Asheville Region Monthly Indicators A RESEARCH TOOL PROVIDED BY CHARLOTTE REGIONAL REALTOR ASSOCIATION FOR MORE INFORMATION CONTACT A REALTOR 2018 If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices. New Listings were up in the Asheville region by 8.8 percent to 1,230. Pending Sales decreased 2.1 percent to 935. Inventory shrank 2.6 percent to 5,001 units. Prices moved higher as Median Sales Price was up 7.0 percent to $260,000. Days on Market decreased 14.1 percent to 73. Months Supply of Inventory was down 4.7 percent to 6.1 months, indicating that demand increased relative to supply. Stock markets experienced an setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs. Quick Facts + 1.2% + 7.0% - 2.6% One-Year Change in Closed Sales One-Year Change in Median Sales Price Market Overview New Listings Pending Sales Closed Sales List to Close Days on Market Until Sale Cumulative Days on Market Until Sale Average List Price Average Sales Price Median Sales Price Percent of Original List Price Received Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory One-Year Change in Homes for Sale The Asheville Region report includes, Buncombe, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey counties. Comprised of single-family properties, townhomes and condominiums combined. Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. Percent changes are calculated using rounded figures. 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 1
Market Overview Key metrics by report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparkbars 10-2016 10-2017 10-2018 10-2017 10-2018 YTD 2017 YTD 2018 New Listings 1,130 1,230 + 8.8% 12,080 12,440 + 3.0% Pending Sales 955 935-2.1% 8,386 8,521 + 1.6% Closed Sales 869 879 + 1.2% 8,004 8,076 + 0.9% List to Close 135 122-9.6% 134 128-4.5% Days on Market 85 73-14.1% 83 78-6.0% Cumulative Days on Market 94 82-12.8% 99 90-9.1% Average List Price $340,388 $364,422 + 7.1% $359,450 $373,814 + 4.0% Average Sales Price $300,699 $324,689 + 8.0% $285,645 $304,847 + 6.7% Median Sales Price $243,000 $260,000 + 7.0% $239,675 $255,000 + 6.4% Percent of Original List Price Received 93.0% 93.4% + 0.4% 93.9% 94.0% + 0.1% Housing Affordability Index 125 101-19.2% 127 103-18.9% Inventory of Homes for Sale 5,136 5,001-2.6% -- -- -- Months Supply of Inventory 6.4 6.1-4.7% -- -- -- Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 2
New Listings A count of the properties that have been newly listed on the market in a given month. 1,073 1,130 1,230 12,597 + 12.7% + 5.3% + 8.8% -1.3% -4.1% 12,080 12,440 + 3.0% New Listings November 2017 818 763 +7.2% December 2017 474 527-10.1% January 2018 815 763 +6.8% February 2018 908 933-2.7% March 2018 1,219 1,380-11.7% April 2018 1,329 1,351-1.6% May 2018 1,583 1,446 +9.5% June 2018 1,412 1,444-2.2% July 2018 1,329 1,254 +6.0% August 2018 1,425 1,329 +7.2% September 2018 1,190 1,050 +13.3% 2018 1,230 1,130 +8.8% 12-Month Avg 1,144 1,114 +2.7% Historical New Listings by Month 2,000 1,750 1,500 1,250 1,000 750 500 250 Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 3
Pending Sales A count of the properties on which contracts have been accepted in a given month. Pending contracts include Under Contract-Show and Under Contract-No Show statuses. 812 955 935 8,418 8,386 8,521 + 5.9% + 17.6% - 2.1% + 1.5% -0.4% + 1.6% Pending Sales November 2017 712 658 +8.2% December 2017 540 526 +2.7% January 2018 619 634-2.4% February 2018 726 751-3.3% March 2018 852 861-1.0% April 2018 919 881 +4.3% May 2018 984 923 +6.6% June 2018 914 879 +4.0% July 2018 912 837 +9.0% August 2018 878 892-1.6% September 2018 782 773 +1.2% 2018 935 955-2.1% 12-Month Avg 814 798 +2.1% Historical Pending Sales by Month 1,400 1,200 1,000 800 600 400 200 Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 4
Closed Sales A count of the actual sales that closed in a given month. 833 869 879 7,999 8,004 8,076 + 2.8% + 4.3% + 1.2% + 6.8% + 0.1% + 0.9% Closed Sales November 2017 827 757 +9.2% December 2017 787 782 +0.6% January 2018 595 588 +1.2% February 2018 545 523 +4.2% March 2018 710 838-15.3% April 2018 788 744 +5.9% May 2018 906 867 +4.5% June 2018 963 993-3.0% July 2018 946 890 +6.3% August 2018 984 857 +14.8% September 2018 760 835-9.0% 2018 879 869 +1.2% 12-Month Avg 808 795 +1.5% Historical Closed Sales by Month 1,200 1,000 800 600 400 200 Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 5
List to Close List to Close provides the total number of days specific to the MLS number from Listing Date to Sold Date. 136 135 Historical List to Close by Month 122 142 134-12.8% - 0.7% - 9.6% -8.4% -5.6% 128-4.5% List to Close November 2017 121 128-5.5% December 2017 135 144-6.3% January 2018 145 159-8.8% February 2018 145 151-4.0% March 2018 141 148-4.7% April 2018 133 138-3.6% May 2018 120 124-3.2% June 2018 121 125-3.2% July 2018 115 125-8.0% August 2018 126 120 +5.0% September 2018 125 134-6.7% 2018 122 135-9.6% 12-Month Avg* 147 150-2.0% * Average List to Close of all properties from November 2017 through 2018. This is not the average of the individual figures above. 220 200 180 160 140 120 100 Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 6
Days on Market Until Sale Days on Market ( DOM ) tracks the days on market for a property specific to the MLS number. DOM accrues for Active and Under Contract-Show statuses. DOM does not include any days that the listing is in Under Contract-No Show, Temporarily off Market, Closed/Sold, Expired and Withdrawn statuses. 84 85 73 Historical Days on Market Until Sale by Month 85 83-25.7% + 1.2% - 14.1% - 37.0% -2.4% 78-6.0% Days on Market November 2017 74 76-2.6% December 2017 87 89-2.2% January 2018 92 98-6.1% February 2018 96 98-2.0% March 2018 95 98-3.1% April 2018 85 91-6.6% May 2018 71 76-6.6% June 2018 74 73 +1.4% July 2018 63 74-14.9% August 2018 75 71 +5.6% September 2018 72 82-12.2% 2018 73 85-14.1% 12-Month Avg* 99 101-2.0% * Days on Market of all properties from November 2017 through 2018. This is not the average of the individual figures above. 225 200 175 150 125 100 75 50 Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 7
Cumulative Days on Market Until Sale Cumulative Days on Market ( CDOM ) functions like DOM ; however, CDOM tracks the days on market for a property over multiple listings on the property. When a new listing is entered, the CDOM only resets to zero if the previous listing closed (as in sold), or if the previous listing has been off market (expired or withdrawn) for more than 90 days. 99 94 Historical Cumulative Days on Market Until Sale by Month 82 97 99-13.2% - 5.1% - 12.8% - 33.1% + 2.1% 90-9.1% Cumulative Days on Market November 2017 92 93-1.1% December 2017 100 109-8.3% January 2018 103 117-12.0% February 2018 110 111-0.9% March 2018 114 115-0.9% April 2018 103 113-8.8% May 2018 80 94-14.9% June 2018 84 91-7.7% July 2018 72 85-15.3% August 2018 89 89 0.0% September 2018 84 98-14.3% 2018 82 94-12.8% 12-Month Avg* 93 101-8.0% * Cumulative Days on Market of all properties from November 2017 through 2018. This is not the average of the individual figures above. 225 200 175 150 125 100 75 50 Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 8
Average List Price Average list price for all homes that have been newly listed on the market in a given month. $331,665 $340,388 $364,422 Historical Average List Price by Month $344,537 $359,450 + 7.1% + 2.6% + 7.1% + 2.4% + 4.3% $373,814 + 4.0% Average List Price November 2017 $333,983 $323,949 +3.1% December 2017 $320,896 $319,913 +0.3% January 2018 $358,236 $325,910 +9.9% February 2018 $376,268 $333,219 +12.9% March 2018 $364,030 $366,191-0.6% April 2018 $373,966 $382,828-2.3% May 2018 $388,218 $371,405 +4.5% June 2018 $363,529 $372,077-2.3% July 2018 $374,323 $370,453 +1.0% August 2018 $391,872 $355,620 +10.2% September 2018 $372,998 $346,794 +7.6% 2018 $364,422 $340,388 +7.1% 12-Month Avg* $365,228 $350,729 +4.1% * Average Average List Price for all properties from November 2017 through 2018. This is not the average of the individual figures above. $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 9
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $268,925 $300,699 $324,689 Historical Average Sales Price by Month $265,104 $285,645 + 7.8% + 11.8% + 8.0% + 7.5% + 7.7% $304,847 + 6.7% Average Sales Price November 2017 $311,438 $268,518 +16.0% December 2017 $311,695 $274,407 +13.6% January 2018 $284,924 $273,984 +4.0% February 2018 $283,734 $271,449 +4.5% March 2018 $302,415 $270,790 +11.7% April 2018 $301,627 $274,185 +10.0% May 2018 $300,626 $281,963 +6.6% June 2018 $305,311 $302,459 +0.9% July 2018 $309,297 $283,119 +9.2% August 2018 $313,032 $287,816 +8.8% September 2018 $306,497 $296,333 +3.4% 2018 $324,689 $300,699 +8.0% 12-Month Avg* $304,607 $282,143 +8.0% * Average Sales Price for all properties from November 2017 through 2018. This is not the average of the individual figures above. $350,000 $300,000 $250,000 $200,000 $150,000 Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 10
Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. $225,000 $243,000 $260,000 Historical Median Sales Price by Month $220,000 $239,675 + 7.1% + 8.0% + 7.0% + 8.1% + 8.9% $255,000 + 6.4% Median Sales Price November 2017 $250,000 $225,000 +11.1% December 2017 $262,250 $230,500 +13.8% January 2018 $245,000 $223,000 +9.9% February 2018 $252,000 $225,000 +12.0% March 2018 $252,900 $230,000 +10.0% April 2018 $259,500 $237,025 +9.5% May 2018 $255,000 $245,000 +4.1% June 2018 $253,650 $245,000 +3.5% July 2018 $260,000 $243,977 +6.6% August 2018 $254,900 $240,000 +6.2% September 2018 $255,000 $251,500 +1.4% 2018 $260,000 $243,000 +7.0% 12-Month Avg* $255,017 $236,584 +7.8% * Median Sales Price for all properties from November 2017 through 2018. This is not the average of the individual figures above. $280,000 $260,000 $240,000 $220,000 $200,000 $180,000 $160,000 $140,000 Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 11
Percent of Original List Price Received Percentage found when dividing a property s sales price by its original list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. 93.3% 93.0% 93.4% Historical Percent of Original List Price Received by Month 93.5% 93.9% 94.0% + 1.3% - 0.3% + 0.4% + 1.0% + 0.4% + 0.1% Pct. of Original List Price Received November 2017 93.2% 93.3% -0.1% December 2017 92.5% 92.6% -0.1% January 2018 92.6% 93.2% -0.6% February 2018 93.2% 92.4% +0.9% March 2018 93.8% 94.2% -0.4% April 2018 94.4% 94.3% +0.1% May 2018 94.9% 94.5% +0.4% June 2018 94.2% 94.3% -0.1% July 2018 95.2% 94.4% +0.8% August 2018 93.7% 94.2% -0.5% September 2018 93.9% 93.6% +0.3% 2018 93.4% 93.0% +0.4% 12-Month Avg* 92.5% 92.4% +0.1% * Pct. of Original List Price Received for all properties from November 2017 through 2018. This is not the average of the individual figures above. 97.5% 95.0% 92.5% 90.0% 87.5% 85.0% 82.5% Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 12
Housing Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. 143 125 101 Historical Housing Affordability Index by Month 146 127-2.1% - 12.6% - 19.2% -3.3% - 13.0% 103-18.9% Affordability Index November 2017 123 135-8.9% December 2017 116 128-9.4% January 2018 120 131-8.4% February 2018 117 133-12.0% March 2018 116 130-10.8% April 2018 111 128-13.3% May 2018 113 125-9.6% June 2018 114 125-8.8% July 2018 112 126-11.1% August 2018 113 129-12.4% September 2018 109 123-11.4% 2018 101 125-19.2% 12-Month Avg* 114 128-11.2% * Affordability Index for all properties from November 2017 through 2018. This is not the average of the individual figures above. 220 200 180 160 140 120 100 01-2005 01-2006 01-2007 01-2008 01-2009 01-2010 01-2011 01-2012 01-2013 01-2014 01-2015 01-2016 01-2017 01-2018 Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 13
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 5,703 5,136 5,001-11.3% -9.9% -2.6% Inventory of Homes for Sale November 2017 4,817 5,241-8.1% December 2017 4,173 4,614-9.6% January 2018 4,031 4,363-7.6% February 2018 4,001 4,307-7.1% March 2018 4,120 4,556-9.6% April 2018 4,325 4,757-9.1% May 2018 4,664 4,971-6.2% June 2018 4,834 5,236-7.7% July 2018 4,962 5,356-7.4% August 2018 5,159 5,464-5.6% September 2018 5,212 5,403-3.5% 2018 5,001 5,136-2.6% 12-Month Avg 4,608 4,950-6.9% Historical Inventory of Homes for Sale by Month 10,000 8,000 6,000 4,000 2,000 0 Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 14
Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months. 7.2 6.4 6.1-11.1% - 11.1% -4.7% Historical Months Supply of Inventory by Month Months Supply of Inventory November 2017 6.0 6.5-7.7% December 2017 5.2 5.8-10.3% January 2018 5.0 5.4-7.4% February 2018 5.0 5.3-5.7% March 2018 5.2 5.7-8.8% April 2018 5.4 6.0-10.0% May 2018 5.8 6.2-6.5% June 2018 6.0 6.6-9.1% July 2018 6.1 6.8-10.3% August 2018 6.3 6.9-8.7% September 2018 6.4 6.9-7.2% 2018 6.1 6.4-4.7% 12-Month Avg* 5.7 6.2-8.1% * Months Supply of Inventory for all properties from November 2017 through 2018. This is not the average of the individual figures above. 25.0 20.0 15.0 10.0 5.0 0.0 Current as of November 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 15