If you've been watching our YouTube channel or reading the blog on a regular basis you know I like to do month-to-month to see what's going on because things change so quickly. Remember, we look at the previous month. We have our January statistics in and I am comparing January 2022 to January 2021.
For those of you who prefer watching the video overview, go to https://youtu.be/cFKckb32F9E or just go to the bottom of this page.
THE GREATER ASHEVILLE REGION/JANUARY 2022
- January had 752 listings that is 17.4 % less across the region than when what we had a whole entire year ago.
- We had 950 pendings. That's 13 % less than what we had a whole year ago.
- Our closings increased January 2022 by 2.5 %. Part of that is because some of the November and December offers that were made pending got pushed into January.
- Our median home price, I like to look at the median home price because that is a better indicator than the average, which could be a million dollar house and a mobile home. The median home price gives us a better indication of the price point for a majority of homes in a general area. In the greater Asheville area, all of them together is $340,000 that's an increase of 7.9 %. That is quite a bit when you think that we're taking all our outer counties into account.
- Days on the market is 36 days. That is because we are having more cash closings and people are waiving inspections and appraisals with these cash closings in order so they can get it. This is 35.75 % less than the house would stay on the market last year!
- These fast closings are causing a critical low in the monthly supply for all of the greater Asheville area. All these surrounding counties is only one month! That's 47.7 % almost 50 % less than we had last year. Remember the monthly supply is the number of houses currently for sale divided by the average number of homes sold per month. So you're going to see this monthly supply change as we go along because less houses are selling per month because there's not as many houses out there.
ASHEVILLE CITY/JANUARY 2022
- Total of 123 new listings, down 22.2 %.
- Pendings were down 27.7%
- Closings were down 15.2 %.
- Median home price increased to $416,500 and that is an increase of 22.5%! That is a huge increase. Days on market was 34.
- Inside the city limits of Asheville there is less than a month supply. It is 57.9 % less than what we had one year ago. That is critical that's the reason you see the medium home price going up so much.
- New listings were down 39% from past year.
- Pendings were down almost 39 %.
- Closings increased, interesting enough. Again, that's the leftover of pendings that pushed on into January.
- Median home price in Hendersonville only increased 9.7 %. It's still higher than what we're usually used to in the Hendersonville area.
- Days on the market were less than 30 days. That is primarily because of cash buyers. Lenders cannot close in less than 30 days in most cases just because of getting their appraisals done.
- The month supply is less than 1 % inside the city limits.
BUNCOMBE COUNTY/JANUARY 2022
- Listings, pendings, and closings were down from last year.
- The median home price increased to $385,000.
- The monthly supply is severely low with less than 1 %.
HENDERSON COUNTY/JANUARY 2022
- The county reflects much the same as Hendersonville stats.
- Listings and Pending were down by 35% from last year.
- Closing were up by 36%. This was due to new construction being completed in the outer county areas.
- Median home price increased by 9.2% topping at $355,000.
- Days on the market were even less for the entire county stats with only 22 days!
- Inventory is down by 50% with less than a month’s supply.
SPECIAL FOCUS/JANUARY 2022
The National Association of Realtors’ stats says the south of the median home price is $312,400. National median was $350,000. 15.4 percent from a year ago. Buncombe and Henderson counties are above the south’s median and the city of Asheville is almost 12% higher than the national median home price!
TAKE AWAY/JANUARY 2022
Every month I think this is as higher as it will go and then the median home price climbs. We are at a critical point in our housing supply. Buyers are become frustrated and may start looking else where. The climbing inflation may curb homebuying in the coming months. The interest rate is doing a dance right now and reacting to current world events. However, all indications are that rates will be slowly raised through out 2022. At some point the real estate rising tide has to dip. With the extreme shortage of houses, it may just level out in our area.
If you are a seller and planning to move outside of Buncombe or Henderson counties, then put that house on the market NOW! If you are a buyer wanting to stay in Buncombe, Henderson, Madison, Haywood counties, then buy now because rising interest rates might affect you. It will be at least 2 years before new construction will come online to help with the housing shortage. Even then the prices will not be lower. If you are an investor and can find a deal that the numbers work, of course buy it. Do take into consideration the extra time it takes for getting materials and labor.