Beverly-Hanks & Associates
300 EXECUTIVE PARK
ASHEVILLE, NC 28801
FOR IMMEDIATE RELEASE:
Sellers Have the Upper Hand across WNC’s Real Estate Markets
Beverly-Hanks delivers their second quarter market report and insights into
home loan qualification.
July 26, 2018, Asheville, NC—Neal Hanks, Jr., President of Beverly-Hanks & Associates, REALTORSⓇ, recently delivered the company’s Real Estate Market Report for the second quarter of 2018. The report highlights four key metrics of the Western North Carolina real estate market: homes for sale, sales pace, home prices, the and the availability of financing.
“With the markets in a bit of transition, we take this responsibility [to keep you informed of the local real estate market] seriously,” said Hanks. “We know that for many of our clients, your home’s value is a significant portion of your household wealth.”
According to the Beverly-Hanks Q2 2018 Real Estate Market Report, there are 4% fewer homes for sale now than this time last year. This trend is influenced in large part by the quickly dropping number of homes for sale under $300,000, which dropped by 12% in Q2. The lack of supply for homes under $300,000 is most pronounced in Buncombe and Henderson Counties.
“Home buyers trying to purchase homes under $300,000 are having the most luck in places like Yancey and Madison Counties,” said Hanks. “In these counties, the supply and demand are reasonably well balanced between buyers and sellers.”
The real estate sales pace in WNC remains strong, though the tightening supply is causing it to dip. An impressive 2,418 homes sold in Q2, but this figure is 4% lower than the same period last year.
“There’s no question that the slight drop we’ve seen in sales pace is the result of some buyers actually not being able to find a home that meets their needs,” said Hanks. “In fact, we believe that the current market dynamics may have permanently altered buyers’ ability to find homes in some price ranges and neighborhoods.”
The shortage of homes for sale, coupled with steady demand, continues to push home values higher. The Federal Finance Housing Agency reported that Asheville MSA’s home prices appreciated 8.28% over the last 12 months. Beverly-Hanks expects this rate of appreciation to continue for at least the remainder of this year. Buncombe County’s median sales price continues to lead the region at $300,000. Yancey and Mitchell Counties are the most affordable at $168,750.
Mortgages for reasonably qualified buyers continue to be readily available, even for those with little money to put down. In fact, Freddie Mac recently revealed that “the average down payment for first-time home buyers in 2017 was 5%, and 10% for repeat buyers.”
“Using a combination of Beverly-Hanks’ tools, local market knowledge, and creativity, our sales associates are successfully helping buyers find wonderful homes even in these challenging market conditions,” said Hanks.
Watch Neal Hanks’ full report of the Q2 2018 real estate market at beverly-hanks.com/blog/2018-q2-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.