Beverly-Hanks & Associates
300 EXECUTIVE PARK
ASHEVILLE, NC 28801
FOR IMMEDIATE RELEASE:
Record-Breaking Results across WNC’s Real Estate Market In 2017
Beverly-Hanks delivers their 2017 end-of-year market report and predictions for 2018.
January 22, 2018, Asheville, NC—Neal Hanks, Jr., President of Beverly-Hanks & Associates, REALTORSⓇ recently delivered the 2017 Year-End Real Estate Market Report highlighting four key metrics of the Western North Carolina real estate market.
According to the Beverly-Hanks 2017 Year-End Real Estate Market Report, a shortage in the supply of homes for sale and subsequent escalation of home prices are slowing the sales pace for homes in Buncombe and Henderson Counties. Almost all of the smaller outlying counties, with lower median sales prices, are reporting double-digit increases in their pace. Last year, the region’s pace was up 5% and the median sales price was up 8% to $244,000.
“Consumer confidence is at its highest level since the year 2000,” said Hanks. “What does this mean for the housing markets in Western North Carolina?—More buyers.”
In the nine-county region, the supply of homes for sale dropped by 12% over the last 12 months. In places like Buncombe, Haywood, and Henderson Counties, the supply of homes priced under $300,000 is down by as much as 30%. Meanwhile, the supply of luxury homes at $1 million and up remains largely unchanged despite a steep increase in the number of homes sold.
“Specific neighborhoods with luxury-priced homes are experiencing different trends than our region as a whole,” said Hanks. “Checking with a Beverly-Hanks professional who specializes in your preferred community is always a good idea.”
Despite continuing issues with supply, the sales pace remains very strong for WNC. Last year, an impressive 9,244 homes sold—amounting to more than 770 homes per month! This is the highest sales pace we’ve seen since the height of the market in 2006.
“With the consumer confidence hitting a 17-year high, we believe 2018’s real estate sales pace will remain strong,” said Hanks. “The record low supply of homes for sale is making competition fierce among home buyers. We expect this to continue for most of 2018 with supply levels rising nominally late next year. ”
The Federal Finance Housing Agency reported that Asheville MSA’s home prices appreciated 7% in 2017. However, some areas like Henderson County have seen double-digit increases year over year. Buncombe County continues to experience the highest median sales price in the region at $275,000. Rutherford County is the lowest at $175,000.
“Prices are expected to increase, and we’re expecting to see a bigger increase in lower-priced homes,” said Hanks. “It will get a bit worse before it gets better for buyers of starter and mid-price homes.”
In today’s hot real estate environment, there are still many opportunities for buyers and sellers willing to think creatively. For more information about successfully buying or selling a home in WNC, experts at Beverly-Hanks are available to help you Live the Life You Choose.
Watch Neal Hanks’ full report of the 2017 year-end real estate market at beverly-hanks.com/blog/2017-eoy-market-report. Or speak with a Beverly-Hanks real estate agent today at (866) 858-2257.
About Beverly-Hanks & Associates
The market leader since 1976, Beverly-Hanks & Associates is a full-service real estate firm offering residential and commercial sales, marketing, and consulting services in Western North Carolina. In addition to these core business platforms, Beverly-Hanks has strategic partnerships in several related industry ventures including mortgage, title insurance, and consumer facing lead procurement ventures. For more information, visit beverly-hanks.com.