Good morning everyone!
Let’s take a look at what the market is doing so far this winter.
Inventory and activity are down slightly which is not surprising as looking at homes in the cold is not so much fun. But spring is around the corner and we are expecting activity to pick up; especially going into March.
Right now, the days on market from list to close is only 29 days so the market is still highly competitive. We have only 2 months of inventory holding which indicates a strong sellers market.
Sellers are receiving approximately 96% of list price at the time the offer was made and closing at 92% of list price following due diligence negotiations.
The cost of homes in the area is rising with homes costing $71,000 more this January than they were in January of 2023. If you are considering purchasing in this area, that should be a big indicator that you need to purchase sooner rather than later as home values have continued to rise year over year regardless of the national economy.
If you are considering selling, home values are up 14% from 12 months ago so equity gains are strong and investing and/or selling at this time in Asheville is still a great idea.
The fastest selling price point is $250,000-299,000 with only 1 month of inventory in this bracket.
The second fastest selling price point is $400,000-449,000.
Homes in these two brackets are going under contract between 0-2 days so if this is your budget you will need to move quickly when you find the right home.
New listings are on the rise from December and we have increased by 45% since last month and listings are up 9% as compared to January 2023. So actually inventory is better this year than last.
I hope that this helps prepare you for your purchase or sale as we head into the Spring buying season. Please call, text, or email for further information or to strategize about your options.
Have a great day!