HENDERSONVILLE – The latest real estate market data show increases in several notable categories compared to the prior month and year, including total inventory, new property listings, new listings under contract, and total number of closed transactions.
The numbers are an encouraging sign that much-needed housing inventory may be hitting the market just in time for the typical spring gust, according to Sumner REALTORS®, the local nonprofit trade association representing approximately 1,000 real estate professionals. The association releases the monthly data to educate its REALTOR® members and the general public about trends in the local real estate market.
“There are some good signs in the February data, and we hope it will continue during the next several months. We would much prefer a slow, steady levelling off to an abrupt and severe shift because it is healthier for the market. We are monitoring what effect, if any, the conflict in Ukraine and rising oil prices will have on the housing market but are optimistic that the industry is on solid footing and can withstand economic uncertainties. We proved that in the past two years. We just need to re-balance the supply and demand to realize a more reasonable pace of inflation,” said Kelly McDaniel, owner/broker of Weichert REALTORS® – Southern Realty Partners in Hendersonville and 2022 President of Sumner REALTORS®.
Average days on market for single-family homes increased from 15 to 17. The nominal increase may not seem significant in a 60-day context but is a good indicator that as more properties become available and interest rates increase, the buying frenzy could start to cool off, according to the association.
Total inventory (including single-family homes, multi-family properties, condos and land) was up 11% from January and 5% from February 2021. New listings (504) rose 24% from the previous month and 10% from a year earlier. Of the 964 single-family homes listed in the regional Multiple Listing Service, however, only 329 single-family homes were considered active/available for sale, compared to 635 already under a purchase contract. Total housing inventory was still less than half of the ideal 6 months’ supply.
The average price of a single-family home in February was $471,204, up 2% from the previous month ($460,442) and up 29% when compared to February 2021 ($364,254).