Beverly-Hanks delivers their first quarter market report.
Neal Hanks, Jr., President of Beverly-Hanks, REALTORSⓇ, recently delivered the company’s first quarter Real Estate Market Report.
According to the Beverly-Hanks Q1 2019 Real Estate Market Report, the Federal Finance Housing Agency reported a 7.53% price increase in the Asheville MSA last year. “The report also indicated a slight decrease in home prices during the fourth quarter of 2018,” said Hanks. “This could certainly be signaling some change.”
Sales pace across the region has also tapered off in recent months. In a trend that began in the summer of 2017, the regional sales pace growth slowed to 0.3% over the last 12 months. “A supply shortage in certain price ranges is creating drag on the growth of the region’s sales pace,” said Hanks. “Overall, we expect that sales pace will remain on par with 2018 for the coming quarter.”
Throughout the region as a whole, there continues to be an ample supply of homes for sale over $750,000, as well as good supply in the moderate price ranges. However, WNC is seeing an ongoing shortage of homes priced under $400,000. This shortage is most pronounced close to town centers like Asheville, Brevard, and Hendersonville.
“We don’t expect this trend to change in the short term,” said Hanks. “True to form, several Beverly-Hanks agents have stepped up and are serving on local boards, leading efforts to find long-term solutions to our region’s shortage of affordable housing. Hats off to these folks for their leadership.”
Hanks also spoke to the volatility of recent mortgage forecasts. “With mortgage interest rates defying everyone’s predictions in the last six months, where they go in the next quarter is really anyone’s guess,” Hanks said. However, it is clear that mortgage rates have not been this low since the week of February 1, 2018. Many industry predictions have been modified and now have rates finishing the year around 4.5%.
“There’s no question that during times of transition, our agents’ local expertise is invaluable,” said Hanks. “Undoubtedly, national economic and real estate trends have an impact on the housing markets here in Western North Carolina. But through a combination of training, exclusive tools, and good, old fashioned experience, our agents are well prepared to help you interpret national trends and put them into context for the Western North Carolina real estate markets.”
Watch Neal Hanks’ full first quarter market report at beverly-hanks.com/blog/2019-q1-market-report.