Q2 2018 Commercial Activity:
The second quarter was solid, steady, and consistent—nothing extraordinary or flashy, just solid. Four out of the five sectors (industrial, office, retail, multi-family, land) were not up by much, but they were up. In the Central Business District (CBD), 48 Biltmore Avenue (home to Chestnut restaurant) and 26.5 Battery Park Avenue (home to Kilwin’s) were sold. Ten buildings have sold in the CBD in 2018, with an average sales price of $2.25 million. The median price per square foot is $165.25.
- 10 Industrial Transactions for $25.4 million
- 24 Office Transactions for $21.4 million
- 27 Retail Transactions for $29.8 million
- 13 Multi-family Transactions for $10.2 million
- 47 Land Transactions for $22.5 million
Q2 2018 Lease Activity:
Total lease transactions were also slightly up, and vacancies continue to drop while rents continue to rise. The average rent for available office space in Downtown Asheville is just over $25.50/foot and retail space is approximately $29.50/foot.
- 25 Industrial Lease Transactions, Down 2 from Q2 2017
- 41 Office Lease Transactions, Up 7 from Q2 2017
- 35 Retail Lease Transactions, Up 2 from Q2 2017
Q2 2018 Residential Activity:
Beverly-Hanks President Neal Hanks, Jr. has delivered the second quarter 2018 Market Report. Watch the video below for his short report, or continue reading for a summation.
Western North Carolina residential real estate markets are transitioning. Strong demand continues to drive prices higher and limited inventory is leading to more competition among home buyers. There are 4% fewer homes for sale now than this time last year. However, the number of homes under $300,000 has dropped by 12%. This trend is most pronounced in places like Buncombe and Henderson Counties.
Despite tightening supply, the sales pace remains strong in the second quarter. However there were 4% fewer homes sold compared to the same period last year due to fewer buyers being able to find a home that meets their needs. These trends are also affecting home prices, which have risen more than 8% during the last 12 months. We’re expecting this rate of appreciation to continue for at least the remainder of this year.
All real estate is local. In order to make confident real estate decisions, we believe it is important for you to have timely and neighborhood-specific information. For more information about your real estate market, ask your NAI Beverly-Hanks associate or click here.