Pricing has been weaker than expected during the third quarter in several areas, one major example being the Biltmore District. Although recorded Biltmore District sales are up 42% compared with the third quarter of 2014, the average sales price is down 16% from a year ago and the quarterly average price per square foot is down 14%. Part of this is due to stronger volumes below $1 million and particularly strong sales among the cheaper condominiums. High end sales volume has been weak. Nevertheless, quarterly average $/SF pricing is down in all price sectors compared to a year ago. 3 completed trustee sales (representing 7% of sales volume) did not help matters. There were none in 3Q 2014.
The annual average price per sq. ft. is back down to $270, the same point as in September 2014, having peaked at $283 as recently as May 2015. The Biltmore District’s luxury neighboring areas, Paradise Valley and Arcadia have fared much better with their long term upward pricing trends intact, if a little weaker than 3 months ago.