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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

























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

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