Asheville Real Estate: A Blog from REALSEARCH

Asheville Real Estate Blog, Buncombe County, NC: Vacant Land Sales - September 2009

Sat, 31 Oct 2009 15:37:35 -0500

Vacant Land, Lots, and Acreage Sales- Buncombe County, NC - September 2009

Buncombe County includes the cities or areas of Asheville, Leicester, Weaverville, Black Mountain, Arden, Skyland, Candler, and Biltmore Forest.

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"

Mon, 19 Oct 2009 10:14:32 -0500

"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.

Asheville Real Estate: Buncombe County, NC - Homes in Inventory by Price Range - August 2009

Mon, 28 Sep 2009 10:54:41 -0500

August- 2009

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

Asheville Real Estate, Buncombe County, NC: Residential ACTIVE Listing Trends/Statistics - July 2009

Tue, 15 Sep 2009 15:24:57 -0500

JULY 2009

Buncombe County is the home of Asheville, NC.

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

Copyright by Don Davies©

Asheville Real Estate, Buncombe County, NC: Real Estate Market Report (Sold & Active) - July 2009

Tue, 25 Aug 2009 09:11:01 -0500

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

AR Members: Post your listings and market reports at the Group: http://activerain.com/groups/CityStateListingsReports

Asheville Real Estate Blog, Buncombe County, NC: Vacant Land Sales - July 2009

Thu, 20 Aug 2009 17:14:13 -0500

Vacant Land, Lots, and Acreage Sales- Buncombe County, NC - July 2009

Buncombe County includes the cities or areas of Asheville, Leicester, Weaverville, Black Mountain, Arden, Skyland, Candler, and Biltmore Forest.

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.

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)

Asheville Real Estate, Buncombe County, NC: Residential ACTIVE Listing Trends/Statistics - June 2009

Mon, 17 Aug 2009 10:21:32 -0500

JUNE 2009

Buncombe County is the home of Asheville, NC.

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.

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 Real Estate, Buncombe County, NC: Real Estate Market Report (Sold & Active) - June 2009

Wed, 12 Aug 2009 09:57:28 -0500

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.

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

AR Members: Post your listings and market reports at the Group: http://activerain.com/groups/CityStateListingsReports

Asheville Real Estate: Buncombe County, NC - Homes in Inventory by Price Range - July 2009

Sun, 09 Aug 2009 12:09:12 -0500

July - 2009

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.

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

Market Research Tools and Reports for Buncombe County Real Estate Professionals

Sat, 01 Aug 2009 10:23:58 -0500

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)

<SAMPLE>

PACKAGE 2 - Buncombe County Month/Year Reports - 2001 - YTD

Microsoft Excel Format - 1 File

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.

Questions and assistance - 683-3643

Asheville Real Estate Blog, Buncombe County, NC: Vacant Land Sales - June 2009

Mon, 20 Jul 2009 11:53:41 -0500

Vacant Land, Lots, and Acreage Sales- Buncombe County, NC - June 2009

Buncombe County includes the cities or areas of Asheville, Leicester, Weaverville, Black Mountain, Arden, Skyland, Candler, and Biltmore Forest.

110 parcels of vacant land have been Sold in 2009 in Buncombe County with an Average Sold Price of $98,149>, up from last month.

The first 6 months have started off with a a slower rate of sales, which is not unusual for the first 3 months of year, but by June, 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.

A breakdown of the sales for 2009 looks like this:

1 acre or under - 59 parcels have sold with an Average Sold Price of $63,639>.

1 to 2.99 acres - 32 parcels have sold with an Average Sold Price of $88,099>.

3 to 4.99 acres - 2 parcels have sold with an Average Sold Price of $147,500<.

5 to 9.99 acres - 9 parcels have sold with an Average Sold Price of $158,420>.

10 to 20 acres - 3 parcels have sold with an Average Sold Price of $338,000>.

There are currently 2359 parcels of any size on the market in the county with an Average Asking Price of $246,688<.

The Average Asking Price of the 3457> Residential Homes "for sale" in Buncombe County is $449,540<.

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)

Asheville Real Estate, Buncombe County, NC: Residential ACTIVE Listing Trends/Statistics - May 2009

Sat, 04 Jul 2009 13:42:25 -0500

MAY 2009

Buncombe County is the home of Asheville, NC.

This statement is redundant from the past reports, but: 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 5% in 2009.

For more on that story: The Asheville Citizen Times has the story at Holding Value

There has been a slight change in the market conditions compared to last month, but only slight.

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 May 2009 - Current Inventory by Price Range

Asheville Real Estate, Buncombe County, NC: Real Estate Market Report (Sold & Active) - May 2009

Thu, 02 Jul 2009 09:41:18 -0500

Asheville, Buncombe County, NC Real Estate Market Statistics - May 2009

Active and Sold - May 2009 and 2008 Comparisons

Our Active Residential Listings (Inventory) numbers are increasing and are up 2% over 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 7%. That is because of the higher priced homes taking "price reductions".

May sales had a decrease of 42% over May 2008. April 2009 showed a slight increase from the Mar 09 numbers but May was still down below normal, when normally, sales would be on the increase due to the Spring demand.

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

AR Members: Post your listings and market reports at the Group: http://activerain.com/groups/CityStateListingsReports

Asheville Real Estate Blog, Buncombe County, NC: Vacant Land Sales - May 2009

Tue, 23 Jun 2009 09:03:08 -0500

Vacant Land, Lots, and Acreage Sales- Buncombe County, NC - May 2009

Buncombe County includes the cities or areas of Asheville, Leicester, Weaverville, Black Mountain, Arden, Skyland, Candler, and Biltmore Forest.

86 parcels of vacant land have been Sold in 2009 in Buncombe County with an Average Sold Price of $86,525, up from last month.

The first 5 months have started off with a a slower rate of sales, which is not unusual for the first 3 months of year, but by May sales should be increasing at a faster pace than we are currently experiencing. This would indicate that investors, builders and speculators are waiting for the market to stabilize and to plan for the future growth of the area.

There is not a great deal of activity to report over the winter months, but a breakdown of the sales for 2009 looks like this:

1 acre or under - 47 parcels have sold with an Average Sold Price of $59,442>.

1 to 2.99 acres - 25 parcels have sold with an Average Sold Price of $65,890<.

3 to 4.99 acres - 1 parcels have sold with an Average Sold Price of $240,000>.

5 to 9.99 acres - 7 parcels have sold with an Average Sold Price of $131,025>.

10 to 20 acres - 2 parcels have sold with an Average Sold Price of $176,000>.

There are currently 2359 parcels of any size on the market in the county with an Average Asking Price of $251,403<.

The Average Asking Price of the 3417 Residential Homes "for sale" in Buncombe County is $452,260<.

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 $149,000. Will also trade up or down. Underground utilities/DSL/phone and is ready to build on. Broker/Owner)

Asheville Real Estate: Buncombe County, NC - Homes in Inventory by Price Range - May 2009

Thu, 11 Jun 2009 14:47:27 -0500

MAY - 2009

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.

Five months into year, it was obvious that Asheville was not experiencing a "healthy" market. In 2008, Asheville and Buncombe County were continuing to hold steady at about 14 months supply, on average.

As indicated below, we have 3.83 times more homes on the market than what a "healthy" market should have.

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 May inventory numbers are still climbing.

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. May sales have increased slightly.

Residential Properties = Single Family Homes, Condos, Townhouses & Mobiles on Owned Land

Asheville Real Estate, Buncombe County, NC: Residential ACTIVE Listing Trends/Statistics - April 2009

Mon, 01 Jun 2009 08:54:03 -0500

APRIL 2009

Buncombe County is the home of Asheville, NC.

For more on that story: The Asheville Citizen Times has the story at Holding Value

The Active listings inventory normally increase this time of year as expected. What we haven't needed is an EXCESS in the inventory numbers, which is beginning to develop. High inventory numbers will most likely mean prices must go lower, on average, in order to clear out any excess.

There has been a slight change in the market conditions compared to last month, but only slight.

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 April 2009 - Current Inventory by Price Range

Asheville Real Estate, Buncombe County, NC: Real Estate Market Report (Sold & Active) - April 2009

Thu, 21 May 2009 10:21:38 -0500

Asheville, Buncombe County, NC Real Estate Market Statistics - April 2009

Active and Sold - April 2009 and 2008 Comparisons

Our Active Residential Listings (Inventory) numbers are increasing and are up 4% over 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 because of the higher priced homes taking "price reductions".

April had a decrease of 42% over April 2008. March 2009 showed a slight increase from the Feb 09 numbers but April was still down, where normally, sales would be on the increase.

That is the real problem we still face, the SOLD numbers are down for the year to date. This month the SOLD prices had a jump of 2% over the April 2008 Sold Prices. 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

AR Members: Post your listings and market reports at the Group: http://activerain.com/groups/CityStateListingsReports

Asheville Real Estate Blog, Buncombe County, NC: Vacant Land Sales - April 2009

Thu, 14 May 2009 10:00:25 -0500

Vacant Land, Lots, and Acreage Sales- Buncombe County, NC - April 2009

Buncombe County includes the cities or areas of Asheville, Leicester, Weaverville, Black Mountain, Arden, Skyland, Candler, and Biltmore Forest.

60 parcels of vacant land have been Sold in 2009 in Buncombe County with an Average Sold Price of $71,311, up from last month.

The first 4 months have started off with a a slower rate of sales, which is not unusual for the time of year. This would indicate that investors, builders and speculators are waiting for the market to stabilize and to plan for the future growth of the area.

There is not a great deal of activity to report over the winter months, but a breakdown of the sales for 2009 looks like this:

1 acre or under - 35 parcels have sold with an Average Sold Price of $55,398>.

1 to 2.99 acres - 17 parcels have sold with an Average Sold Price of $67,832>.

3 to 4.99 acres - 0 parcels have sold with an Average Sold Price of $0.

5 to 9.99 acres - 5 parcels have sold with an Average Sold Price of $113,450>.

10 to 20 acres - 0 parcels have sold with an Average Sold Price of $0.

There are currently 2322 parcels of any size on the market in the county with an Average Asking Price of $253,415<.

The Average Asking Price of the 3377 Residential Homes "for sale" in Buncombe County is $455,276>.

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 $149,000. Will also trade up or down. Underground utilities/DSL/phone and is ready to build on. Broker/Owner)

Asheville Real Estate, Buncombe County, NC: Residential ACTIVE Listings Trends/Statistics - March 2009

Mon, 27 Apr 2009 09:05:07 -0500

MARCH 2009

Buncombe County is the home of Asheville, NC.

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.

The Active listings inventory normally increase this time of year as expected. What we don't need is an EXCESS in the inventory numbers, which is beginning to develop. High inventory numbers will most likely mean prices must be lower, on average, in order to clear out any excess.

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 has historically been immune from the negative real estate trends that the rest of the country has been experiencing, but we, along with the rest of the country, are showing signs of an anemic market, at least as far as home sales over the $275,000 mark.

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 March 2009 - Current Inventory by Price Range

Asheville Real Estate: Buncombe County, NC - Homes in Inventory by Price Range - March 2009

Tue, 21 Apr 2009 09:52:30 -0500

MARCH - 2009

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?

As we began the new year, it was obvious that Asheville was not experiencing a "healthy" market. In 2008, Asheville and Buncombe County were continuing to hold steady at about 14 months supply, on average.

As indicated below, we have 2.99 times more homes on the market than what a "healthly" market should have.

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 March inventory numbers have begun to creep upward.

The question is....where are the buyers? January 2009 looks like it will produce the lowest number of units sold in over 12 years. March sales have increase slightly.

Residential Properties = Single Family Homes, Condos, Townhouses & Mobiles on Owned Land

Asheville Real Estate, Buncombe County, NC: Real Estate Market Report (Sold & Active) - March 2009

Mon, 20 Apr 2009 09:22:13 -0500

Asheville, Buncombe County, NC Real Estate Market Statistics - March 2009

Active and Sold - March 2009 and 2008 Comparisons

Our Active Residential Listings numbers have increased slightly over this same time last year.

The Average Asking Price had a very slight decrease (1%), thus remained about the same, yet the Median Asking Price has decreased 5%. That is because of the higher priced homes taking "price reductions".

We faced, in February 09, the lowest number of homes sold in a month in over 8 years! It was a decrease of 32% over February 2008. March 2009 showed a slight increase from the Feb 09 numbers but was still down 26% from March of 2008.

That is the real problem we still face, the SOLD numbers are down. This month the SOLD prices had a jump of 4% over the March 2008 Sold Prices. 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.

Also 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

AR Members: Post your listings and market reports at the Group: http://activerain.com/groups/CityStateListingsReports

Asheville Real Estate Blog, Buncombe County, NC: Vacant Land Sales - March 2009

Sun, 19 Apr 2009 12:54:08 -0500

Vacant Land, Lots, and Acreage Sales- Buncombe County, NC - March 2009

Buncombe County includes the cities or areas of Asheville, Leicester, Weaverville, Black Mountain, Arden, Skyland, Candler, and Biltmore Forest.

47 parcels of vacant land have been Sold in 2009 in Buncombe County with an Average Sold Price of $65,709.

The first 3 months have started off with at a slower rate of sales, which is not unusual. This would indicate that investors, builders and speculators are waiting for the market to stabilize.

There is not a great deal of activity to report over the winter months, but a breakdown of the sales for 2009 looks like this:

1 acre or under - 30 parcels sold with an Average Sold Price of $47,197.

1 to 2.99 acres - 10 parcels sold with an Average Sold Price of $65,894.

3 to 4.99 acres - 0 parcels sold with an Average Sold Price of $0.

5 to 9.99 acres - 4 parcels sold with an Average Sold Price of $55,175.

10 to 20 acres - 0 parcels were sold with an Average Sold Price of $0.

There are currently 2285 parcels of any size on the market in the county with an Average Asking Price of $261,109.

The Average Asking Price of the 3190 Residential Homes "for sale" in Buncombe County is $452,867.

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 $149,000. Will also trade up or down. Underground utilities/DSL/phone and is ready to build on. Broker/Owner)

Asheville Real Estate: Buncombe County, NC - Homes in Inventory by Price Range - February 2009

Thu, 26 Mar 2009 15:07:30 -0500

FEBRUARY - 2009

January and February are not the best months to evaluate the supply/inventory situation and define the number of months supply there is based on the sales so far for the new year, but, 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?

The winter is the normal slow-down time of year and inventory is normally reduced because some sellers do not want to have lookers go through the house in winter weather or can wait until the spring season when sales normally pick up.

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 February inventory numbers have begun to creep upward.

The real 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.

The question is....where are the buyers? January 2009 looks like it will produce the lowest number of units sold in over 12 years. February sales have increase slightly.

Residential Properties = Single Family Homes, Condos, Townhouses & Mobiles on Owned Land

Asheville Real Esate, Buncombe County, NC: Real Estate Market Report (Sold & Active) - February 2009

Wed, 25 Mar 2009 16:39:10 -0500

Asheville, Buncombe County, NC Real Estate Market Statistics - February 2009

Active and Sold - February 2009 and 2008 Comparisons

Our Active Residential Listings numbers have stayed equal to this same time last year.

The Average Asking Price had a very slight decrease, thus remained about the same yet the Median Asking Price has decreased 3%.

We faced in February 09 the lowest number of homes sold in a month in over 8 years! It was a decrease of 32% over February 2008.

That is the real problem we still face, the SOLD numbers are down. This month the SOLD prices decreased significantly from February 2008. 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.

Also 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

AR Members: Post your listings and market reports at the Group: http://activerain.com/groups/CityStateListingsReports

Asheville Board of Realtors Funds Frozen in Stanford Group Mess - Warning

Tue, 03 Mar 2009 10:30:07 -0600

The Asheville Board of Realtors has just voted on a controversial new building purchase in the amount of $2.2 million. Now our funds have been frozen by the government.

The decision to buy a new building was controversial because we have over 1200 members and the only way we could vote was to attend a called "special" meeting with only 7 days notice from the Directors. There was little time for group discussion. The Directors had already made up their minds to move forward, even though the markets are suffering, agents are not renewing Board memberships, and the economy is in the pits.

Many members that were opposed could not attend for various reasons. Some were out of town, or had other conflicts......like maybe trying to make a living. Many contacted our CEO, David West and our President Kimberly Evans to request the ability to have a proxy vote. That was denied. They were told the only way their vote would count was to be present.

Now, any thinking and caring member of such an organization knows there is no way a true majority of members can attend a meeting to decide the fate of our investments large or small. This will be no small investment.

It was voted in by 239 to 100. The 239 have decided the fate of 1280 members and have committed to spend the $2.2 million even though there was some concern about the safety of our funds.

After the vote, we receive this news from our Treasurer: Our Funds Are Frozen In The Stanford Group Fiasco!

Dear Members,

Over the past week there have been some questions concerning the ABR investments that are held locally with the Stanford Group. If you have been watching or reading the media you already know that the international banking division of Stanford has been under scrutiny from the SEC and the Federal Government. Our assets are not held in this division of Stanford Financial.

On Wednesday of this week the finance committee at the Board of Realtors had the opportunity to sit down with our advisors at The Stanford Group and converse with them at length about the status of our investments with relation to the company in general. Our assets are being held with The Pershing Group and are under advisement with Stanford. We were assured that our investments are not subject to any of the current investigations from the SEC, however as a precaution the trustee in charge of investigating these allegations has temporarily frozen all assets being held by or under the advisement of the Stanford Group.

We enjoy a custodial relationship with the Pershing Group who works with Stanford on our assets and because of this relationship we have been assured that all assets will be released soon. When those assets are released the purchase of the new building will move forward and we will move our assets to a new investment company for advisement. If you would like to e-mail me you can at this e-mail address jasoningle@abr-nc.com and I will answer any questions that I can.

Regards,

Jason Ingle

Treasurer-Asheville Board of Realtors

Maybe you should question your Directors to make sure they have not had any of the funds caught up in this situation also, whether your Board is going to make a large investment or not.