Beverly-Hanks & Associates
300 EXECUTIVE PARK
ASHEVILLE, NC 28801
FOR IMMEDIATE RELEASE:
June Marks Best Month in Beverly-Hanks History
Demand for housing across the region continues to be strong as Beverly-Hanks delivers the Q2 2017 Real Estate Market Report.
July 19, 2017, Asheville, NC—Beverly-Hanks President Neal Hanks recently delivered the Q2 2017 Real Estate Market Report highlighting four key metrics of the Western North Carolina real estate market.
According to the Beverly-Hanks Q2 2017 Real Estate Market Report, there is an extreme shortage of homes for sale under $300,000 across the region. This shortage is driving up home prices for modestly priced homes, causing them to appreciate more quickly than the region’s average.
In the seven-county region, there are 15% fewer homes for sale now than during Q2 2016. The supply shortage is most intense in Buncombe County, even though it saw the most modest drop in overall inventory (-2%). Due to strong demand and insufficient supply, the Buncombe market heavily favors sellers up to $600,000. In Henderson County, a similar dynamic exists up to $400,000. Outside of Buncombe and Henderson Counties, a similar scenario exists for homes priced up to $300,000.
“Across the region, the supply of homes priced under $300,000 is down by 30%. Yet, demand for those homes remains consistent with previous quarters,” said Hanks. “This dynamic is leading to fierce competition amongst buyers.”
Despite continuing issues with supply, the sales pace remains very strong for WNC. 2,447 homes sold during the last 90 days across the region, making it the second strongest quarter in the past 10 years.
“I want to thank and congratulate all of our sales associates and staff. June 2017 was the best closing month in our 41-year history,” said Hanks in a recent Facebook live video.
Q2 2017 is also the first quarter in the last five years wherein the sales pace slipped back from a previous high (Q1 2017).
“We believe the slightly slower sales pace is due to shrinking inventory, particularly in the lower price points,” said Hanks. “While the overall [sales] pace slipped back a nominal 2%, we intend to monitor this trend carefully.”
The Federal Finance Housing Agency reported that Asheville MSA’s home prices appreciated 5.9% over the last 12 months. Buncombe County’s median sales price continues to lead the region at $282,750, and Rutherford County is the most affordable at $170,000. Beverly-Hanks expects price appreciation to continue at a similar rate for the remainder of 2017. Homes found closer to Asheville, Hendersonville, and Waynesville’s central business districts, as well as those close to the region’s median sales price, are likely to appreciate more rapidly.
According to a Federal Reserve study, households that own a home have a net worth 36 times greater than those that rent. Beverly-Hanks associates strive to make homeownership a reality for everyone in WNC. In today’s hot real estate environment, that means being well armed with knowledge of local markets. If you would like 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 Q2 2017 real estate market at beverly-hanks.com/blog/q2-2017-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.