{"id":14275,"date":"2018-07-16T09:41:36","date_gmt":"2018-07-16T13:41:36","guid":{"rendered":"https:\/\/www.beverly-hanks.com\/blog\/?p=14275"},"modified":"2024-12-11T09:56:36","modified_gmt":"2024-12-11T14:56:36","slug":"nai-q2-2018-market-report","status":"publish","type":"post","link":"https:\/\/www.naibeverly-hanks.com\/blog\/nai-q2-2018-market-report\/","title":{"rendered":"NAI Beverly-Hanks Q2 2018 Market Report: A Consistent Climb"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-14266\" src=\"https:\/\/www.beverly-hanks.com\/blog\/wp-content\/uploads\/2018\/07\/pack-square-at-biltmore-ave.jpg\" alt=\"NAI Beverly-Hanks Q2 2018 Market Report: A Consistent Climb\"><\/p>\n<h2>Q2 2018 Commercial Activity:<\/h2>\n<p>The second quarter was solid, steady, and consistent\u2014nothing 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&#8217;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.<br \/>\n&nbsp;<\/p>\n<ul>\n<li>10 Industrial Transactions for $25.4 million<\/li>\n<li>24 Office Transactions for $21.4 million<\/li>\n<li>27 Retail Transactions for $29.8 million<\/li>\n<li>13 Multi-family Transactions for $10.2 million<\/li>\n<li>47 Land Transactions for $22.5 million<\/li>\n<\/ul>\n<h2>Q2 2018 Lease Activity:<\/h2>\n<p>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.<br \/>\n&nbsp;<\/p>\n<ul>\n<li>25 Industrial Lease Transactions, Down 2 from Q2 2017<\/li>\n<li>41 Office Lease Transactions, Up 7 from Q2 2017<\/li>\n<li>35 Retail Lease Transactions, Up 2 from Q2 2017<\/li>\n<\/ul>\n<hr \/>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-14267\" src=\"https:\/\/www.beverly-hanks.com\/blog\/wp-content\/uploads\/2018\/07\/2018-q2-home-supply.jpg\" alt=\"Welcome to the Seller\u2019s Market: The Beverly-Hanks Q2 2018 Market Report\"><\/p>\n<h2>Q2 2018 Residential Activity:<\/h2>\n<p>Beverly-Hanks President Neal Hanks, Jr. has delivered the second quarter 2018 Market Report. <a href=\"https:\/\/youtu.be\/Q4Veaux559o\">Watch the video<\/a> below for his short report, or continue reading for a summation.<br \/>\n&nbsp;<br \/>\n<iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/Q4Veaux559o\" allowfullscreen=\"allowfullscreen\" width=\"560\" height=\"315\" frameborder=\"0\"><\/iframe><br \/>\n&nbsp;<br \/>\nWestern 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.<br \/>\nDespite 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\u2019re expecting this rate of appreciation to continue for at least the remainder of this year.<\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.beverly-hanks.com\/blog\/2018-q2-market-report\/\">Read more about Q2 2018 residential real estate activity.<\/a><\/p>\n<p>&nbsp;<br \/>\n<i>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&nbsp;<\/i><a href=\"http:\/\/www.naibeverly-hanks.com\/market-research-center\"><i>click here<\/i><\/a><i>.<\/i><br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Q2 2018 Commercial Activity: The second quarter was solid, steady, and consistent\u2014nothing 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&#8230;  <a class=\"excerpt-read-more\" href=\"https:\/\/www.naibeverly-hanks.com\/blog\/nai-q2-2018-market-report\/\" title=\"Read NAI Beverly-Hanks Q2 2018 Market Report: A Consistent Climb\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":6,"featured_media":14266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[159],"tags":[3,4,63,11],"class_list":["post-14275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-reports","tag-commercial","tag-commercial-real-estate","tag-quarterly-market-report","tag-wnc-real-estate"],"acf":[],"featured_image":null,"_links":{"self":[{"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/posts\/14275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/comments?post=14275"}],"version-history":[{"count":1,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/posts\/14275\/revisions"}],"predecessor-version":[{"id":21065,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/posts\/14275\/revisions\/21065"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/media?parent=14275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/categories?post=14275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/tags?post=14275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}