Blog :: 04-2020

April 25 2020 Weekly Real Estate Update

How real estate is currently doing depends on where you look and what you are looking for.

The Asheville Region report includes Burke, Buncombe, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania, Yancey counties. Comprised of single-family properties, townhomes and condominiums combined.  Quick facts are computer generated from Canopy MLS.

Quick Facts:

• New Listings decreased 50.9% to 202

• Pending Sales decreased 37.7% to 160

• Inventory decreased 20.8% to 3,789

For the month of March:

• Median Sales Price increased 5.5% to $265,750

• List to Close decreased 0.7% to 136

• Percent of Original List Price Received decreased 0.4% to 93.6%

• Months Supply of Homes for Sale decreased 25.9% to 4.0

Looking at these stats can be confusing and frustrating. Combining rural counties with Asheville metro really skew the numbers.  Now more than ever it is important to compare apples to apples.  Keeping to the chart we used last week, let’s see what is happening in Buncombe county residential single home market.

 

THIS WEEK                                      LAST WEEK

NEW LISTINGS

 

68

NEW LISTINGS

 

63

UNDER CONTRACT

76

UNDER CONTRACT

 

78

CLOSED

 

28

CLOSED

 

51

WITHDRAWN

 

24

WITHDRAWN

 

18

 

When you look at the actual numbers rather than percentages, and compare last week to this week very little has changed in the new listing area.  Majority of the new listing are still in the $300,000 and are the majority of those that have gone under contract and those that have closed.  

Deciding a list price is based on the current market conditions.  Right now sellers are not lowering prices and while loans are still easy to get the housing supply in our area is still very limited.

The glaring difference this week is the number of closings.  This is where the Covid 19 stay at home rules are starting to show up.  Closing are still taking 30-45 days to close. So there defiantly was a slow down of buyers looking at houses and making offers during the time period Buncombe county stated the Realtors were non essential workers.  I expect this trend to be the same next week.   We will be more able to determine what is happening in the current market by mid May, when buyers have been able to physically view homes and make offers and moved to the closing table.

So what does this all mean for now?  Buncombe county has a major housing shortage.  The median house price is climbing to the mid $300K.  List prices are not dropping and as long as the seller does not have to sell it is still a seller market in our area.  Cash may start to be king for houses above $700K but as long as loans are still available anything under $400K is still closing close to list price.

For those of you who prefer a visual audio version visit Love The Green YouTube channel

If you would like pdfs with more stars just email me mary@lovethegreen.org .

 

April 17 2020 Weekly Real Estate Update

Buncombe County declared Realtors essential workers last week.  For the week of Ap. 10-17 2020 there was definitely more showing actions.  We will know next week if these showings will become pending with next weeks stats.  (Remember, our stats are based on the past week.)   I wanted to compare this week to the same time last year to see if there has been any real impact in our local real estate market. This week the stats are only for Buncombe County and single-family residential homes.  I created a table and chart using our regional MLS statics.  Be sure to look at charts and table to get an idea of what I’m talking about.

For this week I thought it would be interesting to compare the same week last year.  Amazingly there were an increase in new active listings for the 2020. The majority were in the price points between the $300K-$500K.  I think the large amount in one week was because sellers held off for a few weeks when the first Covid-19 restrictions were established. Now that buyers can actually see the house sellers are ready to list.  This is also probably true for listing that went under contract. Many buyers had seen a house online or had viewed it once and wanted to go back before making the offer.  Most of the houses that went under contract this week were in the $300K.  Withdraws were about the same in number between 2020 and 2019. The unusual part is that this week the majority of the listing that were withdrawn were in the $200K.

The very big difference was closing.  Only 24 this week and 77 last year!  This is the results of the “stay at home” restrictions.  Buyers who were looking and are not currently looking have put the search on hold. Again we see the average sales price being in the $300K.

I expect the next 30 days will show similar results with the closing being low but new listings and under contract continuing to be steady. What happens the next 30 days will affect our real estate market for the summer session.  It really is a wait and see.

Right now sellers are not ready to lower their price unless it is a hardship sale.  Cash is good but not king if buyers are still looking for a 30 day close.   Cash and fast close, 15 days or less is what sellers really want and if you can do that, then a buyer might get a very good deal.

Be sure to view Love The Green YouTube site for a verbal presentation.  

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Stay safe and be kind to yourself and others.

WEEKLY MARKET UPDATE ASHEVILLE REGION MARCH 8 2020

 We are all adjusting to the demands and uncertainty of Covid 19.  At this moment the best we can do is live one day at a time and be kind to everyone.   I am a stat junkie. I like to review past trends to predict future ones.  However, since there has never been anything in our lifetime like this, looking at the past data is mainly for information.  So with that in mind, I wanted to share what has been going on in the real estate market in our area. 

On March 26, 2020 Buncombe County issued a Stay Home Stay Safe Declaration that was stricter for Realtors than the state mandate.  During this time period Realtors are not allowed to physically show the property to buyers. Virtual showings have become the new normal.  The fact that a buyer can not physically view a property will have an impact on pending sales, new listings, and closed sales if the mandate continues. 

These stats are for last week (since it takes 30-45 days to close. Real Estate stats are taken from past week and past month.)

• New Listings decreased 28.9% to 244

• Pending Sales decreased 32.4% to 167

• Inventory decreased 18.2% to 3,782

Now while this shows there is a slow down, when compared to last year this same time, overall the numbers are better than last year.  Our market was set to sky rocket at the beginning of March.

We don't know how long our #staysafestayhome orders will last so predictions are just that.  However, one thing that is assured for at least the next few weeks. Cash is king. A cash deal with fast close will be what most sellers are looking for.  So it is possible that some great buys could happen in the next few weeks.  

For a video update visit our YouTube channel https://www.youtube.com/playlist?list=PLBQCN_u2AkiOflAQYGGjJ7libhuBVKwYz

If you would like a detailed analysis for this week please email mary@lovethegreen.org 

Stay safe and be kind to one another.