Fewer homes are selling in Asheville, and real estate values are sliding

Jason Sandford

Jason Sandford is a reporter, writer, blogger and photographer interested in all things Asheville.

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Excellent, newsy post over at Iwanna blog on Asheville’s limp real estate market, a perfect market for buyers:

The buyer’s market rages on for residential real estate in Asheville.

Fresh new data on Zillow.com shows fewer and fewer homes are being sold in the area — to lows not seen in more than 5 years.

The percentage of homes sold in Buncombe County in the past 12 months dropped to just 2.2% in July and 2.5% in Asheville proper. In early 2007, about 10% of all homes in the area were being sold.

Not surprisingly, given the country’s economic woes, over 90% of the homes in Asheville have declined in value over the past year. In 2005, it was under 10%.

The latest data shows about 17% of the homes being sold in Asheville are being purchased for less than the previous owner paid — and that excludes  foreclosure transactions.

Home prices are dropping about 6% every 30 days, according to Zillow’s latest data.

Now may be the time to buy, and you can check out area homes for sale on Iwanna.com.