Single family home prices in Buncombe County have been on the rise over the past couple of months. After bouncing around between $295,000 and $310,000 since last summer, April’s median sales price of $327,000 was a new monthly high, and was almost 10% higher than the average over the previous 7 months. This could be good news for people looking to sell their homes this spring, but will potentially pose a challenge for folks looking to buy a house.
There is a bit of good news for buyers, though. For months buyers have lamented the lack of inventory which had been shrinking since last summer to a low of 1284 active listings in January. April has seen a rebound to over 1500 active listings, which gives buyers a bit more to choose from.
However, along with increasing inventory, demand is also up. The median days to sell has dropped dramatically over the past 3 months from 55 days in February, to only 21 days in April, and one-third of the homes sold in April were on the market for less than one week! If you are in the market for a home, you have better have your ducks in a row, and be ready to move fast when a good home gets listed!
Whether buying a new home, selling your existing home, or both, you need a plan to make it happen. Call me today and let’s talk!