Beverly-Hanks’ president, Neal Hanks, was on site at Hands On! in Hendersonville to deliver the 2016 Quarter One Market Report. Watch the video below to watch his short report, or continue reading for more information.
2016 Quarter One Residential Activity:
Overall, our housing markets remain active and continue to provide significant opportunity for savvy buyers and sellers. The regional sales pace continues to improve, but at a slightly slower rate and more so in the moderate and high price brackets. Both Buncombe and Henderson counties reported strong increases in luxury home sales, with each more than doubling the number of sales over $1 Million.
There are the fewest properties available for sale now than at any time in the last five years. Regionally, there is still an ample supply of moderate- to luxury-priced homes to meet current demand, but we expect the market to continue to favor sellers if this pace continues.
Home value appreciation is strongest in the price ranges suffering from a shortage of homes to sell. The Federal Finance Housing Agency reported that Asheville MSA’s home prices appreciated 6.65% since this time last year. As home prices trend upwards, homes located in outlying communities will become increasingly popular providing would-be sellers with the opportunity to sell.
Read more about Q1 residential activity.
2016 Quarter One Commercial Activity:
The first quarter of 2016 had many parallels to the first quarter of 2015: Sales were flat in office and industrial sectors, while multi-family had more volume with fewer transactions and retail was down on volume and transactions. Leading the way this quarter was the sale of The Meadows apartment complex, which included 392 units for approximately $42 million.
Median sales prices remained flat for office properties at approximately $131 per foot, while industrial properties rose to $47 per foot.
Fourteen commercial land sales took place in Q1 2016 for $8,300,000 at an average price of $81,982 per acre; the low price was $8,000 per acre while the high was $1,428,500 per acre.
On the leasing front, vacancies remain down year over year. The number of lease transactions for retail properties were down year over year (Q1 2015 saw the Asheville Outlets leases). Industrial leases were flat and office leases were slightly up.
All real estate is local. In order to make confident real estate decisions, we believe it important for you to have timely and neighborhood-specific information. For more information about your real estate market, ask your Beverly-Hanks associate or click here.