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  • Monday market in minutes

    Monday, December 11, 2023   /   by Amy Brown

    Monday market in minutes

    We are experiencing a unique time in our market with many people trying to get sold before the end of the year and the market still being very active despite the holiday season.

    This weekend in Asheville alone we had:
    22 listings went under contract
    3 listings returned to the market
    29 listings had price reductions
    21 new listings
    33 listings closed

    Homes in the city of Asheville and Buncombe county as a whole have returned to a seller's market.

    Market Trends (2).jpg

    Market Trends (3).jpg

    However, let's define what median vs. average sold price means...

    The median price indicates out of a list of sold property prices, this is the middle value number; more of an indicator of where prices stand as a whole accounting for the upper and lower 50%.

    The average price is the total price of all sales divided by the number of sales indicating where the average sold value stands currently in the market. For me, this indicates less accurately where you can expect to find the majority of listing prices.

    Wo5O-pM5.jpg
    While the average sales price for both the city and the county took a dip in September and October, we are now on the rise again.

    Average sales price in Asheville for November = $652,185
    Average sales price in Buncombe county for November = $621,116

    Where these numbers are skewed, creating perhaps not the most accurate view of homes that are for sale is due to the amount of inventory. 

    Wo5L-0nM.jpg
    Inventory is still very much on the low side, elevating the average list price, yet much of this is due to the time of year. Nobody likes to move or have showings during the holidays! Completely understandable. I do expect this number to rise as we go into the new year.

    Days on market until under contract have remained in the 8-9 days mark, creating the same fast paced sales scenario as in previous years.

    Today's interest are hovering just under 7% for a 30 year conventional and around 7.3% for a jumbo loan. 

    RATES*
    30-YR. CONFORMING
    6.998%
    ? 0.045
    30-Day Range:
    6.953%-7.830%
    30-YR. JUMBO
    7.301%
    ? 0.148
    30-Day Range:
    7.153%-8.232%
    30-YR. FHA
    6.824%
    ? 0.004
    30-Day Range:
    6.798%-7.496%
    30-YR. VA
    6.608%
    ? 0.068
    30-Day Range:
    6.470%-7.490%
    30-YR. USDA
    6.830%
    ? 0.137
    30-Day Range:
    6.693%-7.596%
    15-YR. CONFORMING
    6.226%
    ? -0.187
    30-Day Range:
    6.207%-7.307%
    *NOT REPRESENTATIVE OF OUR RATES. 
    THESE RATES ARE THE NATIONAL AVERAGES.*

    This market throughout the years has remained very consistent with steadily rising home values and high consumer demand keeping it one of the most desirable places to live in the U.S. And not surprisingly! It's beautiful, the weather is great, and the people are even better!