Overview of Active Inventory Trends
To be able to establish market trends you must first establish a base period and then monitor the number as you go forward in the months and years. For purposes of this analysis, the based year will be 2008.
How does 2009 and 2010 compare to 2008? Beverly-Hanks & Associates services several counties in Western North Carolina Real Estate however; this brief analysis will only apply to the counties of Buncombe, Haywood and Henderson.
Reviewing the first two months of 2010 as compared to the same period in 2009 and 2008, we find in Buncombe County, the active inventory of homes, condos, townhomes has decreased in 2010 approximately 7% since 2008 and only 3% decrease since 2009. The number of months inventory based on the average number of solds each month during the first two months has changed dramatically. In 2008, there were 15.7 months of inventory on the market. It then jumped to 26.4 months or a 68% increase in one year. The good news is that this number has decreased 6% in 2010 to just over 2 years of inventory.
Haywood County has also seen some changes in the active inventory from 1037 in 2008 to 1019 in 2009, a slight decrease however inventory levels have increased 4% in 2010 to 1059 properties available for sale. Haywood’s months of inventory based on closed sales has increased from 24.1 months in 2008 to 29.5 months in 2009. 2010 finds the month’s inventory has jumped 33% over to 39 months.
Finally, in Henderson County, the active inventory was 1502 in 2008, 1562 in 2009 and 1540 in 2010 for only a 1% drop since last year. The months of inventory available has increased from only 14.9 months in 2008 to 28.7 months in 2009 to 29.9 months in 2010.
Bottom line is this, the Western North Carolina Real Estate market continues to see moderate improvements in active inventory over 2009 here in 2010 but the real challenge is the months of active inventory available to home buyers remains at least over 2 years in Buncombe County and Henderson County while Haywood has over 3 years of inventory.
With historically low interest rates, homebuyer tax credit deadline approaching, and a great inventory of homes for sale there has never been a better time to purchase WNC Real Estate. Let’s get started.
Submitted by: Judd Richardson, Managing Broker