Real Estate Market Report for 2017
What a great year for DixonPacifica Real Estate and the WNC housing market! Our market built upon a strong 2016 and we continued to see improvements in median sales price and price per square foot. We’ve rebounded well above pre-crash levels.
In Asheville, the median sales price rose to $290,000, a 7.4% improvement over 2016. In December the price per square foot for single-family homes pushed to $204, the first time it’s been over $200 all year. In several other categories the Asheville numbers are flat to slightly down due to limited inventory. Closed sales fell 2.3% and days on the market were down 1.8%.
In Buncombe county the median sales price increased to $275,000, a 8.6% improvement over 2016. In December the price per square foot for single-family homes climbed to $182. Like Asheville, the Buncombe numbers in other categories are slightly down. Closed sales fell 2.2% and days on the market were down 4.9%.
Our outlook for 2018 is that the number of sales will continue to slip which will push the price per square foot higher. Inventory availability is a challenge across the nation and we are not immune. There are new construction homes coming to the market across WNC, but we believe demand will outstrip supply, especially in the hot in-town neighborhoods. Over the last few years developers have been building on any in-fill lot available and usable land is becoming expensive. That said, we do see opportunities for buyers. If you are willing to remodel and update it’s possible to find quality homes in the most popular areas. And, lenders are becoming more aggressive on rehab loan products. Real estate is local, if you would like more information about a specific neighborhood we’re more than happy to help.
All of us at DixonPacifica would like to thank our clients, partners and other Brokers for helping us see amazing growth in our number of transactions and sales volume. We appreciate the trust you put into working with our outstanding group of Brokers, and look forward to many great things for all of us in 2018.
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