The economic crisis due to COVID-19 that began in late March and continued into April interrupted the buying and selling of homes throughout the Asheville region. Year-over-year sales declined 14.5 percent in April 2020 across the 13 counties, with 737 homes sold.
Compared to March 2020, sales were down 12.1 percent. Year-to-date figures for 2020 show the Asheville region with sales still positive and up 6.9 percent compared to sales during the first four months of 2019.
Pending contracts, the metric that indicates buyer demand, declined 21.3 percent year-over-year with 840 contracts written in April, while new listing activity had a deeper decline with listings down 43.9 percent year-over-year with 936 homes listed. The region, which includes Burke, Buncombe, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey counties, is still a seller’s market with properties averaging 79 days on market and with 3.9 months of supply of homes for sale at report time.
Buncombe County, with its stronger stay at home order, saw sales decline 27.8 percent year-over-year as 236 homes were sold in April 2020 compared to 327 sold last April. Year-to-date sales show the county’s sales up 3.5 percent compared to sales during the first four months of last year. Both pending contract activity and new listings activity had sharp declines in activity year-over-year, with pending sales falling 30.2 percent and new listings down 39.5 percent. Prices continued to rise in response to seller’s market conditions. Both the median sales price ($309,000) and the average sales price ($373,598) increased slightly, up 1.3 percent and 2.7 percent, respectively. Inventory was down 23.8 percent year-over-year in April, leaving the county with 3.2 months supply of homes for sale. Homes sold quickly during the month, as days on market averaged 51 days in April 2020 compared to 61 days in April 2019.
For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.”