Docstoc

2012 Q2 Market Report

Document Sample
2012 Q2 Market Report Powered By Docstoc
					 Beverly-Hanks & Associates
 Second Quarter Market Report
                                                                            2012




 Table of Contents
 p2: Executive Summary

 p3: Trends to Watch

 pp4-6: County Specific Market Review

 p7: New Home Communities

 pp8-9: Commercial Market Review

 p10: Land Review
 The data used to compile this report is available by
 county and price range at beverly-hanks.com

                                                        The Choice is Black & White




beverly-hanks.com
      Executive Summary
President’s Message                                                            Our current position

                                                              “Market indicators continue to show accelerating improvement. With
                                                              more than six months of steady progress, we are confident that the
                                                              bottom of this cycle is behind us.” — Neal Hanks
                                                             Sales Pace Is Improving
                                                             With homes sold per month showing solid improvement and market time dropping,
                                                             we believe that the regional market is firmly on the road to recovery. We expect
                                                             markets closer to the Asheville area to continue to recover more quickly, but believe
                                                             outlying areas will follow.
                                                             Homes in higher price ranges have been selling more briskly than in previous
                                                             quarters. As a region, sales in price ranges over $700,000 are up 50% over the same
                                                             period last year. Downward pressure will continue in the higher end until months
                                                                                                                                 of inventory reach
                                                                               Average Homes Sold Per Month!
                                                                                                                                 historically balanced
                                                                              344!                             Buncombe County!
                                                                       325!
                                                                                                                                 levels of around six
                                                                                                               Haywood County!
                                                                                     291!                      Henderson County!
                                                                                                                                 to twelve months.
                                                                  277!
                                                                                                                        Further supporting240!
                                                                                        209!                            the case for modest
                                                                                              187!        191!
                                                                      181!                          186!                recovery in some
                                                                            163!  157!
                                                                150!                                                    counties    is   the
                                                                                        101!
                                                                                                                 114!   easing of distressed
                                                                                               87!   85!   82!
                                                                                                                        property sales and
                                                                       94!   91!                                        the percentage of
                                                                 76!               68!                            58!   cash buyers. We
                                                                                         46!   43!   42!   44!
                                                                                                                        believe these are


         Vital
                                                                2004! 2005! 2006! 2007! 2008! 2009! 2010! 2011! 2012Q2!
                                                                                                                        early signs that
                                                             primary residence and not investor purchases are accounting for an increasing
                                                             percentage of sales.
                            Signs                            Property Values
                                                             Prices are stabilizing in Buncombe and Henderson Counties. The remaining five
                                                             counties of the seven county region continue to try and establish floors of support for
                                                             median sales price. With median and average sales prices below 2004 levels more
                                                             downward pressure is likely until supply and demand approach balance.
     Median Sales Price
     $175,000 / $178,750
     List/Sell Ratio
     93%
     Total Home Supply
     8,996 / 7,289
     Months of Home Supply
     25.6 / 16.9
     Distressed Sales
     22% / 21%
     % of Cash Sales
     29%



    Comparison based on 2011 Q2 / 2012 Q2




                                                        beverly-hanks.com
    Information in the above chart is derived from Buncombe, Henderson, Haywood, Madison, Rutherford, Polk, and Transylvania counties real estate
2   markets. Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way responsible for its accuracy.
    Data maintained by the MLS may not reflect all real estate activity in the market.
Improving employment adds support                                                                                Trends to Watch
                                                                                                     North Carolina Metros - Average Rate of Job Growth - Jan. thru May 2012
   We’ve long believed that a sustained real estate                                 Raleigh-Cary
   recovery would be dependent upon improving
                                                                              Durham-Chapel Hill
   employment trends. This quarter we’ve asked Tom
                                                                                       Asheville                                                          1.6%
   Tveidt of SYNEVA Economics to help us examine
   current job trends.                                                                Goldsboro

                                                                           Greensboro-High Point

                                                                                      Burlington
The first five months of 2012 job growth have averaged
                                                                                       Charlo e
1.6% in the Asheville MSA (Buncombe, Haywood,
Henderson, Madison Counties); placing it as the third                            Winston-Salem

fastest among the state’s thirteen other metros. Nearly                              Jacksonville

one-quarter of all U.S. metros continue to lose jobs.                                Faye eville

                                                                                      Greenville
Which industries are creating jobs?                                                        Hickory

Health services, business & professional services, and         Rocky Mount

manufacturing have led local growth. The health services        Wilmington
sector, up 5.8%, continues as a main employment                           -1.0% -0.5% 0.0%     0.5%    1.0%        1.5%        2.0%         2.5%
generator in the MSA. The sector represents the single                                                      Source: US Bureau of Labor Statistics.

largest industry group, employing nearly 30,000 persons. Current growth in business & professional services likely indicates a
hiring of temporary workers in industries experiencing rapid increases in demand. Finally, the return of growth in manufacturing
marks a significant reversal for the MSA’s economy. After experiencing losses for nearly 20 years, local manufacturers have
been adding jobs over the last 13 months. Manufacturing employment is up 2.6% in the MSA – about 500 new jobs.
The new jobs in health services and manufacturing are encouraging because the two sectors have high relative wages. Average
weekly wages in manufacturing are $947, 38% above the overall MSA’s average, and at $885 weekly wages in health services
are nearly 30% higher.




                                                                                                                              22 months
What about unemployment?
At 7.6%, unemployment rates remain stubbornly high for the area, although the
rates continue a gradual decline that began over two years ago. While the MSA’s
unemployment rate is high relative to its own history, they remain the second lowest
among the state’s metros, and consistently below the national and statewide rates.
                                                                                                                            As of May, employment equaled
 Asheville Total Employment - Monthly Year-Over-Year Change - Jan. thru May 2012                                            172,300, up 1,900 jobs from the same
 4,500                                                                                                                      time last year. This marks nearly 22
                                                                                                                            months of straight job growth.
 3,500

 2,500

 1,500
                                                                                                                         To learn more about Tom Tveidt and
  500                                                                                                                   SYNEVA Economics visit syneva.com

 (500)

(1,500)
                                                                                                                      An improving jobs outlook combined with
(2,500)
                                                                                                                      industries providing higher wages are
(3,500)
                                                                                                                      lending additional support to a real estate
                                                                                                                      market recovery. With the primary home
(4,500)                                                                                                               buyer leading the recovery, we believe
                                                                                                                      we’ll see the greatest improvement to the
(5,500)
          J   F M A M J   J   A   S   O N D   J   F M A M J    J   A   S   O N D       J    F M A M
                                                                                                                      housing markets in those areas with the
                                                                                                                      strongest employment opportunities.
                       2010                                 2011                              2012
                                                                   Source: US Bureau of Labor Statistics.




                          Regional is good. Local is better. For professional insight and thorough analysis of
                          a specific property or neighborhood, call your Beverly-Hanks associate.                                                                         3
                         Buncombe County Market Review


        Vital
                                         Homes Sold • Median Sales Price                                                                  Homes Sold/Month • Days On Market

                                                   Total sold YE/YTD!             Total sold Q2!       Median sales price!                                   Homes sold/month!          Days on market!
                        Signs                               4,122!                                                     $250!              400!                    344!




                                                                                                                             Thousands!
                                                   3,898!                                                                                                 325!
                                                                     3,495!                                                               350!
                 2011 Q2 / 2012 Q2        3,329!                                                                                                  277!                   291!
                                                                                                                       $200!
                                                                                                                                          300!
                                                                                                                                                                                                              240!
 Median Sales Price                                                           2,506!                                   $150!              250!                                   209!
                                                                                       2,238! 2,228! 2,297!                                                                             187!    186!   191!
 $185,000 / $200,000                                                                                                                      200!
                                                                                                                       $100!
 List/Sell Ratio                                    1,038! 1,144! 1,024!
                                                                                                              1,251!                      150!
                                                                                                                                                                                                       178!
                                            924!                                                                                                                                                163!          162!
                                                                                748!          726! 628! 721!                              100!                                          145!
 93% / 94%                                                                               520!                $50!
                                                                                                                                                                                 114!
                                                                                                                                           50!                           92!
 Total Home Supply                                                                                                     $0!
                                                                                                                                                   75!     76!    75!
                                                                                                                                            0!
 3,071 / 2,612
 % of Cash Sales
 29% / 27%


Months of Inventory at Current Sales Pace
  Price                     Sellers
                            Market
                                                       Balanced Buyers
                                                       Market   Market
                                                                                                                                                 Distressed
  Range              Trend* Prices                              Prices                                                                           Property
  $0-$99k              ê    7.0!
  $100k-$199k          ê    9.5!                                                                                                                   Year to Date Sales: 265
                                                                                                                                                     •     In foreclosure units: 00 (2.6%)
  $200k-$299k          ê    12.8!
                                                                                                                                                     •
                                                                                                                                                     •     Shart sale units: 00 (3.4%)
                                                                                                                                                           In foreclosure: 17 (1.4%)
  $300k-$399k          ê    14.2!
                                                                                                                                                     •
                                                                                                                                                     •     REO units: 00 (14.9%)
                                                                                                                                                           Short sale: 58 (4.6%)
  $400k-$499k           n        15.8!
                                                                                                                                                     • Bank owned: 199 (15.8%)
  $500k-$599k           ê        17.8!                                                                                                              Total Sales Units: 20.8%
  $600k-$699k           ê        16.8!
                                  34.9!
                                                                                                                                                    Total Sales: 21%
  $700k-$799k           é                                                                                                                          •      State average: 00 (xx%)
  $800k-$899k           ê        34.0!                                                                                                             •      National average: 28%
                                                                                                                                                    •      National average: 00 (xx%)
  $900k-$999k           ê        35.0!                                                                                                                    (-7pt. since 01/2012)*
     >$1M               é        76.7!                                                                                                                                             *Source: NAR 04/2012

*Trend compares 2012 Q1 and 2012 Q2.
                                                                                                                                            Closed Homes by Price Bracket
                                     Our                                                                                                    $900k-$999k!            >$1M!
                                                                                                                                                0%!                  1%!
                                     Thoughts...


  -29%
                                                                                                                                                         $800k-
                                     •    First time in six years that days on market                                                                    $899k!           $0-$99k!
                                          and sales pace indicate strong improvement.                                                                     1%!              14%!
                                                                                                                                                                                                  $100k-$199k!
                                                                                                                                             $700k-$799k!                                            38%!
                                     •    At current sales pace year-end closed sales                                                            1%!
                                          will exceed 2008 levels.
 In months of supply from                                                                                                                   $600k-$699k!
 2011 Q2                             •    -3.4% in supply levels from Q1 despite levels                                                         2%!
                                          usually swelling during prime season.                                                                  $500k-                        $300k-
                                                                                                                                                 $599k!                        $399k!
                                                                                                                                                                                               $200k-$299k!
                                     •    Second consecutive quarter of median sales                                                              3%!                           12%!
                                                                                                                                                                                                  23%!
                                          price increase.                                                                                                 $400k-$499k!
                                                                                                                                                              5%!


                                                              beverly-hanks.com
 4                           Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
                             responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
                            Haywood County Market Review
                             Haywood County Market Review


           Vital          Signs
                                          Homes Sold • Median Sales Price


                                                  Total sold YE/YTD!      Total sold Q2!   Median sales price!
                                                                                                                         Homes Sold/Month • Days On Market

                                                                                                                                              Homes sold/month!         Days on market!
                                                  1,133! 1,089!                                                                                                                     280!
                                                                                                      $250!              300!
                  2011 Q2 / 2012 Q2




                                                                                                            Thousands!
                                                                                                                                                                               244!          248!
                                           906!                                                                          250!
  Median Sales Price                                            814!
                                                                                                      $200!
                                                                                                                                                                        179!
  $157,000 / $145,000                                                                                                    200!
                                                                                                      $150!                                                      154!
                                                                        550! 510!                                                134!       134!          135!
  List/Sell Ratio                                                                 501! 530!                              150!                      118!
                                                                                                      $100!
  90% / 92%                                         288! 299!                                  316!                      100!
                                             240!                212!
  Total Home Supply                                                      151! 109! 150! 150! 175! $50!
                                                                                                                          50!
                                                                                                                                            94!    91!
                                                                                                                                  76!                     68!
  1,315 / 1,262                                                                                                                                                   46!                  44!
                                                                                                                                                                                             58!
                                                                                                      $0!                  0!                                            43!   42!
  % of Cash Sales
  28% / 27%


Months of Inventory at Current Sales Pace

  Price                      Sellers
                             Market
                                                     Balanced Buyers
                                                              Market
                                                                                                                                 Distressed
                                                     Market
  Range               Trend* Prices                           Prices                                                             Property
   $0-$99k               é   8.2!
   $100k-$199k           n         20.7!                                                                                               Year to Date Sales: 80
                                                                                                                                        •     In foreclosure units: 00 (2.6%)
   $200k-$299k            ê        38.9!
                                                                                                                                        •     Shart sale units: (0.9%)
                                                                                                                                        •     In foreclosure: 3 00 (3.4%)
   $300k-$399k            é        40.4!                                                                                               •     REO units: 00 (14.9%)
                                                                                                                                        •     Short sale: 11 (3.5%)
   $400k-$499k           n         59.1!
                                                                                                                                        •  Bank owned: 66 (20.9%)
   $500k-$599k            ê        33.6!                                                                                                Total Sales Units: 20.8%
   $600k-$699k           n         0.0!                                                                                                Total Sales: 25.3%
   $700k-$799k            ê        102.0!                                                                                              •     State average: 00 (xx%)
   $800k-$899k            é        36.0!                                                                                               •     National average: 28%
                                                                                                                                        •     National average: 00 (xx%)
   $900k-$999k            é        66.0!                                                                                                     (-7pt. since 01/2012)*
    >$1M                 n         0.0!                                                                                                                                *Source: NAR 04/2012
*Trend compares 2012 Q1 and 2012 Q2. “0” equals insufficient sales to calculate inventory absorption.
                                                                                                                                Closed Homes by Price Bracket
                                                                                                                                       $900k-$999k!
                                      Our                                                                                  $800k-$899k!   0.3%!
                                                                                                                              0.6%!
                                      Thoughts...                                                                                                   $0-$99k!
                                                                                                                                                     29.1%!



      632
                                                                                                                          $700k-$799k!
                                      •   Median sales price continues to search                                                 0.3%!
                                          for floor of support creating excellent
                                          opportunities for buyers.
                                                                                                                            $500k-$599k!
                                      •   Days on market and sales pace are                                                    1.6%!
    Projected annual                      showing first signs of stabilizing which                                                                                                   $100k-$199k!
    home sales at current                                                                                                 $400k-$499k!                                                  42.1%!
                                          paves the way for value recovery.                                                  2.2%!
    sales pace                                                                                                                                            $200k-$299k!
                                      •   List to sell ratio is beginning to normalize                                                                       16.5%!
                                          indicating that sellers and buyers are
                                                                                                                                $300k-$399k!
                                          agreeing on market value.                                                                7.3%!




                               Regional is good. Local is better. For professional insight and thorough analysis of a
                               specific property or neighborhood, call your Beverly-Hanks associate.                                                                                         5
                            Henderson County Market Review


        Vital
                                       Homes Sold • Median Sales Price                                                             Homes Sold/Month • Days On Market

                                                                                                                                                  Homes sold/month!           Days on market!
                                                    Total sold YE/YTD!           Total sold Q2!      Median sales price!
                       Signs                                                                                    $250!              250!
                                                                                                                                                                                     210!
                                                                                                                                                                                            231!
                                                    2,173!




                                                                                                                      Thousands!
                                                             1,956! 1,878!                                                                                                                         188!
                2011 Q2 / 2012 Q2          1,796!                                                               $200!              200!
                                                                                                                                                                              156!
Median Sales Price                                                                                                                               181!                  125!
                                                                                                                $150!              150!
                                                                             1,216!                                                       150!          163!   157!
$160,000/ $172,000                                                                    1,043! 1,014! 985!
                                                                                                                                           90!   83!            93!
List/Sell Ratio                                                                                   593!
                                                                                                        $100!                      100!                 73!
                                                                                                                                                                                                   114!
                                             497! 540! 556! 521!                                                                                                       101!
93%                                                                            361! 293! 340!
                                                                                              265! 343! $50!                        50!
                                                                                                                                                                              87!    85!    82!
Total Home Supply
                                                                                                                $0!                  0!
1,734 / 1,531
% of Cash Sales
30% / 29%


Months of Inventory at Current Sales Pace
  Price                    Sellers
                           Market
                                                        Balanced Buyers
                                                        Market   Market                                                              Distressed
  Range             Trend* Prices                                Prices                                                              Property
  $0-$99k              é   7.5!
  $100k-$199k          é   11.1!                                                                                                          Year to Date Sales: 120
                            20.4!
                                                                                                                                           •     In foreclosure units: 00 (2.6%)
  $200k-$299k          ê
                                                                                                                                           •
                                                                                                                                           •     In foreclosure: 7 00 (3.4%)
                                                                                                                                                 Shart sale units: (1.2%)
  $300k-$399k          ê   25.3!
                                                                                                                                           •
                                                                                                                                           •     REO units: 00 (14.9%)
                                                                                                                                                 Short sale: 14 (2.3%)
  $400k-$499k          é   31.7!
                                                                                                                                           •  Bank owned: 99 (16.6%)
  $500k-$599k          é   33.0!                                                                                                           Total Sales Units: 20.8%
  $600k-$699k          é   36.9!
                                                                                                                                           Total Sales: 20.1%
  $700k-$799k          é   75.0!
                                                                                                                                           •     State average: 00 (xx%)
  $800k-$899k          é   14.0!                                                                                                          •     National average: 28%
                                                                                                                                           •     National average: 00 (xx%)
  $900k-$999k          ê   132.0!                                                                                                               (-7pt. since 01/2012)*
   >$1M                é   123.0!                                                                                                                                   *Source: NAR 04/2012
*Trend compares 2012 Q1 and 2012 Q2.
                                                                                                                                    Closed Homes by Price Bracket
                                      Our
                                                                                                                                      $900k-$999k!       >$1M!
                                      Thoughts...                                                                                        0.2%!           0.3%!
                                                                                                                                    $800k-$899k!




+30%
                                       •      First quarter of improvement to median                                                                                  $0-$99k!
                                                                                                                                       0.5%!                           17.9%!
                                              sales price since 2007.                                                                  $700k-$799k!
                                                                                                                                          0.3%!
                                       •      Sales pace and days on market moving in
                                              sharp contrast towards stabilization.                                                 $600k-$699k!                                            $100k-$199k!
                                                                                                                                       1.2%!                                                   48.7%!
   Sales pace as
   compared to 2011 Q2
                                       •      List to sell ratio stabilizing demonstrating
                                                                                                                                      $500k-$599k!
                                              a meeting of the minds between sellers’                                                    1.3%!
                                              expectations and buyers’ sense of value.                                                                           $200k-$299k!
                                                                                                                                    $400k-$499k!
                                                                                                                                                                    18.2%!
                                       •      Low percentage of distressed property                                                    3.0%!
                                                                                                                                             $300k-$399k!
                                              sales will likely accelerate the recovery.                                                         8.3%!



                                                                beverly-hanks.com
 6                            Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
                              responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
 Rebound is under construction                                              New Home Communities

                                          Community Marketing Group (CMG) is Beverly-Hanks’ full-service marketing division
                                          providing sales, marketing, and strategic consulting services to builders and developers. Our
                                          services are tailored to each communities’ specific needs. We offer everything from design
                                          charettes and market feasibility studies to turn-key sales and marketing teams.




        Vital          Signs
                                         New home sales in May grew at the fastest
                                         pace in more than two years, suggesting that
                                         a modest recovery is underway. In fact, the
     2011May YTD / 2012 May YTD          Commerce Department reported that sales of
                                         new homes increased to the best pace since
New Home Construction
                                         April 2010, the last month that buyers could
NC Building Permits*                     qualify for the federal home-buying tax credit.
13,526 / 19,734
Asheville Building Permits*              There are indications that new home prices
342 / 468                                could rise quickly given the low supply. Bank’s   requested the most permits in over three years.
New Construction Closings**              unwillingness to lend for speculative building    The recent gains in new home sales were
90 / 70                                  has created a noticeable shortage of standing     concentrated in two regions of the country, with
                                         inventory. Builders are just beginning to         sales surging 36.7 percent in the Northeast
*Source: Bureau of Census 5/2012         respond to the low supply and nationally, they    and 12.7 percent in the South.
**Source: WNCRMLS, Seven County Region

                                                                                                 Featured New Home Community

  Over the years, we have worked with numerous owners, developers, and builders in some of the most beautiful and desirable
  communities in the region. Each quarter we plan to feature an outstanding example of the communities with which we are
  proud to affiliate.




            Vital
                                           The Byrdcliffe development in
                                           Swannanoa is a perfect example
                                           of how developer Matt King
                                           understood the market and
                         Signs             delivered a product that was
                           2012 Q2         missing from the marketplace.

 Closed Home Sales                         With six closings already
 6 (8 sales pending)                       in 2012 and eight homes
                                           currently    under     contract,
 Median Closed Sales Price                 successful developments like
 $162,400                                  Byrdcliffe demonstrate how the
                                           improvements in the national
                                           new home construction market
                                           are already being felt here in
                                           Western North Carolina.




                          Regional is good. Local is better. For professional insight and thorough analysis of a
                          specific property or neighborhood, call your Beverly-Hanks associate.                                       7
                     Demonstrated positive growth                                                                                Commercial Update
                            Beverly-Hanks


    Broker	
  Conducted	
  Sales	
  Activity
    Asheville	
  MSA	
  Total           35300000                                                                         Positive signs continue for all commercial real estate
    NAI	
  Beverly-­‐Hanks	
  Total     13400000                                                                         asset classes in the Greater Asheville market. The first
                                                                                                                         half of 2012 saw solid year-over-year improvement in
                  $40!                                                                                                   commercial sales and leasing, and a corresponding
      Millions!




                  $35!                                                                                                   downward trend in commercial property vacancy
                  $30!                                                                                                   rates. Employment trends continue to show positive
                                                                                                                         signs, with continued positive net job growth. The
                  $25!
                                                                                                                         announcement of several major manufacturing
                  $20!
                                 $35.3!                                                                                  companies in the area is welcome news for commercial
                  $15!                                                                                                   real estate.
                  $10!
                                                                      $13.4!
                   $5!
                   $0!
                           Asheville MSA Total!        NAI Beverly-Hanks Total!


    Commerical	
  Vacancy	
  Trends                Asheville	
  MSA
    2009Q2                                0.097
    2010Q2                                0.117
    2011Q2                                0.111
    2012Q2                                0.105
    Commercial Vacancy Trends                                                                                            Leased square
                                                                                                                Leased Square feet feet!
     14%!                                                                                                             450!
                                                                                                         Thousands!




                                      11.7%!                                                                          400!
     12%!                                               11.1%!                                                        350!
                                                                           10.5%!
                         9.7%!                                                                                        300!
     10%!
                                                                                                                      250!
       8%!                                                                                                            200!            408!
       6%!                                                                                                            150!
                                                                                                                      100!                                    205!
       4%!                                                                                                             50!
       2%!                                                                                                              0!
                                                                                                                              Asheville MSA Total!   NAI Beverly-Hanks Total!
       0%!                                                                                                            Source: COSTAR Analytics
              2009Q2!   2010Q2!                        2011Q2!            2012Q2!
      Source: COSTAR Analytics
                                                                                                                 Sales Volume
    Broker-conducted leasing for all commercial property types
    in Asheville accounted for absorption of just over 400,000
    square feet of commercial space. Positive absorption of
    space during the first half of 2012 has lowered the average
    vacancy rate for all property types to approximately 10.5%.

    Broker-conducted sales volume for all commercial
    property types in the Asheville MSA totaled approximately
    $35,300,000 at the end of the second quarter of 2012. The
    NAI Beverly-Hanks brokerage team accounted for just over
    $13,400,000 of commercial property transactions.                                                              Source: COSTAR Analytics



                                                                         naibhcommercial.com
                                       Information as reported by the National Association of Realtors, which does not guarantee or is in any way
8                                      responsible for its accuracy. Data maintained by NAR may not reflect all real estate activity in the market.
2012 - the first half of the year
                                                                        Our Current Position
         Vital         Signs

             Asheville/Buncombe County Commercial Real Estate Overview

                                            Retail                 Office                      Industrial

              # of buildings                   185                  259                            120
              Total square feet            8,462,100             4,290,500                      3,337,000
              Vacancy %                       8.8%                 14.2%                          12.6%
              Average Rent                   $16.01                $18.27                         $4.56
             Source: Karnes                                    *All property types and buildings over 1,000 square feet




                                            Notable Transactions
             The Grove Park Inn & Resort                               Northern Tool & Equipment
             Sale Price $103,528,000                                   Sale Price $3,925,000




             The Historic Grove Park Inn Resort,                        National Retail Properties of Orlando,
             Spa and Golf Club sold in 2012 to                          FL purchased the 25,500 SF retail
             niche resort operator KSL partners                         facility on Patton Ave., currently
             of Denver, CO.                                             leased to Northern Tool.


             AT& T Wireless Store                                       Crowell Farm
             Sale Price $2,696,000                                      Sale Price $2,000,000




              A 3,550 SF AT&T Wireless Store on                         NAI Beverly-Hanks brokered the
              Tunnel Road sold in March 2012.                           sale of this 67 acre tract to a private
                                                                        investor.




                   Regional is good. Local is better. For professional insight and thorough analysis of a
                   specific property or neighborhood, call your Beverly-Hanks associate.                                  9
     1,000!           733!
                           487!                               423!
                                265! 235! 113! 117!
       500! 148! 55! 15! 13! 5! 4! 3!              2!55! 79! 4!

                  WNC Land Market
         0!
                                                                                                        0 - 3 acres with deed restrictions


 Total Parcels Sold • Average Sales Price                                                          Active vs. Closed Parcels

            Total parcel sales!           Average list price!     Average sales price!             2,500!
                                                                                                            1,998!       Active parcels June 2012!      Closed parcels 2012 YTD!
                                                                               $120!               2,000!




                                                                                      Thousands!
                        2,550!
                                                                               $100!                                 1,439!
               2,172!                                                                              1,500!
      1,482!                                                                   $80!
                                 1,687!                                                            1,000!
                                                                               $60!                                           461!
                                                                                                     500!                           252!
                                                                                                                165!             13!   13!110! 77!1! 38!4! 42!1! 17!3! 18! 0 61! 0
                                                                               $40!                                      44!                 6!
                                          670!                                                         0!
                                                 451!    486!    477!
                                                                        249!   $20!

                                                            $0!
      2004! 2005! 2006! 2007! 2008! 2009! 2010! 2011! 2012!
                                                          YTD




         Closed Parcels by Price Bracket                                                                Parcels Closed by County
                                                                                                                                 Transylvania!
                                     >$500k!                                                                                         14%!
                  $400k-              1.2%!
                  $449k!
           $300k- 0.4%!
           $349k!                                               $0-$49k!
            1.6%!                                                66.0%!                                                                               Buncombe!
                                                                                                                                Rutherford!             33%!
          $250k-
                                                                                                                                  17%!
          $299k! $200k-
           0.4%! $249k!
                                                     $50k-
                        2.4%!                                                                                     Polk!                              Haywood!
                                                      $99k!                                                       4%!                  Henderson!      12%!
               $150k-       $100k-                   17.6%!                                                                              19%!
                                                                                                            Madison!
               $199k!       $149k!                                                                            1%!
                5.2%!        5.2%!




           Vital                 Signs
                   2011 YE / 2012 Q2


Average Sales Price/Parcel                                 Our
                                                           Thoughts...

                                                                                                                                                     +50%
$64,082 / $62,435
Median Sales Price                                          •     Nominal reductions in supply and sales point to a
$35,000 / $28,000                                                 stagnant lot parcel market.
List/Sell Ratio                                             •     Sales continue to be concentrated under $100,000.
81% / 82%                                                                                                                                              Lot sales in Rutherford
Total Parcel Supply                                         •     Parcel sales remain consistent in Buncombe County.                                   and Transylvania over
4,516 / 4,513                                                                                                                                          2011 Q2
                                                            •     Counties catering to second home buyers enjoyed a
Parcels Sold/Month                                                higher percentage of sales than in recent quarters.
40 / 42


                                                                 beverly-hanks.com
10                                    Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
                                      responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
The Choice is Black & White                                                          Local Market Dominance


Why                            should you care that we have been the market leader for more than 35 years? Our
                               broker associates deliver consistent results that you can count on. They are industry-
                               leading real estate professionals who are highly trained and prepared to provide you with
                               the expert counsel you need in the ever-changing real estate market.




         Highest Average Selling Price                                                                                   #1 in Total Sales
         BH $280,780 — Local market $221,430                                                                             1,151 Residential transactions sold in 2012
         (We know how to price your home properly.)                                                                      (We don’t just list properties, we SELL them!)




                                                                         2012 Q2 Market Share Totals • Total Sales Volume
                                                                       $350
                                                                                                                            SOURCE: NC Mountains Multiple Listing Service
                                                            Millions




               36
                                                                                                                                                Homes Marketed & Sold
                                                                       $300
                                                                                  $135
                                                                                                                                                              Homes Sold
                                                                       $250
                                                       $ in Millions




                                                                                                                                                          Home Marketed

    Uninterrupted Years                                                $200


       As the market sales leader
                                                                       $150       $65
                                                                                                 $41

                                                                       $100
                                                                                  $95            $56


                                                                        $50
                                                                                                 $43

                                                                         $0
                                                                              Beverly-Hanks Keller Williams   RE/MAX     Keller Williams   Preferred       Prudential      Carolina
                                                                               & Associates Professionals     Mountain   Hendersonville    Properties   Lifestyle Realty Mountain Sales




        Education                                                 Marketing                                                                Mortgage
The real estate industry evolves at             Marketing that works. More than 42% of                                    Beverly-Hanks Mortgage Services is
a blistering pace and consistent skill          our listings are sold by our associates.                                  vested in ensuring your transaction
development is essential. Our full-time         Carefully crafted websites, mobile                                        closes. The number one reason why
Director of Education, the only one in          texting, print, radio, and direct mail                                    homes struggle to close once under
the region, is dedicated to keeping our         campaigns send home buyers to us so                                       contract is financing. Our Buyer
associates razor sharp.                         we can tell them about your property.                                     Assurance program pre-approves home
                                                                                                                          buyers before they even begin searching.




                     Regional is good. Local is better. For professional insight and thorough analysis of a
                     specific property or neighborhood, call your Beverly-Hanks associate.                                                                                           11
                      Search from ANY Phone
       From your cell phone:               From your smart phone:
       Text BHINFO to 59559                Go to beverly-hanks.com


For the Latest News:                       Like us on:
                                           facebook.com




                               Beverly-Hanks
    S E R V I C E S

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:343
posted:7/20/2012
language:English
pages:12