Asheville Mountain Real Estate Blog

Asheville, NC real estate for sale. Information for buyers, sellers and mountain homeowners, without pressure. Rich content for those who are far away about what it is like to live here through the generous use of media. And some nostalgia with our, "Baby Boomers' Fun Stuff", Thanks for stopping by.

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Location: Mars Hill, NC, United States

A small, highly personalized real estate firm specializing in mountain homes and land in greater Asheville.

Wednesday, July 23, 2008

Asheville: Latest Real Estate Statistics

The Asheville Citizen Times reported "mostly dismal results" for Western North Carolina real estate markets during June, 2008.

The largest of our five local counties, Buncombe, showed a 36.3% decline in home sales, with almost a 15% decline in prices versus June, 2007.

Outside of Buncombe, things were slightly worse, with the composite numbers for the 5 counties showing sales down 39.6%. Statewide, sales checked in with a 26.9% decline. So unfortunately, we are around half again as bad as the whole of North Carolina.

Why Might That Be So?
*For a long time conventional wisdom has said that Asheville relies on other areas as feeders for its buyers. We wrote in detail about the mechanisms at work there. None of these have moved into positive territory.

*Gasoline has altered patterns for both tourism and real estate buyers. Neither of those factors would favor an increase in buyers.

*To a large extent, we are an area that caters to second homes and retirement places. In our county, there was one private study indicating that 80% of activity was in second homes.

There are local variations, but by and large, these are discretionary purchases. There is evidence that the baby boomer demographic, seen as critical to resort markets is pulling back.

*And in general, the belief that the market bottom is a ways off yet.

Thanks for stopping by,
Black Bear Realty Home Page
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828 689 2055

Filed Under: Asheville Trends in Real Estate

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