Beverly-Hanks & Associates
300 EXECUTIVE PARK
ASHEVILLE, NC 28801
FOR IMMEDIATE RELEASE:
WNC’s Real Estate Markets are Experiencing a Predictable Transition
Beverly-Hanks delivers their third quarter market report and insights into
October 18, 2018, Asheville, NC—Neal Hanks, Jr., President of Beverly-Hanks & Associates, REALTORSⓇ, recently delivered the company’s Real Estate Market Report for the third 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.
“Fall is my favorite time of the year, here, in Western North Carolina, and we’re going through that predictable transition of both color and temperature here in the mountains,” said Hanks. “Our real estate markets are going through a predictable transition, as well. After seven years of rapid growth fueled by high demand, tight supply, and price increases, we believe we are beginning to reach an inflection point.”
Even so, the company is not expecting a bubble burst. In fact, the data points to steady sales and price appreciation. However, the market’s pace and appreciation are likely to be less pronounced.
According to the Beverly-Hanks Q3 2018 Real Estate Market Report, this is the first quarter home supply has increased year over year in almost 10 years. “We don’t believe that this increase is necessarily the result of an influx of new supply,” said Hanks, “but rather diminished demand as buyers grow less tolerant of the price increases we’ve been experiencing.”
The real estate sales pace in WNC remains strong, though it varies significantly by price point and neighborhood. An impressive 2,602 homes sold in Q3, an increase of almost 4% compared to the same period last year.
“Only Rutherford, Yancey, and Mitchell Counties reported an increase in sales [for homes priced] under $300,000,” said Hanks. “With improved infrastructure and a lack of homes for sale in and around Asheville, we’re expecting buyers to continue to move to these outlying counties.’
Overall, demand may be beginning to ease as buyers purchasing in the lower price brackets become less tolerant of persistent price increases. The Federal Finance Housing Agency reported that Asheville MSA’s home prices appreciated 6.7% over the last 12 months. But over the last 90 days, values are up 1.7%. This suggests that prices are continuing to increase, but less rapidly. Buncombe County’s median sales price continues to lead the region at $300,000. Yancey and Mitchell Counties are the most affordable at $170,500.
Mortgages for reasonably qualified buyers continue to be readily available at rates below 5%. However, those rates may not last much longer. “With the economy booming, a Federal Reserve which is clearly indicating their agenda, and inflation peeking its head above the water, it’s hard to imagine interest rates going down,” said Hanks.
Overall, Western North Carolina’s housing markets remain active but appear to be transitioning toward a more modest pace. Steady demand and the shortage of homes will likely cause home values to continue increasing, but at a slower pace.
“Right now, there are still plenty of great real estate opportunities available for both buyers and sellers alike. A Beverly-Hanks REALTORⓇ can be a great resource for you to find those opportunities,” said Hanks.
Watch Neal Hanks’ full report of the Q3 2018 real estate market at beverly-hanks.com/blog/2018-q3-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.