, I am sorry to say, unfortunately, his comments are becoming all too common, and if we don't change our ways, I AGREE WITH Mr. Gearino. It may already be too late!
Allowing, and, in fact, encouraging buyers (really not yet clients, but "prospects") to drive-by properties requires no skill at all. We're not needed or respected for this. Most listings can be discovered by Internet searches, with directions included. This empowers them to feel as if they can do this entire process on their own.
By not fully establishing our business relationship by confirming the role between the buyer/seller and us, as their representative, we show the public there is no real reason to be loyal. Without written agency agreements, we are not needed. They do not see us playing a role in their future. Too many to choose from and the turnover may eliminate us anyway.
Real estate sales is a serious business which requires special skills and demands more than part-time participation. Moonlighting is not well respected among our peers or the consumers that might use our services.
Neglecting to ask detailed questions leads to misunderstanding and, many times, leads to a great waste of time by missing important information that the buyers and sellers find important. It is not wise to learn everything on the fly.
Allowing the seller to set the price without in-depth market analysis and purposeful guidance builds mistrust and gives them the freedom to move on to the next agent at renewal time.
Only about 13 percent of all properties listed are also sold by the same listing agent. Not informing the seller of that fact, by explaining how buyers are brought to the table by openly distributing the listing information, leaves the seller feeling neglected by the listing agent because they are not the ones bringing by the buyers/prospects.
Feedback may seem to be a waste of time to many agents, but to the clients, it means a great deal, even if there is NOTHING to report. Too many agents feel the clients don't need to hear from them. Many agents are too fearful of contacting the client, if they have negative feedback or none at all. No feedback builds angst and doubt with many clients.
We gain nothing by telling our clients what we think they "want" to hear and avoid uncomfortable discussions! We can only produce professionalism by telling them pertinent facts and giving them information they need to know, even if it is distressing, to bring about the results they deserve.
Too many of us give the impression to the sellers and buyers that we are mostly interested in COMMISSIONS, not giving great, skillful service. Too many sellers and buyers believe we do not truly have their best interests placed FIRST.
Very few of us are UNIQUE in our advertising programs. Anybody can do a EFlyer or Postlets brochure without flair. The consumers have learned that it only requires minor typing skills and a "fill-in-the-blanks" aptitude to put something on-line. They want more from us.
Allowing drive-bys, not returning phone calls immediately, not providing feedback (of any nature), not being creative with our advertising, not doing in-depth market research before taking a listing, not insisting that you are the professional and requiring our client to follow our guidance, being too arrogant to recognize the needs of our clients, all will result in our obsolescence. There's more, you just have to recall some of your personal experiences with fellow agents.
There is a reason the consumers are writing negative stories about us and turn-over is so high in our business. Give it some thought. Maybe you will be one of those that makes a difference.
To have some idea of the health of the market, you must compare the current inventory to the number of sales that has taken place to project the actual number of months supply of homes.
The redundant question is: What is a Healthy Real Estate Market?
Rule of Thumb: That is not always an easy question to answer, but usually, inventory of unsold homes available should not equal more than a 5 to 7 month supply.Asking prices and inventory seem to set the theme.
More than halfway through the year, it is obvious that Asheville is not yet experiencing the "healthy" market we had 2 years ago. In 2008, Asheville and Buncombe County were continuing to hold steady at about 14 months supply, on average. So far, in 2009, the average is over a 20 month supply.
As indicated below, we have 2.93 times more homes on the market than what a "healthy" market should have. This is a positive decline since May but a negative compared to August 2008.
In Asheville, we are still continuing to see a slow, but small, reduction in home prices, as the inventory sits at the top of recent high numbers, and the July inventory numbers are moderating.
There has been an increase in the number of properties offered under the "short sale" concept, which is where the mortgage holder agrees to let the owner attempt to sell the house for less than what is actually owed, so as to prevent a foreclosure. Many banks are allowing the owners to stay in their homes for extended periods to see if a buyer will buy before a foreclosure takes place.
The ongoing area of concern continues to be about the homes over $400,000. The worrisome market is the homes at or over $1 million. The number of sales per month compared to the existing inventory suggests a rather long term for that inventory to either shrink or see prices drop by large percentages.
Sales of homes under $285,000 seem to be stable with only a small excess in inventory. This would indicate that the "average" buyer has plenty of homes to choose from and most of them are at fair market value.
The question is....where are the buyers? January 2009 looks like it will produce the lowest number of units sold in a month in over 12 years. August sales have been below 2008.
Residential Properties = Single Family Homes, Condos, Townhouses & Mobiles on Owned Land
In 2008 and 2009, Buncombe County and the surrounding areas of Asheville, Leicester, Black Mountain, Biltmore Forest, and Arden, like the rest of the country, have been experiencing many of the trends that have kept the real estate markets unsettled, higher than normal inventory and lower number of units sold. However, unlike most of the country, our prices have basically held fairly firm, with only a modest drop of about 3.4% in 2009 over the Average Asking Price of $465,018 in 2008.
For more on that story: The Asheville Citizen Times has the story at Holding Value
The Active listings inventory normally begins to peak this time of year as expected. An EXCESS in the inventory numbers, which is beginning to develop, is not desirable. High inventory numbers will most likely mean prices must go lower, on average, in order to clear out any excess. June peaked at the highest number of units available, so far in 2009.
There has been a slight change in the market conditions compared to last month, but only slight.
Until mid-summer of 2008 the Asheville area had historically been immune from the negative real estate trends that the rest of the country had been experiencing, but we, along with the rest of the country, are showing signs of an anemic market, at least as far as the number of home sales over the $275,000 mark.
This story is the same as last several months, but the Asheville area has continued to see a dramatic slow-down of Sold homes, a moderately fluctuating inventory, and a noticeable drop in "pending" listings. There is a noticeable increase in homes on the market that are pre-foreclosure and many that are "short sale" candidates, both negatively affecting the market.
The record number of Active Listings in Buncombe County is 3,493 which was set in September, 2008.
The trend indicator below is for the current month compared to last month.
Residential Properties = Single Family Homes, Condos, Townhouses & Mobiles on Owned Land
BUNCOMBE COUNTY July 2009 - Current Inventory by Price Range
Asheville, Buncombe County, NC Real Estate Market Statistics - July 2009
Active and Sold - July 2009 and 2008 Comparisons
Our Active Residential Listings (Inventory) numbers are still close to the "peak" and only had a very slight increase over July of last year.
The Average Asking Price had a decrease (3%), which the slower market influenced, and the Median Asking Price has decreased 5%. That is mostly because of the higher priced homes taking "price reductions".
July sales had a decrease of 10% over July 2008. This is normally the time of year when sales should be increasing.
The Average Sold Price had a decrease (8%) compared to July 2008 and the Median Sold Price had a decrease (11%) compared to July 2008.
That is the real problem we still face, the SOLD numbers are down for the year to date. As you can see by the chart below, we have been down significantly on our SOLD numbers and that has been the case all of the last 12 months, yet our inventory has remained flat, but on the high side.
The number of Days on Market is at the highest levels in over 5 years for both Active and Sold listings.
Residential Properties = Single Family Homes, Condos, Townhouses & Mobiles on Owned Land
Vacant Land, Lots, and Acreage Sales- Buncombe County, NC - July 2009
Buncombe County includes the cities or areas of Asheville, Leicester, Weaverville, BlackMountain, Arden, Skyland, Candler, and BiltmoreForest.
140 parcels of vacant land have been Sold in 2009 in Buncombe County with an Average Sold Price of $112,464>, up from last month.
The first 7 months have started off with a a slower rate of sales, but by July, sales should be increasing at a faster pace than we are currently experiencing. This would indicate that investors, builders and speculators are still waiting for the market to stabilize and to plan for the future growth of the area.
Of course, the risk of waiting to purchase is that once the Asheville market heats up, which it will, the prices on land will increase at a rapid pace because buyers wanting new homes will have a limited supply. Land is irreplaceable and limited and every parcel offers something unique. It rarely depreciates, unlike buildings sitting on the land.
A breakdown of the sales for 2009 looks like this:
1 acre or under - 74 parcels have sold with an Average Sold Price of $65,366>.
1 to 2.99 acres - 40 parcels have sold with an Average Sold Price of $101,621>.
3 to 4.99 acres - 4 parcels have sold with an Average Sold Price of $120,417<.
5 to 9.99 acres - 10 parcels have sold with an Average Sold Price of $139,433<.
10 to 20 acres -5 parcels have sold with an Average Sold Price of $289,817<.
There are currently 2330 parcels of any size on the market in the county with an Average Asking Price of $241,581<.
The Average Asking Price of the 3434< Residential Homes "for sale" in Buncombe County is $453,961>.
It is fairly obvious that the limited availability and high cost of vacant land has a great affect on the overall cost of homes in our area.
(The above 3.06 acre lot next to new house in Leicester, NC can be purchased for $140,000. Will also trade up or down. Underground utilities/DSL/phone and is ready to build on. Broker/Owner)
In 2008 and 2009, Buncombe County and the surrounding areas of Asheville, Leicester, Black Mountain, Biltmore Forest, and Arden, like the rest of the country, have been experiencing many of the trends that have kept the real estate markets unsettled, higher than normal inventory and lower number of units sold. However, unlike most of the country, our prices have basically held fairly firm, with only a modest drop of about 3% in 2009 over the average asking price of $465,018 in 2008.
For more on that story: The Asheville Citizen Times has the story at Holding Value
The Active listings inventory normally increases this time of year as expected. An EXCESS in the inventory numbers, which is beginning to develop, is not desirable. High inventory numbers will most likely mean prices must go lower, on average, in order to clear out any excess. June has peaked at the highest number of units available so far in 2009.
There has been a slight change in the market conditions compared to last month, but only slight.
Until mid-summer of 2008 the Asheville area had historically been immune from the negative real estate trends that the rest of the country had been experiencing, but we, along with the rest of the country, are showing signs of an anemic market, at least as far as the number of home sales over the $275,000 mark.
This story is the same as last several months, but the Asheville area has continued to see a dramatic slow-down of Sold homes, a moderately fluctuating inventory, and a noticeable drop in "pending" listings. There is a noticeable increase in homes on the market that are pre-foreclosure and many that are "short sale" candidates, both negatively affecting the market.
The record number of Active Listings in Buncombe County is 3,493 which was set in September, 2008.
The trend indicator below is for the current month compared to last month.
Residential Properties = Single Family Homes, Condos, Townhouses & Mobiles on Owned Land
BUNCOMBE COUNTY June 2009 - Current Inventory by Price Range
Asheville, Buncombe County, NC Real Estate Market Statistics - June 2009
Active and Sold - June 2009 and 2008 Comparisons
Our Active Residential Listings (Inventory) numbers have been leveling off and actually had a slight decrease form this same time last year.
The Average Asking Price had a decrease (4%), which the slower market influenced, and the Median Asking Price has decreased 5%. That is mostly because of the higher priced homes taking "price reductions".
June sales had a decrease of 11% over June 2008. This is normally the time of year when sales would be increasing.
That is the real problem we still face, the SOLD numbers are down for the year to date. As you can see by the chart below, we have been down significantly on our SOLD numbers and that has been the case all of the last 12 months, yet our inventory has remained flat, but on the high side.
The number of Days on Market is at the highest levels in over 5 years for both Active and Sold listings.
Residential Properties = Single Family Homes, Condos, Townhouses & Mobiles on Owned Land
To have some idea of the health of the market, you must compare the current inventory to the number of sales that has taken place to project the actual number of months supply of homes.
The repetitive question is: What is a Healthy Real Estate Market?
That is not always an easy question to answer, but usually, inventory of unsold homes available should not equal more than a 5 to 7 month supply.Asking prices and inventory seem to set the theme.
Half way through the year, it is obvious that Asheville is not yet experiencing the "healthy" market we had 2 years ago. In 2008, Asheville and Buncombe County were continuing to hold steady at about 14 months supply, on average. So far, in 2009, the average is over a 20 month supply.
As indicated below, we have 2.44 times more homes on the market than what a "healthy" market should have. This is a positive decline since May.
In Asheville, we are still continuing to see a slow, but small, reduction in home prices, as the inventory sits at the top of recent high numbers, and the July inventory numbers are moderating.
There has been an increase in the number of properties offered under the "short sale" concept, which is where the mortgage holder agrees to let the owner attempt to sell the house for less than what is actually owed, so as to prevent a foreclosure. Many banks are allowing the owners to stay in their homes for extended periods to see if a buyer will buy before a foreclosure takes place.
The ongoing area of concern continues to be about the homes over $400,000. The worrisome market is the homes at or over $1 million. The number of sales per month compared to the existing inventory suggests a rather long term for that inventory to either shrink or see prices drop by large percentages.
Sales of homes under $285,000 seem to be stable with only a small excess in inventory. This would indicate that the "average" buyer has plenty of homes to choose from and most of them are at fair market value.
The question is....where are the buyers? January 2009 looks like it will produce the lowest number of units sold in a month in over 12 years. July sales have increased slightly.
Residential Properties = Single Family Homes, Condos, Townhouses & Mobiles on Owned Land
Since you have visited here to review the tools that you have read about, please take a few minutes to review the 3 Packages available and what they offer. Data collected for years gives a much clearer picture of the trends occurring in the market.
You may find that only one package is all you need. You may find all 3 packages will work better for your needs. Each Package offers something different as it applies to the Buncombe County Real Estate Market.
Ordering instructions at the bottom of this page.
PACKAGE 1 - Buncombe County Quarterly Review 2005 to YTD
Microsoft Word Document File Format - 5 files - (1 for each year - 2005 through YTD 2009)
Quarterly breakdown of Trends in the County and by definitive areas/locations of the County
This is the exact form, as published in The Asheville Citizen Times, you will receive for each Quarter
$35 for any year (4 quarterly reports)
or
$25 per year for 2 or more years
or
$100 for all Reports for 2005 to YTD
Updates - $25 per Quarter for current year (if requested)
Month by month at a glance in any year from 2001 to YTD with every category with data and charted
Averages and Totals - Month by Month and Year by Year
Separate page of DOM charts with Trend indicator
$100
$15 PER MONTH FOR UPDATES (if requested)
PACKAGE 3 - Buncombe County - Weekly/Monthly - Active/Sold Listings Data
Microsoft Excel Format - 4 files
Monthly Number Units Sold and New Home Sales #s - 2001-YTD
Monthly Report on New Listings, Pendings, Expired and Sold - 2006 - YTD
Weekly Active Listing Activity, Computation of Weekly Average Asking/Median Prices, Sales # comparison Year Over Year and Percentage difference - 2007 to YTD
Number of Active and Sold Listings by Price Ranges with Averages - 2008 to YTD
$125
$20 PER MONTH FOR UPDATES (if requested)
For Brokers Only: SPECIAL OFFER on Package 2 and Package 3
Both packages (2 & 3), when purchased separately as described above, arrive in a "Protected" format, which means you cannot manipulate, add to, change the layout, or copy a small section, etc. and in order to receive updates there is a monthly fee. If you would like to compile the data personally after receiving the base data and have the flexibility to make changes and share the files with your associates in the flexible format, without a monthly fee, here is the other option (you must have access to the North Carolina Mountains MLS):
$400
You will receive all the files (data and charts) of both Packages 2 & 3, up-to-date, in an "un-protected" format so that you can retrieve the data at your convenience
One person will receive 2 hours of instruction
If necessary, then for each hour required to continue instruction there is a $50 per hour fee
There is also a flat fee charge of $50 per Broker/Salesperson attached to your office since this will be an "open file format" which can be shared
PS: Please keep in mind the above Samples do not contain accurate data for public knowledge.
The actual reports have been compiled from the North Carolina Mountains MLS and do not represent any "for sale by owner" activity and therefore, do not represent all real estate activity in the market.
TO ORDER: Please send me an email to make the request for the Package or Packages you wish to receive. Payment to POB 554 Leicester, NC 28748 by check only. The files will be attached to my return email.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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Buncombe County is the home of Asheville, NC.
Active and Sold - July 2009 and 2008 Comparisons
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