Beverly-Hanks President Neal Hanks, Jr. recently delivered the Q2 2017 Real Estate Market Report. Watch the video below for his short report, or continue reading for a summation.
Q2 2017 Commercial Activity:
Sales in all commercial sectors were up significantly in Q2 2017 versus Q1 2017. Our Industrial and Office markets were both up more than 50% year over year, as well. There were 10 Industrial transactions across WNC for $17.5 million, compared to $12.0 million in transactions in Q2 2016. 20 Office transactions totaled $16.5 million, versus $9.0 million in Q2 2016.
The average sales price for commercial property rose to $1.2 million, compared to $998,000 this time last year. The median price per square foot stands at $111. Sales of multi-family properties dropped from 14 transactions in the first half of 2016 to four this year. The majority of US markets are also experiencing the cooling off of the multi-family market.
Total lease transactions (84) were slightly down year over year, but vacancies continue to drop and rents continue to rise in all categories. Currently, there are approximately 5,565 buildings in the Asheville market with a total rentable building area of 106,800,000 square feet.
Q2 2017 Residential Activity:
Right now the big news in Western North Carolina continues to be the extreme shortage of homes for sale under $300,000. This shortage is driving up home prices for modestly priced homes, causing them to appreciate more quickly than the region’s average.
Even so, the sales pace remains very strong. 2,447 homes sold during the last 90 days, making it the second strongest quarter in the past 10 years. It was also the first quarter in the last five years wherein the sales pace slipped back from a previous high (Q1 2017). Buncombe County’s median sales price continues to lead the region at $282,750, and Rutherford County is the most affordable at $170,000.
Read more about Q2 2017 residential activity.
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.