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.

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.

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)

Copyright by Don Davies©