Quarterly Market Report 1st QUARTER January–March, 2009 Prepared Exclusively

8/14/2019 Quarterly Market Report 1st QUARTER JanuaryMarch, 2009 Prepared Exclusively

1/12

Prepared exclusivelyfor use by

Beverly-Hanks& Associates

QuarterlyMarketReport

1st QUARTERJanuaryMarch, 2009


2/12

Spring is ofcially here and brings with it causefor cautious optimism in the housing industry inWestern North Carolina. The beginning of our traditional selling season has seen an increase in

activity over a historically slow rst three months of the year. In addition, Brokers throughout the markethave reported increased sales contracts in early April as Buyers begin to take advantage of low interestrates and attractive housing prices.

There has also been a bit of positive news as it relates to the national housing picture. U. S. SalesFigures released in March indicated that February month over month sales increased by over vepercent. Unit Sales have increased signicantly in the markets which began the real estate slow downacross the country and who have suffered the greatest declines- Florida, California and Nevada. Somemarkets in these states are up as much as fty percent. Unfortunately, forty percent or more of thesesales are foreclosures or short sales. The good news is that these sales decrease existing inventorywhich will eventually result in a stabilization of prices. Stabilization will take some time; due to the factthat existing inventory locally and nationwide, remains at historically high levels. A recent report fromFirst American Core Logic stated that prices have declined by 10% or more on a year over year basis

for 11 consecutive months and that the economic downturn and high levels of distressed housinginventory means that the likelihood of price recovery will not begin until 2010.

While we are excited about the seasonal increase in activity we are currently experiencing, the statisticsincluded in this report for the First Quarter of 2009 represent a continued decline in closed sales activityand an increase in housing inventory, resulting in signicantly higher absorption rates than thosereported in the fourth quarter of 2008. It will take considerable improvement in the unit sales pace tobring the absorption rates to more normal levels. An improving national real estate market, low interestrates and a substantial tax incentive for rst time homebuyers should result in the continuing upwardtrend in sales we are beginning to witness. The fundamentals of our market remain sound; a high qualityof life, varied employment and reasonable housing prices make Western North Carolina a desirableplace to call home. Our marketplace will recover and we believe it is in the early stages of doing so.Opportunities for the astute real estate buyer are abundant.

Whether buying or selling in these challenging times, trusted advice and counsel are paramount inmaking wise decisions. For 33 years the professionals at Beverly-Hanks and Associates have providedthese resources to our clients. Our team of full time, highly trained professionals stands ready to assistyou with your real estate needs and would consider it a privilege to have the opportunity to do so.

Warn Regards

W. Neal Hanks, Jr.

Your source for

the most up-to-date

real estate information

A personal message

from Owner & President

Neal Hanks, Jr.


3/12

J

ANU

ARY

MA

RCH

Average Home Selling Price

Number of Homes Sold

NOTE: Information as reported by the North Carolina Mountains Multiple Listing Service. The North Carolina Mountains Multiple Listing Servicedoes not guarantee or is in any way responsible for its accuracy. Data maintained by the Multiple Listing Service may not reect all realestate activity in the market. These gures 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.

COUNTY 2009 2008 % change

Buncombe 394 602 35%

Haywood 93 129 28%

Henderson 169 303 44%

Madison 15 20 25%

Polk 19 23 17%

Rutherford 35 35 no change

Transylvania 36 60 40%

*TOTAL 761 1,172 35%

COUNTY 2009 2008 % change

Buncombe $278,232 $275,404 +1%

Haywood $205,853 $228,087 10%

Henderson $214,822 $213,690 +1%

Madison $162,326 $220,569 26%Polk $143,910 $327,543 56%

Rutherford $166,027 $171,591 3%

Transylvania $263,685 $244,028 +8%

*AVERAGE $243,771 $249,622 2%

YeartoDate2009

YeartoDate

2009


4/12

Housing Supply vs. Demand

YTDUnitsSold

YTDMonthlyAverage

Units Sold

4/01/2009ActiveUnits

AbsorptionRate**

PRICE RANGE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

$0$74,999 22 21 18 61 20.3 134 6.6

$75,000$149,999 42 61 83 186 62 1,032 16.6

$150,000$199,999 45 55 82 182 60.7 1,151 19

$200,000$249,999 37 38 52 127 42.3 1,070 25.3

$250,000$299,999 15 25 26 66 22 1,045 47.5

$300,000$349,999 12 11 22 45 15 578 38.5

$350,000$399,999 9 13 19 41 13.7 661 48.2

$400,000$449,999 10 12 9 31 10.3 342 33.2

$450,000$499,999 7 8 8 23 7.7 403 52.3

$500,000$549,999 3 5 3 11 3.7 202 54.5

$550,000$599,999 2 3 2 7 2.3 278 120.9

$600,000$699,000 2 5 5 12 4 277 69.2

$700,000$799,000 1 3 0 4 1.3 200 153.8

$800,000$899,999 2 1 3 6 2 157 78.5

$900,000$999,999 1 2 1 4 1.3 117 90

$1 Million$1.9 Million 3 0 3 6 2 390 195

$2 Million$2.9 Million 1 0 0 1 0.3 72 240

$3 Million$4.9 Million 0 0 0 0 0 26 unknown

$5 Million Plus 0 0 0 0 0 6 unknown

TOTALS 214 263 336 813 271.3 8,143 30

Western North Carolina Region

2009Totals

YTDUnitsSold

YTDMonthlyAverage

Units Sold


AbsorptionRate**


$0$74,999 4 4 3 11 3.7 31 8.4

$75,000$149,999 13 20 31 64 21.3 360 16.9

$150,000$199,999 20 32 45 97 32.3 472 14.6

$200,000$249,999 20 27 33 80 26.7 390 14.6

$250,000$299,999 7 14 13 34 11.3 373 33

$300,000$349,999 5 5 11 21 7 246 35.1

$350,000$399,999 5 7 13 25 8.3 252 30.4

$400,000$449,999 6 7 6 19 6.3 144 22.9

$450,000$499,999 3 3 6 12 4 168 42

$500,000$549,999 1 3 1 5 1.7 83 48.8

$550,000$599,999 1 2 2 5 1.7 110 64.7

$600,000$699,000 2 3 5 10 3.3 108 32.7

$700,000$799,000 1 3 0 4 1.3 86 66.1

$800,000$899,999 2 1 2 5 1.7 69 40.6

$900,000$999,999 1 2 1 4 1.3 47 36.1

$1 Million$1.9 Million 2 0 3 5 1.7 201 118.2

$2 Million$2.9 Million 1 0 0 1 0.3 31 103.3



TOTALS 94 133 175 402 134 3,190 23.8

Buncombe County

2009Totals

NOTE: Information as reported by the North Carolina Mountains Multiple Listing Service. The North Carolina Mountains Multiple Listing Service does notguarantee or is in any way responsible for its accuracy. Data maintained by the Multiple Listing Service may not reect all real estate activity in themarket. These gures 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


5/12

2009

Totals

2009

Totals



YTDUnitsSold

YTDMonthlyAverage

Units Sold


AbsorptionRate**


$0$74,999 2 6 1 9 3 22 7.3

$75,000$149,999 12 22 19 53 17.7 225 12.7

$150,000$199,999 15 11 18 44 14.7 263 17.9

$200,000$249,999 6 3 7 16 5.3 277 52.3

$250,000$299,999 3 6 9 18 6 215 35.8

$300,000$349,999 3 3 3 9 3 103 34.3

$350,000$399,999 0 4 3 7 2.3 122 53

$400,000$449,999 1 2 2 5 1.7 60 35.3

$450,000$499,999 2 2 0 4 1.3 61 46.9

$500,000$549,999 1 2 0 3 1 48 48

$550,000$599,999 0 0 0 0 0 42 unknown

$600,000$699,000 0 2 0 2 0.7 48 68.6

$700,000$799,000 0 0 0 0 0 34 unknown

$800,000$899,999 0 0 0 0 0 25 unknown

$900,000$999,999 0 0 0 0 0 16 unknown

$1 Million$1.9 Million 1 0 0 1 0.3 36 120




TOTALS 46 63 62 171 57 1,607 28.2

Henderson County

YTDUnitsSold

YTDMonthlyAverage

Units Sold


AbsorptionRate**


$0$74,999 5 1 6 12 4 19 4.7

$75,000$149,999 9 7 12 28 9.3 159 17.1

$150,000$199,999 4 6 5 15 5 136 27.2

$200,000$249,999 5 2 3 10 3.3 156 47.3

$250,000$299,999 3 1 1 5 1.7 152 89.4

$300,000$349,999 1 1 3 5 1.7 81 47.6

$350,000$399,999 4 2 0 6 2 75 37.5

$400,000$449,999 1 2 0 3 1 46 46

$450,000$499,999 2 2 2 6 2 54 27

$500,000$549,999 0 0 1 1 0.3 21 70

$550,000$599,999 1 0 0 1 3 29 96.7

$600,000$699,000 0 0 0 0 0 27 unknown

$700,000$799,000 0 0 0 0 0 21 unknown

$800,000$899,999 0 0 0 0 0 17 unknown

$900,000$999,999 0 0 0 0 0 12 unknown




$5 Million Plus 0 0 0 0 0 0 n/a

TOTALS 35 24 33 92 30.7 1,044 34

Haywood County


6/12

Housing Supply vs. Demand

YTDUnitsSold

YTDMonthlyAverage

Units Sold


AbsorptionRate**


$0$74,999 3 2 2 7 2.3 26 11.3

$75,000$149,999 1 4 6 11 3.7 71 19.2

$150,000$199,999 3 3 2 8 2.7 66 24.4

$200,000$249,999 0 0 3 3 1 58 58

$250,000$299,999 0 1 0 1 0.3 64 213.3

$300,000$349,999 2 0 2 4 1.3 30 23.1

$350,000$399,999 0 0 1 1 0.3 41 unknown

$400,000$449,999 0 0 0 0 0 22 unknown

$450,000$499,999 0 0 0 0 0 21 unknown

$500,000$549,999 0 0 0 0 0 7 unknown

$550,000$599,999 0 0 0 0 0 18 unknown

$600,000$699,000 0 0 0 0 0 9 unknown

$700,000$799,000 0 0 0 0 0 10 unknown

$800,000$899,999 0 0 0 0 0 7 unknown

$900,000$999,999 0 0 0 0 0 11 unknown





TOTALS 9 10 16 35 11.7 478 40.8

Rutherford County

2009Totals

YTDUnitsSold

YTDMonthlyAverage

Units Sold


AbsorptionRate**


$0$74,999 0 1 1 2 0.7 2 2.9

$75,000$149,999 0 5 4 9 3 25 8.3

$150,000$199,999 0 1 3 4 1.3 28 21.5

$200,000$249,999 1 0 1 2 0.7 27 38.6

$250,000$299,999 1 0 1 2 0.7 43 61.4

$300,000$349,999 0 0 0 0 0 14 unknown

$350,000$399,999 0 0 0 0 0 32 unknown

$400,000$449,999 0 0 0 0 0 12 unknown

$450,000$499,999 0 0 0 0 0 12 unknown

$500,000$549,999 0 0 0 0 0 7 unknown

$550,000$599,999 0 0 0 0 0 9 unknown

$600,000$699,000 0 0 0 0 0 17 unknown

$700,000$799,000 0 0 0 0 0 6 unknown

$800,000$899,999 0 0 0 0 0 3 unknown

$900,000$999,999 0 0 0 0 0 5 unknown





TOTALS 2 7 10 19 6 273 45.5

Polk County

2009Totals





7/12

2009

Totals

2009

Totals



YTDUnitsSold

YTDMonthlyAverage

Units Sold


AbsorptionRate**


$0$74,999 0 2 0 2 0.7 6 8.6

$75,000$149,999 3 0 4 7 2.3 57 24.8

$150,000$199,999 2 1 3 9 3 75 25

$200,000$249,999 2 4 1 8 2.7 59 21.8

$250,000$299,999 2 1 2 5 1.7 74 43.5

$300,000$349,999 1 1 0 2 0.7 38 54.3

$350,000$399,999 0 1 1 2 0.7 62 88.6

$400,000$449,999 0 1 0 1 0.3 20 66.7

$450,000$499,999 0 1 0 1 0.3 33 110

$500,000$549,999 1 0 1 2 0.7 13 18.6

$550,000$599,999 0 1 0 1 0.3 36 120

$600,000$699,000 0 0 0 0 0 34 unknown

$700,000$799,000 0 0 0 0 0 19 unknown

$800,000$899,999 0 0 0 0 0 19 unknown

$900,000$999,999 0 0 0 0 0 15 unknown





TOTALS 11 13 12 36 12 616 51.3

Transylvania County

YTDUnitsSold

YTDMonthlyAverage

Units Sold


AbsorptionRate**


$0$74,999 2 0 1 3 1 1 1

$75,000$149,999 0 1 3 4 1.3 27 20.8

$150,000$199,999 1 0 3 4 1.3 21 16.1

$200,000$249,999 0 1 1 2 0.7 24 34.3

$250,000$299,999 0 1 0 1 0.3 33 110

$300,000$349,999 0 0 0 0 0 27 unknown

$350,000$399,999 0 0 1 1 0.3 28 93.3

$400,000$449,999 0 0 0 0 0 12 unknown

$450,000$499,999 0 0 0 0 0 17 unknown

$500,000$549,999 0 0 0 0 0 9 unknown

$550,000$599,999 0 0 0 0 0 13 unknown

$600,000$699,000 0 0 0 0 0 17 unknown

$700,000$799,000 0 0 0 0 0 10 unknown

$800,000$899,999 0 0 0 0 0 3 unknown

$900,000$999,999 0 0 0 0 0 1 unknown



$3 Million$4.9 Million 0 0 0 0 0 1 n/a


TOTALS 3 3 9 15 4 256 51.2

Madison County


8/12

NOTE: Information as reported by the North Carolina Mountains Multiple Listing Service. The North Carolina Mountains Multiple Listing Service doesnot guarantee or is in any way responsible for its accuracy. Data maintained by the Multiple Listing Service may not reect all real estate activityin the market. These gures are based upon actual closed transactions as reported through the above mentioned service.

Residential Vacant Lotswith Restrictions from 0 to 3

PRICERANGE

BUNCOMBE HAYwOOD HENDERSON MADISON POLk RUTHERFORDTRANSYL

VANIANCMtnsMLS

2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008

$0$33,000 13 8 6 3 5 4 2 3 1 0 6 9 5 12 37 46

$33,000$66,000 4 10 5 11 7 11 0 5 1 5 0 4 4 8 25 56

$66,000$100,000 4 10 2 10 2 7 0 1 0 2 2 2 3 3 15 38

$100,000$200,000 3 12 1 7 6 9 0 0 1 2 0 2 0 6 11 40

$200,000$300,000 1 14 0 2 1 1 0 0 0 0 0 0 1 0 3 18

$300,000$400,000 1 1 0 0 0 4 0 0 0 1 0 0 0 0 4 7

$400,000$500,000 0 1 0 0 0 4 0 0 0 1 0 0 0 0 0 7

$500,000$750,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1

$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

TOTALS 26 57 14 33 21 36 2 9 3 10 8 17 13 29 92 209

Percentage Change 54% 58% 42% 78% 70% 53% 55% 56%

Closed Lot/Land SalesJanuaryMarch, 2009

2009YeartoDate

PRICE RANGE BUNCOMBE HAYwOOD HENDERSON MADISON POLkRUTHER-

FORDTRANSYLVANIA NCMtnsMLS

$0$33,000 46 105 60 33 10 152 168 651

$33,000$66,000 388 354 253 79 114 287 134 1,778

$66,000$100,000 345 343 223 58 88 132 121 1,423

$100,000$200,000 364 304 358 55 35 143 180 1,536

$200,000$300,000 206 112 60 11 15 49 52 528

$300,000$400,000 142 36 15 1 7 42 19 280

$400,000$500,00053 2 7 4 0 11 11 94

$500,000$750,000 37 0 6 1 0 15 6 71

$7500,000$1,000,000 12 0 2 0 0 9 7 34

$1 Million+ 14 0 0 0 0 1 5 23

TOTALS 1,607 1,256 984 242 269 841 703 6,418

Totals as of 12/31/08 1,560 1,209 952 245 146 858 703 6,273

Percentage Change 3% 4% 3% 1% 84% 2% 0% 2%2009Yearto

Date

Residential Active Lot/Land Inventory 03 AcresAs of 4/1/09



9/12

NOTE: Information as reported by the North Carolina Mountains Multiple Listing Service. The North Carolina Mountains Multiple Listing Service doesnot guarantee or is in any way responsible for its accuracy. Data maintained by the Multiple Listing Service may not reect all real estate activity

in the market. These gures are based upon actual closed transactions as reported through the above mentioned service.

Percentage ofClosed

Residential

Sales by Price

Sold Properties

Century 21MountainLifestyles

$14,440,957

ColdwellBankerKaseyAssociates

KellerWilliamsProfessionalsAsheville

PreferredProperties

$72,789,497

$43,256,629

$17,816,300$15,434,020

Closed Sales Volume

Properties Sold Year to Date 2009

by the Top 5 WNC Real Estate Firms

Property Types: residential, improved and unimproved

94.0%

Up to $499,999

1%$1,000,000+

5%$500,000 - $999,999


10/12

NOWis the time to buy your home!

Te tax credit is for rst-time home buyers only.A rst time homebuyer is dened as anyone who has not owned a home in the last 3 years.

If held more than 3 years, the tax credit does not have to be repaid. Te tax credit is calculated at 10% of the homes purchase price up to a maximum of $8,000.

Principal residences, purchased on or after April 6, 2008 andbefore December 1, 2009 may qualify for the credit.

Single taxpayers with incomes up to $75,000 and married coupleswith incomes up to $150,000 may qualify for the full tax credit.

For more information about home ownership, please visit our websiteat beverly-hanks.com or to contact a mortgage professional, visit www.beverly-hanks.com/mortgage

FAST FACTS ON THE FIRST TIME HOMEBUYER TAX CREDIT

Te NEW frst-time homebuyer tax credit included in the ederal governmentstimulus package may turn your home ownership dream into a reality!

(Inormation obtained rom www.ederalhousingtaxcredit.com

Consult your tax proessional or details on how this may beneft you.)


11/12

At Beverly-Hanks & Associates,

HigHer AverAgeSAleS Price $265,539 $218,182

HigHer % of

liSt Price 94.3% 92.8%

Quicker SAleS! 130 AverAge DAyS 159 AverAge DAy

w w s h as ad !

Sellers who list their homes with Beverly-Hanks & Associates already know the facts . . . do yo

nortHcArolinAmountAinS

reAl eStAtemArket

NOTE: Information as reported by the North Carolina Mountains Multiple Listing Service through the period of January 1, 2009 - Ma31, 2009. The North Carolina Mountains Regional Multiple Listing Service does not guarantee or is in any way responsible for its accuraData maintained by the Multiple Listing Service may not reect all real estate activity in the market. These fgures are based upon acclosed transactions of all residential property types as reported through the above mentioned service.

on mArket on mArket


12/12

1st Quarter 2009Market Report

300 Executive ParkAsheville, NC 28801

Downtown Asheville 828-254-7221South Asheville 828-684-8999Hendersonville 828-697-0515North Asheville 828-251-1800Weaverville 828-658-9500Waynesville 828-452-5809

Bilt P k 828 684 9020

www.beverly-hanks.com

Documents

Quarterly Market Report 1st QUARTER January–March, 2009 Prepared Exclusively