Buncombe County – August 2010 MLS Statistics for Single Family Residential only
Total Active Listings = 2865
161 total single family residential sales
$ under 100,000 = 13
100,000 -150,000 = 25
150,000 - 200,000 = 38
200,000 – 250,000 = 20
250,000 – 300,000 = 20
300,000 – 350,000 = 17
350,000 – 400,000 = 9
400,000 – 450,000 = 6
450,000 – 500,000 = 7
500,000+ = 6
Fewer than 6% of available listings sold in August in Buncombe County. Without figuring in new listings that will come on the market, it would take 18 months to sell all of the current listings. This is the absorption rate.
Generally, a balanced market has 5-6 months of inventory. More than that and you have a Buyer’s Market.
If you are buying, this is, of course, to your advantage. If there is more than 12 months of inventory, you will know that sellers face fierce competition and will have to negotiate or throw in concessions to win your business.
On the other hand, if you are a seller in this market, you need to put some serious thought into what you can do (pricing, staging, incentives) to make your house one of the 6% that sells!
I have had good success selling my listings this year. The average days on market for my sold listings is 108 with a list to sell price ratio of 97%. (the MLS average is 152 days on market and 93% ratio).
Talk to me about how to get your house sold!