Third Quarter Real Estate Market Trends – The Cliffs at Walnut Cove
Walnut Cove Realty (WCR) is delighted to share the 2021 results through the third quarter for The Cliffs at Walnut Cove. The Cliffs at Walnut Cove is a mountain golf community found a short drive outside Asheville, North Carolina.
Through the third quarter of 2021, 100+ properties closed or are pending in Walnut Cove with a total of $110M+, surpassing total sales for all of 2020 ($66.9M) by 64%, indicating strong demand for luxury properties in amenity rich communities.
Closed Sales to Date Analysis
Single Family Home Market Update
Total home sales have contributed to 69% of 2021 Walnut Cove closed transactions to date, with 27 homes sold for a total of $58.7M.
- Homes represent 33% of total properties sold.
- The average price per home of $2.17M is 29% higher than the 2020 average, driven by an increase in the average size of 4,556 SF from 4,163 SF in 2020.
- Five of the homes sold are new or pre-construction.
Townhome Market Update
Townhome sales have contributed to 9% of 2021 Walnut Cove transactions to date, with seven townhomes sold for a total of $10.4M.
- The average price per townhome was $1,485,714.
- The mix of townhomes sold include 2 Meadow, 2 Village Oak and 3 Fairway Commons.
- In Q3, two townhomes below $1.5M went under contract within a week.
Lot Market Update
Lot sales have contributed 9% of 2021 Walnut Cove transactions to date with 47 lots sold for a total of $16M.
- The average price per lot sold was $341K, down from $407K in 2020 as fewer premium lots sold.
- Lot prices ranged from $80K for a 1.21-acre resale wooded lot to $995K for a 1.5-acre golf course lot.
- The average size lot was 1.46 acres, slightly higher than 1.38 acres in 2020.
- Resale lots account for 85% of total lots sold.
- Resale lot inventory is at its lowest point in history with less than 40 lots currently available.
Walnut Cove Realty – Real Estate Market Sales Leader in Walnut Cove
Walnut Cove Realty achieved closed sales of $77.6M to date and participated in 93%, or 75 of the 81 closed transactions representing either the buyer, seller, or both during the third quarter of 2021.
We are dedicated to serving Western North Carolina’s luxury home sellers. Our marketing is second to none and is one reason we are able to achieve extraordinary results and service. We amplify the marketing reach of our listings with tailor-made strategies for each property using a data-driven approach developed to showcase the unique attributes of every listing. Our affiliation with Beverly-Hanks, REALTORS® and their membership in Luxury Portfolio International has expanded our global marketing reach. We work collaboratively with the local brokerage community backed by our vast community knowledge and strong networking connections to provide buyers and sellers with exceptional service that produces results.