Haywood County sales and new listings remained positive year over year for a 5th consecutive month, showing strong sales for November, according to the latest Canopy MLS housing report for the Asheville region.
The Asheville region is made up of 13 counties, including Burke, Buncombe, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey counties.
In Haywood County, specifically, November’s home sales rose dramatically by 69.6% year over year as area agents closed 134 transactions vs. 79 closings in November 2019.
Buyer demand remained strong with 102 contracts added to the pipeline of sales, an increase of 25.9% over contract activity last November. New listing activity was also positive and rose 4.6% as sellers entered the market with 91 new listings.
However, inventory is down 53.9% to just 2.1 months of supply, which will continue to impact prices for the foreseeable future.
The median sales price ($263,500) had a slight uptick of 2.1% year over year, while the average sales price ($329,959) increased 8.7%. The average list price in November was $331,717, an increase of 4% over November 2019’s list price.
Seller’s market conditions are in effect as sellers are getting closer to asking price, as signaled by the original list price to sales price ratio, registering 96.7% this past month. Sellers also enjoyed their properties averaging 53 days on market until sale.
Low mortgage rates and recent accolades from topretirements.com that named Asheville its No. 1 “Best Place to Retire” and Resonance Consultancy, which ranked Asheville 5th in its “Best Small Cities” report in June may have fueled interest from buyers fleeing pandemic conditions in larger cities or seeking second homes.
The Asheville metropolitan statistical area is the core economic driver of the region.
Brian Cagle, a Canopy MLS board of directors member and vice president-managing broker with Beverly Hanks Realtors, said, “Despite the economic challenges of this past year, the region’s housing market is stronger and healthier than ever going into the new year. Housing demand continues to increase, and area Realtors are working hard to ensure clients find homes, even with the challenges of rising prices amidst low inventory.”