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Market
Report
2nd QUARTER
April–June, 2009
Prepared exclusively
for use by
Beverly-Hanks
& Associates
Your source for
the most up-to-date
real estate information
A personal message
from Owner & President
Neal Hanks, Jr.
S
The second quarter of 2009 delivered a bit of
encouragement to those watching the housing
industry in Western North Carolina. While year to
date home sales demonstrate a continued decline over the prior year, the month over prior year
numbers have gradually improved each month during the past quarter. In fact, Beverly-Hanks &
Associates sales in June 2009 exceeded those of 2008.
The inventory of homes for sale has continued to climb but has been slightly outpaced by improved
sales resulting in a reduction in months of inventory (absorption rate) to 28.3 months, down from 30 in
the first quarter of 2009.
Our average sales price has continued to fall, primarily a reflection of the continued softness in the
upper price ranges and the positive impacts of the first time homebuyers tax credit enacted as a part
of the federal stimulus package.
On the national front Real Trends Housing Market Report recently released figures indicated June
2009 sales were almost dead even with 2008, representing the first month in over 3 years without a
measurable decline. The improvement in national sales continues to be led by the Western region of
the United States which has seen increases for 8 consecutive months. The Midwest and Northeast
regions sales were down only 1.2 and 1.3 percent respectively, their best showings in the past
two years. Sales in the South region were down 6.5 percent, a significant improvement over the
decreases experienced in prior months. Real Trends editor, Steve Murray, stated . . . “June 2009
results were encouraging in that the decline in closed units and prices appear to be slowing in a
significant way.” An improving national real estate market combined with continued low interest rates
are key ingredients to the formula for sustained progress of Western North Carolina real estate sales.
While we are excited about the improved results we have seen in recent months, the statistics
contained in this report continue to demonstrate challenges facing our local real estate market. As
always, with challenges come opportunities and the opportunities for the astute real estate buyer
remain abundant.
Whether buying or selling in today’s real estate marketplace, trusted advice and counsel are
paramount in making wise decisions. For 33 years the professionals at Beverly-Hanks & Associates
have provided these resources to our clients. Our team of highly trained professionals stands ready to
assist you with your real estate needs and would consider it a privilege to do so.
Warn Regards
Madison 29 49 –40.8%
Polk 45 54 –16.7%
Rutherford 78 81 –3.7%
Transylvania 90 127 –29.1%
NOTE: Information as reported by the North Carolina Mountains Multiple Listing Service. The North Carolina Mountains Multiple Listing Service
does not guarantee or is in any way responsible for its accuracy. Data maintained by the Multiple Listing Service may not reflect all real
estate activity in the market. These figures are based upon actual closed transactions as reported through the above mentioned service.
* These totals and averages include all sales reported through the North Carolina Mountains Multiple Listing Service.
Quarterly Market Report
Buncombe County
YTD
YTD 7/08/2009
Monthly Absorption
Units Active
Average Rate**
Sold Units
PRICE RANGE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Units Sold
NOTE: Information as reported by the North Carolina Mountains Multiple Listing Service. The North Carolina Mountains Multiple Listing Service does not
guarantee or is in any way responsible for its accuracy. Data maintained by the Multiple Listing Service may not reflect all real estate activity in the
market. These figures are based upon actual closed transactions as reported through the above mentioned service.
** Absorption Rate: The “projected” months it will take to absorb all of the listings in a particular price range.
Henderson County
YTD
YTD 7/08/2009
Monthly Absorption
Units Active
Average Rate**
Sold Units
PRICE RANGE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Units Sold
2009 Totals
$700,000–$799,000 0 0 0 1 0 1 2 0.3 31 103.3
$800,000–$899,999 0 0 0 0 0 0 0 0 17 unknown
$900,000–$999,999 0 0 0 0 0 0 0 0 20 unknown
$1 Million–$1.9 Million 1 0 0 0 0 0 1 0.2 42 210
$2 Million–$2.9 Million 0 0 0 0 0 0 0 0 7 unknown
$3 Million–$4.9 Million 0 0 0 0 0 0 0 0 4 unknown
$5 Million Plus 0 0 0 0 0 0 0 0 2 unknown
TOTALS 46 63 62 91 87 111 460 76.7 1,811 23.6
Haywood County
YTD
YTD 7/08/2009
Monthly Absorption
Units Active
Average Rate**
Sold Units
PRICE RANGE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Units Sold
$600,000–$699,000 0 0 0 0 0 0 0 0 43 unknown
$700,000–$799,000 0 0 0 0 0 0 0 0 18 unknown
$800,000–$899,999 0 0 0 0 0 0 0 0 18 unknown
$900,000–$999,999 0 0 0 0 1 0 1 0.2 29 145
$1 Million–$1.9 Million 0 0 0 0 1 0 1 0.2 5 25
$2 Million–$2.9 Million 0 0 0 0 0 0 0 0 0 n/a
$3 Million–$4.9 Million 0 0 0 0 0 0 0 0 0 n/a
$5 Million Plus 0 0 0 0 0 0 0 0 0 n/a
TOTALS 35 24 33 25 45 39 201 33.5 1,240 37.1
NOTE: Information as reported by the North Carolina Mountains Multiple Listing Service. The North Carolina Mountains Multiple Listing Service does not
guarantee or is in any way responsible for its accuracy. Data maintained by the Multiple Listing Service may not reflect all real estate activity in the
market. These figures are based upon actual closed transactions as reported through the above mentioned service.
** Absorption Rate: The “projected” months it will take to absorb all of the listings in a particular price range.
Quarterly Market Report
$600,000–$699,000 0 0 0 0 0 0 0 0 13 unknown
$700,000–$799,000 0 0 0 0 0 0 0 0 12 unknown
$800,000–$899,999 0 0 0 0 1 0 1 0.2 8 40
$900,000–$999,999 0 0 0 0 0 0 0 0 7 unknown
$1 Million–$1.9 Million 0 0 0 0 0 0 0 0 21 unknown
$2 Million–$2.9 Million 0 0 0 0 0 0 0 0 1 unknown
$3 Million–$4.9 Million 0 0 0 0 0 0 0 0 2 unknown
$5 Million Plus 0 0 0 0 0 0 0 0 1 n/a
TOTALS 9 10 16 14 14 14 77 12.8 521 40.7
Polk County
YTD
YTD 7/08/2009
Monthly Absorption
Units Active
Average Rate**
Sold Units
PRICE RANGE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Units Sold
$0–$74,999 0 1 1 0 0 1 3 0.5 4 8
$75,000–$149,999 0 5 4 1 1 3 14 2.3 18 7.8
$150,000–$199,999 0 1 3 4 0 5 13 2.2 40 18.2
$200,000–$249,999 1 0 1 1 1 0 4 0.7 29 41.4
$250,000–$299,999 1 0 1 1 0 2 5 0.8 48 60
$300,000–$349,999 0 0 0 0 2 1 3 0.5 21 42
$350,000–$399,999 0 0 0 0 0 1 1 0.2 28 140
$400,000–$449,999 0 0 0 0 0 0 0 0 11 unknown
$450,000–$499,999 0 0 0 0 0 0 0 0 13 unknown
$500,000–$549,999 0 0 0 0 1 0 1 0.2 3 15
$550,000–$599,999 0 0 0 0 0 0 0 0 10 unknown
2009 Totals
$600,000–$699,000 0 0 0 0 0 0 0 0 19 unknown
$700,000–$799,000 0 0 0 0 0 0 0 0 4 unknown
$800,000–$899,999 0 0 0 0 0 0 0 0 5 unknown
$900,000–$999,999 0 0 0 0 0 0 0 0 8 unknown
$1 Million–$1.9 Million 0 0 0 0 0 0 0 0 24 unknown
$2 Million–$2.9 Million 0 0 0 0 0 0 0 0 12 unknown
$3 Million–$4.9 Million 0 0 0 0 0 0 0 0 1 unknown
$5 Million Plus 0 0 0 0 0 0 0 0 0 n/a
TOTALS 2 7 10 7 5 13 43 7.2 298 41.4
NOTE: Information as reported by the North Carolina Mountains Multiple Listing Service. The North Carolina Mountains Multiple Listing Service does not
guarantee or is in any way responsible for its accuracy. Data maintained by the Multiple Listing Service may not reflect all real estate activity in the
market. These figures are based upon actual closed transactions as reported through the above mentioned service.
** Absorption Rate: The “projected” months it will take to absorb all of the listings in a particular price range.
Transylvania County
YTD
YTD 7/08/2009
Monthly Absorption
Units Active
Average Rate**
Sold Units
PRICE RANGE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Units Sold
$0–$74,999 0 2 0 1 0 1 4 0.7 7 10
$75,000–$149,999 3 0 4 5 2 3 17 2.8 78 27.9
$150,000–$199,999 2 1 3 2 5 2 18 3 95 31.7
$200,000–$249,999 2 4 1 4 4 3 19 3.2 76 23.7
$250,000–$299,999 2 1 2 0 1 6 12 2 76 38
$300,000–$349,999 1 1 0 1 2 2 7 1.2 53 44.2
$350,000–$399,999 0 1 1 0 0 3 5 0.8 75 93.7
$400,000–$449,999 0 1 0 1 0 1 3 0.5 23 46
$450,000–$499,999 0 1 0 0 0 1 2 0.3 31 103.3
$500,000–$549,999 1 0 1 0 0 0 2 0.3 21 70
$550,000–$599,999 0 1 0 0 0 3 4 0.7 37 52.9
2009 Totals
$600,000–$699,000 0 0 0 0 0 0 0 0 35 unknown
$700,000–$799,000 0 0 0 0 0 0 0 0 19 unknown
$800,000–$899,999 0 0 0 1 0 0 1 0.2 18 90
$900,000–$999,999 0 0 0 0 0 0 0 0 14 unknown
$1 Million–$1.9 Million 0 0 0 0 0 0 0 0 50 unknown
$2 Million–$2.9 Million 0 0 0 0 0 0 0 0 14 unknown
$3 Million–$4.9 Million 0 0 0 0 0 0 0 0 3 unknown
$5 Million Plus 0 0 0 0 0 0 0 0 1 unknown
TOTALS 11 13 12 15 14 25 90 15 726 48.4
Madison County
YTD
YTD 7/08/2009
Monthly Absorption
Units Active
Average Rate**
Sold Units
PRICE RANGE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Units Sold
$600,000–$699,000 0 0 0 0 0 0 0 0 13 unknown
$700,000–$799,000 0 0 0 0 0 0 0 0 12 unknown
$800,000–$899,999 0 0 0 0 0 0 0 0 4 unknown
$900,000–$999,999 0 0 0 0 0 0 0 0 4 unknown
$1 Million–$1.9 Million 0 0 0 0 0 0 0 0 13 unknown
$2 Million–$2.9 Million 0 0 0 0 0 0 0 0 0 unknown
$3 Million–$4.9 Million 0 0 0 0 0 0 0 0 1 n/a
$5 Million Plus 0 0 0 0 0 0 0 0 0 n/a
TOTALS 3 3 9 2 8 4 29 4.8 308 64.2
NOTE: Information as reported by the North Carolina Mountains Multiple Listing Service. The North Carolina Mountains Multiple Listing Service does not
guarantee or is in any way responsible for its accuracy. Data maintained by the Multiple Listing Service may not reflect all real estate activity in the
market. These figures are based upon actual closed transactions as reported through the above mentioned service.
** Absorption Rate: The “projected” months it will take to absorb all of the listings in a particular price range.
Quarterly Market Report
$100,000–$200,000 10 18 3 12 9 20 1 0 0 2 0 5 1 3 25 63
2009 Year to Date
$200,000–$300,000 2 18 0 5 1 5 0 2 0 0 0 0 1 0 4 32
$300,000–$400,000 3 2 0 0 0 7 0 0 0 1 0 1 0 0 3 12
$400,000–$500,000 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 2
$500,000–$750,000 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 2
$750,000–$1,000,000 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1
$1 Million+ 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1
Percentage Change –49.6% –55% –43.6% –55.6% –85.7% –61.2% –63.5% –55.6%
$400,000–$500,000 46 3 6 1 1 10 8 78
$500,000–$750,000 45 0 4 2 1 12 10 80
$7500,000–$1,000,000 13 0 1 0 0 10 2 28
$1 Million+ 10 0 0 0 0 4 4 21
Totals as of 12/31/08 1,560 1,209 952 245 146 858 703 6,273
NOTE: Information as reported by the North Carolina Mountains Multiple Listing Service. The North Carolina Mountains Multiple Listing Service does
not guarantee or is in any way responsible for its accuracy. Data maintained by the Multiple Listing Service may not reflect all real estate activity
in the market. These figures are based upon actual closed transactions as reported through the above mentioned service.
Sold Properties
1%
$1,000,000+
Percentage of 5%
$500,000 - $999,999
Closed
Residential
Sales by Price
94.0%
Up to $499,999
$193,891,007
NOTE: Information as reported by the North Carolina Mountains Multiple Listing Service. The North Carolina Mountains Multiple Listing Service does
not guarantee or is in any way responsible for its accuracy. Data maintained by the Multiple Listing Service may not reflect all real estate activity
in the market. These figures are based upon actual closed transactions as reported through the above mentioned service.
Peace
of mind.
beverly-hanks.com
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Asheville, NC 28801