Nationally as well as locally, the month of June reflected a pent-up demand by prospective home buyers. New Listings were down in the Asheville region by 7.0 percent to 1,430. Pending Sales increased 33.1 percent to 1,509. Inventory shrank 38.0 percent to 3,354 units.
Prices moved higher as Median Sales Price was up 3.7 percent to $280,000. Days on Market decreased 5.9 percent to 64. Months Supply of Inventory was down 42.6 percent to 3.5 months, indicating that demand increased relative to supply.
Buyers are eager to purchase as fast as possible. Those who have returned to work want to find a house and move NOW!
Sellers are more reluctant to list right now. Many are in a wait and see mode. They want to make sure they have a place to live if a second wave of Covid 19 hits. Until sellers regain confidence, housing inventory will continue to remain low and force prices upward.
Buncombe and Henderson County have limited inventory in all price ranges with the medium days of market of only 18 days. In houses less than $300K, the majority are under contract within 4 days and often involve bidding wars, if the houses are in good condition.
Even with the shortage, buyers are still being choosy and want homes that are in good condition and have some upgrades. The higher price point makes it less likely buyers will have extra money for improvements. If seller’s want that top dollar they will need to put some money into the home to have it in good condition and staged attractively.
I am encouraging sellers, to make the improvement as fast as possible and get their house on the market NOW!
Who knows what this fall will bring?
Source: Canopy MLS, and the NAR (National Association of Realtors) reports and surveys.