As we navigate new territory here at Asheville Cash Buyers, we’ll provide a weekly real estate market update for the Western North Carolina area. The areas we look at are Asheville, Buncombe County excluding Asheville, Hendersonville, Henderson County excluding Hendersonville, and Haywood County.
This week, we’ll look at Quarter 1 of 2020 and March 2020, with information current as of April 6, 2020. We’re looking at the number of active listings, number of closed listings, median DOM (days on market), number of expired listings, closed price to original list, price ratio, and the number of properties under contract.
Market Update: Data Analysis
When we look at the total number of expired listings in Buncombe County, around 50% of the expired listings happened in March. In the city of Asheville, we see similar numbers but less drastic. In Henderson and Haywood County, the expired listings in March were around a third of the total.
For properties under contract, we can see that March was a strong month compared to the rest of the Q1 real estate market. We compared all the numbers from March to Quarter 1 for each area. People were still making offers and putting properties under contract in March, and we’ll see soon what April is trending.
As for closings, those numbers went up in March. However, those were not necessarily listed in March.
It’s interesting to look at the data and see the real estate market’s reaction to the COVID-19 crisis. Although we felt immediate effects personally, real estate didn’t react right away. Time will tell, and we’ll be following the data closely for the Western North Carolina area.
Contact us with questions, other data points you’d like to examine, suggestions for topics or guests. We’re also still buying homes and helping homeowners, so please let us know how we can help you navigate this economy.