Weekly Market Activity Report - May 11th

Asheville Region Weekly Market Activity Report

Insights for future homebuyers and sellers

We are pleased to share the latest market activity report for the Asheville region, providing you with valuable insights and trends to help you make informed real estate decisions.

Below are the key highlights from the report, which covers data up to May 11, 2024.

Weekly Market Activity Highlights

1. New Listings:

• Decreased by 0.3% from the previous week, with 320 new listings.

• This slight decrease suggests a stable market with consistent listing activity.

2. Pending Sales:

• Increased by 3.6%, totaling 259 pending sales.

• This increase indicates strong buyer interest and market demand.

3. Inventory:

• Increased significantly by 34.8%, reaching 2,523 homes.

• A higher inventory provides more options for buyers and a competitive market for sellers.

Monthly Market Activity Highlights (April 2024)

1. Median Sales Price:

• Increased by 8.3% to $415,000.

• Reflects a robust appreciation in home values, benefiting current homeowners.

2. List to Close Days:

• Increased slightly by 1.1% to 94 days.

• A steady timeframe for closing suggests a balanced pace in transactions.

3. Percent of Original List Price Received:

• Decreased by 1.5% to 95.5%.

• Indicates slight negotiation flexibility in the current market.

4. Months Supply of Homes for Sale:

• Increased by 50.0% to 3.0 months.

• A rising supply indicates a shift towards a more balanced market.

Additional Insights

• Average Sales Price:

• Rose by 13.0% to $527,726, showcasing a strong market with rising home values.

• Housing Affordability Index:

• Declined by 13.0%, indicating that homes are becoming less affordable relative to median household income.

• Days on Market (DOM):

• Increased by 6.7% to 48 days, suggesting a moderate pace in home sales.

Historical Trends

• New Listings: Steady increase over the past three months, with notable peaks and troughs, indicating seasonal variations and market adjustments.

• Pending Sales: Fluctuations showing buyer activity dynamics.

• Inventory of Homes for Sale: Significant growth over the past year, reflecting changes in seller activity and housing availability.

• Median and Average Sales Prices: Consistent upward trend, highlighting long-term value appreciation in the Asheville region.

Conclusion

The Asheville real estate market remains dynamic, with significant activity in new listings, pending sales, and overall inventory. While prices continue to rise, the increased inventory offers more opportunities for buyers. Sellers can benefit from the strong market demand and rising home values.

For personalized advice and to explore current listings, feel free to reach out to me directly. Let’s work together to navigate this evolving market and achieve your real estate goals.

Contact Information:

• Patrick Brooks

• Lead Broker, Industry Property Group - Keller Williams Professionals

• Phone: (828) 989-5175

• Email: patrick@industrypropertygroup.com

Thank you for your continued trust and partnership.

Best Regards,

Patrick Brooks
Industry Property Group - Keller Williams Professionals
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Disclaimer: This report is based on data provided by Canopy MLS, Inc. and reflects market activity up to May 20, 2024. Figures may be subject to change as data is refreshed regularly.