Table of Contents pp 2-3: Executive Summary pp 4-10: County Specific Review p 11: New Home Communities p 12: Commercial Review pp 13-14: Land Review A complete analysis for Madison, Polk, Rutherford and Transylvania Counties is available at beverly-hanks.com beverly-hanks.com 2013 QUARTER 1 the ReporT r e a l e s tat e
It may appear premature to declare a housing boom and chronicle an uneven regional recovery, but Vital Signs indicate a major transition. Neal Hanks Jr., President OUR M a r k e T WESTERN NORTH CAROLINA Major Transition Underway Consider these year-over-year metrics for Western North Carolina comparing 2012Q1 and 2013Q1: Existing home sales are up 21% percent. Existing months of inventory for sale are down 19% percent. Median home prices are up 4.8 percent. In the short term, we expect increasing values to increase demand and further constrain supply. Here s why. 1. Buyers are competing for a limited number of homes driving up prices. 2. As prices rise, buyers will become impatient and sellers will hold out hoping for the market to get even better. In a recent national survey by Redfin, 56% of buyers said now is a good time to buy, whereas only 13% said now is a good time to sell. 3. As prices rise, homeowners will eventually jump into the market and home builders will likely follow suit adding to inventory. Home Change Since Peak -60.0%! -40.0%! -20.0%! 0.0%! $0-$99K! $100k-$199k! $200k-$299k! $300k-$399k! $400k-$499k! $500k-$599k! $600k-$699k! $700k-$799k! $800k-$899k! $900-$999k! >$1M! Economic Trends by Tom Tveidt of SYNEVA Economics The Asheville MSA (Buncombe, Haywood, Henderson, Madison counties) began the year with exceptionally strong employment gains. Up 3.9 percent over the year, the MSA is the fastest growing metro area in the state and is outpacing both the state and nation. By adding more than 6,000 jobs through the first two months of 2013, our post-recession expansion is up to 31 consecutive months of growth. The pace of growth has accelerated during the last six months, historically averaging an annual growth rate of about one percent; during the last six months rates have steadily risen to near four percent. The surge in new job creation is led by the Leisure and Hospitality sector, up 2,500 new positions, nearly 12 percent over 2012. The sector s strength confirms the region s historically strong attraction to visitors and vacationers. Other industries contributing to job growth include Retail, adding 1,400 jobs, and Health Services, up 1,300. The broad based expansion even includes the Manufacturing sector which added 250 jobs in the first quarter. Jobs Asheville Charlotte Gastonia Wilmington Greenville Jacksonville Raleigh Cary Durham Chapel Hill Goldsboro Hickory Fayetteville Winston Salem Burlington Greensboro High Point Rocky Mount Fastest Growth in the State 1% 0% 1% 2% 3% 4% North Carolina s metropolitan areas, annual employment growth rate through February 2013. Source: North Carolina Employment Security Commission 2 Information throughout this report is derived Buncombe, Henderson, Haywood, Madison, Rutherford, Polk, and Transylvania counties real estate 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.
New Homes Needed to Relieve Inventory Shortage Only new home construction will relieve the anticipated inventory shortage, and housing starts need to rise at least 50 percent current levels for that to happen, said Lawrence Yun, chief economist for the National Association of Realtors. Jed Kolko, chief economist of Trulia describes the short-term phenomena created by reasons 1 and 2 as an inventory spiral. Kolko does not believe the spiral will lead to another longterm bubble. Rising prices encourage homeowners to sell and builders to build, which adds to inventory and breaks the spiral, he says. Following long established regional trends, inventories rose between 2012Q4 and 2013Q1. Only hints of a shortage in some specific niche markets are visible, but if national trends play out in Western North Carolina we may not be far behind. Housing inventory nationwide declined 23% year-onyear in February, according to the Department of Numbers Housing Tracker. Inventory fell year-on-year in all 50 of the largest metros. We take the responsibility of monitoring these trends seriously. Our agents welcome the opportunity to personalize the information, enabling you to make confident real estate decisions. Median Price Area % of change WNCMLS + 4.8 Buncombe +.9 Haywood -5.7 Henderson +7.4 Madison +4.3 Polk -3.2 Rutherford -10.1 Transylvania -1.9 27% decrease in average months of inventory since 2012 Largest reduction in inventory occurring in middle price brackets. Median sales price increased by almost 5% since 2012Q1. 1,336 total homes sold in the region in Q1, a 21% increase year over year. Median Price Over Two Years of Unbroken Job Growth Thirty-One Consecutive Months of Year-Over-Year Expansion Averaging 8.1 percent through February, the unemployment rate is the third lowest among all of the state s 4% 14 metropolitan areas. Currently, 3% we are well below the overall statewide 2% unemployment rate of 9.9 percent and a 1% hair below the national rate of 0% 8.3 percent. The unemployment rates have held 1% below both the state and nation for over a decade. 2% 94% 2% 6,240 $170,000 $162,200 Cash 6,096 35% 2% Distressed Property 2% 3% 2010 2011 2012 2013 Asheville Metro, percent change in employment year earlier. Source: North Carolina Employment Security Commission Visit SYNEVA Economics at syneva.com 23% of Total National average 25% of closed sales 3
BUNCOMBE COUNTY 28% increase in units sold/month Four price brackets are at or near market balance. Slowing sales pace, since 2012Q4, in luxury price tiers are typical for season. Average marketing time decreased by almost one month, since 2012. 94% no change 2,580 Median Price $186,750 $185,000 Cash 2,142 32% 1% Distressed Property no change 22% of Total National average 25% of closed sales Source: National Association of REALTORS 277! 325! 344! 75! 76! 75! 291! 92! 209! 114! Homes sold/month! 187! 186! 191! 145! 163! 178! Days on market! 23 227! 161! 162! 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! 3,329! $0-$99K! $100k-$199k! $200k-$299k! $300k-$399k! $400k-$499k! $500k-$599k! $600k-$699k! $700k-$799k! $800k-$899k! $900k-$999k! >$1M! 3,898! 4,122! 3,495! months of inventory at current sales pace 5! 5! 1 7! 13! 9! 16! 1 16! 13! 23! 18! 23! 25! 26! Annual total sales! Total sold Q1! 2,745! 2,506! 2,238!2,228! 2,297! 87 1,037! 984! 744! 483! 635! 496! 559! 531! 682! 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! 35! 36! 42! 48! $100k- $199k! 39.1%! 55! 51! 1 2 3 4 5 6 7 8 Months of! pace vs. trends Days on market $200k- $299k! 23.0%! 2012Q1! 2013Q1! < 6 mos. prices increase 6-12 mos. prices stabilize > 12 mos. prices decrease 0 insufficient sales data 65! Closings $0-$99k! 15.4%! by price bracket $300k- $399k! $400k- $499k! 11.4%! 4.7%! >$1M! 1.3%! $500k- $599k! 2.2%! $600k- $699k! 1.3%! $700k- $799k! 0.9%! $800k- $900k- $899k! $999k! 0.3%! 0.3%! 4 beverly-hanks.com
Haywood County Review HAYWOOD COUNTY $0-$99K! $100k-$199k! $200k-$299k! $300k-$399k! $400k-$499k! months of inventory at current sales pace 8! 7! 19! 17! 34! 36! $500k-$599k! 42! $600k-$699k! 6 $700k-$799k! < 6 mos. prices increase $800k-$899k! 15! 6-12 mos. prices stabilize 18! > 12 mos. prices decrease $900k-$999k! 0 insufficient sales data >$1M! 1 2 3 4 5 6 7 8 9 Months of! 76! pace vs. Homes sold/month! 134! 134! 94! 118! Days 135! 91! 68! on market Days on market! 154! 4 179! 43! 48! 215! 59! 46! 43! 42! 44! 2012Q1! 2013Q1! 229! 232! 6 224! 47! 96! 19 less days for average marketing time Home supply down by 13%, year over year. Slowed sales pace but typical of historical trends tied to fall/ winter tourism. Best opportunities for purchase since pre-2004. 92% 2% last year Median Price $133,000 $141,000 Cash 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! trends Closings by price bracket 1,133! 1,089! Annual total sales! Total sold Q1! 906! 814! 55 51 501! 53 132! 21 246! 195! 129! 93! 93! 98! 719! 141! 141! 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! $100k- $199k! 44.0%! $0-$99k! 34.8%! $200k- $299k! 10.6%! $300k- $399k! 6.4%! $400k- $499k! 2.1%! $500k- $599k! 1.4%! $600k- $699k! 0.7%! 940 34% 1,078 1% Distressed Property 1% 26% of Total National average 25% of closed sales Source: National Association of REALTORS 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 20% reduction in inventory levels 86% increase in homes sold per month in $300k-$399k bracket. Largest number of homes sold in Q1 since 2007. Strongest median sales price improvement in region, 7.4%. 95% 3% last year Median Price $166,000 $154,500 6! $0-$99K! 6! 2012Q1! 2013Q1! 12! $100k-$199k! 1 < 6 mos. prices increase $200k-$299k! 25! 6-12 mos. prices stabilize 14! > 12 mos. prices decrease $300k-$399k! 33! 19! 0 insufficient sales data $400k-$499k! 25! 33! $500k-$599k! 2 31! $600k-$699k! $700k-$799k! 25! 3 45! 42! $800k-$899k! 14! $900k-$999k! 111! >$1M! 123! 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Months of! 15 9 181! 83! months of inventory at current sales pace pace vs. 163! 73! Days 157! 93! on market 125! 101! Homes sold/month! 185! 192! 156! 87! 85! 82! Days on market! 183! 113! 194! 104! Cash 1,300 34% 1,305 Distressed Property 3% no change 25% of Total National average 25% of closed sales Source: National Association of REALTORS 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! trends 2,173! 1,956! 1,796! 1,878! 1,216! 1,043!1,014! 985! Annual total sales! Total sold Q1! 1,345! 338! 365! 411! 43 306! 174! 187! 194! 253! 31 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! Closings $100k- $199k! 45.2%! $200k- $299k! 21.0%! $0-$99k! 19.0%! by price bracket >$1M! 0.3%! $300k- $399k! 9.0%! $400k- $499k! 2.6%! $500k- $599k! 1.9%! $700k- $799k! 0.3%! $600k- $699k! 0.6%! 6 beverly-hanks.com
MADISON COUNTY months of inventory at current sales pace 5! $0-$99K! 1 2012Q1! 2013Q1! 31! $100k-$199k! 25! 18! $200k-$299k! 27! $300k-$399k! 38! $400k-$499k! 66! 23! $500k-$599k! 9! $600k-$699k! < 6 mos. prices increase 15! 6-12 mos. prices stabilize $700k-$799k! > 12 mos. prices decrease $800k-$899k! 0 insufficient sales data $900k-$999k! >$1M! 1 2 3 4 5 6 7 8 9 10 Months of! 167! pace vs. Homes sold/month! 135! Days 11 117! on market Days on market! 152! 168! 179! 247! 219! 178! 3months less marketing time than one year ago Percentage of distressed sales appears to be stabilizing. 4% increase in homes available for sale. Limited sales data complicates accurate assessment of market. 94% 5% Median Price $170,000 $167,000 18! 21! 17! 14! 1 7! 9! 9! 11! 1 Cash 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! trends Closings by price bracket 247! Annual total sales! $400k- Total sold Q1! $499k! 213! 207! $200k- 10.0%! $299k! 17 23.3%! $500k- 114! 109! 112! 13 $599k! $100k- 3.3%! 88! $199k! 30.0%! 29! 38! 46! 38! 2 16! 15! 29! 32! 3 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! $0-$99k! 26.7%! $600k- $699k! 6.7%! 262 42% 253 last year 8% Distressed Property 12% 17% of Total National average 25% of closed sales Source: National Association of REALTORS Regional is good. Local is better. For professional insight and thorough analysis of a specific property or neighborhood, call your Beverly-Hanks associate. 7
POLK COUNTY 74% of sales concentrated under $300,000 ing time reduced by almost one month since 2012Q1. Price ranges below $399,000 averaged almost a 50% reduction in inventory. 26% increase in home sales year over year. 90% 1% last year 302 298 Median Price $145,250 $150,100 Cash 50% no change Distressed Property 5% 24% of Total National average 25% of closed sales Source: National Association of REALTORS $0-$99K! $100k-$199k! $200k-$299k! 174! Homes sold/month! 156! 142! 134! 24! 27! 32! 26! Days on market! 268! 277! 284! 323! 179! 142! 13! 14! 12! 12! 12! 14! 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! 328! 283! 46! 44! 379! 309! 85! 79! 4! 8! 25! 2 $300k-$399k! 19! $400k-$499k! 18! < 6 mos. prices increase 6-12 mos. prices stabilize $500k-$599k! 15! > 12 mos. prices decrease $600k-$699k! 0 insufficient sales data 42! $700k-$799k! $800k-$899k! 9! $900k-$999k! 6! >$1M! 1 2 3 4 5 6 7 Months of! 8 9 10 months of inventory at current sales pace pace vs. trends Days Annual total sales! Total sold Q1! 153! 162! 14 138! 141! 33! 33! 27! 23! 31! 37! on market 42! 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! 5 Closings $500k- $599k! 7%! $300k- $399k! 17%! $200k- $299k! 14%! 2012Q1! 2013Q1! $0- $99.9k! 29%! $100k- $199k! 31%! by price bracket $600k- $699k! 2%! 8 beverly-hanks.com
Haywood County Review RUTHERFORD COUNTY months of inventory at current sales pace $0-$99K! 8! 13! 2012Q1! 2013Q1! $100k-$199k! 21! 31! $200k-$299k! 49! 38! $300k-$399k! $400k-$499k! $500k-$599k! $600k-$699k! $700k-$799k! $800k-$899k! < 6 mos. prices increase 15! 6-12 mos. prices stabilize $900k-$999k! 15! > 12 mos. prices decrease 0 insufficient sales >$1M! 1 2 3 4 5 6 Months of! 7 8 9 169! pace vs. Homes sold/month! 156! Days 142! 134! on market Days on market! 142! 179! 268! 277! 197! 157! 30% of total sales are distressed Median sales price for the county is one of the lowest in the region. Largest reduction in marketing time across the region, (-111 days). Cash and investor sales represent more than half of sales. 94% 2% Median Price $108,900 $121,175 4! 13! 21! 21! 15! 14! 16! 15! 24! 16! Cash 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! trends Closings by price bracket Annual total sales! Total sold Q1! 286! 255! 248! $100k- 175! 173! 189! $199k! 177! 31.9%! 46! 3! 153! 16! 46! 5 35! 36! 33! 56! 36! 47! 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! $0- $99.9k! 46.8%! $200k- $299k! 14.9%! $300k- $399k! 4.3%! $800k- $899k! 2.1%! 437 51% 417 last year 47% Distressed Property 13% 30% of Total National average 25% of closed sales Source: National Association of REALTORS Regional is good. Local is better. For professional insight and thorough analysis of a specific property or neighborhood, call your Beverly-Hanks associate. 9
TRANSYLVANIA COUNTY 4% increase in average months of home supply for county Lowest percentage of distressed sales in region. Oversupply of home s in higher price ranges continues downward pressure on pricing. Buyers continue to negotiate some of the largest price reductions in the region. 90% 1% last year 683 Median Price $154,000 $157,000 Cash 712 47% 51% Distressed Property 2% 17% of Total National average 25% of closed sales Source: National Association of REALTORS 471! $0-$99K! $100k-$199k! $200k-$299k! $300k-$399k! $400k-$499k! $500k-$599k! $600k-$699k! $700k-$799k! $800k-$899k! $900k-$999k! >$1M! Homes sold/month! 159! 156! 39! 48! 53! 67! 142! 134! 36! Days on market! 142! 179! 268! 277! 263! 24 24! 2 24! 26! 32! 29! 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! 57 98! trends 639! 147! 433! 95! months of inventory at current sales pace 283! 242! 288! 308! 6 7! 7! 15! 13! 36! 48! 24! 25! 3 Annual total sales! Total sold Q1! 67! 381! 88! 86! 04! 05! 06! 07! 08! 09! 1 11! 12! 13Q1! 42! 4 1 2 3 4 5 6 7 8 9 Months of! pace vs. Days on market $100k- $199k! 40.7%! 61! Closings $200k- $299k! 20.9%! 2012Q1! 2013Q1! < 6 mos. prices increase 6-12 mos. prices stabilize > 12 mos. prices decrease 0 insufficient sales data $0- $99.9k! 22.1%! 75! 78! by price bracket >$1M! 1.2%! $300k- $399k! 8.1%! $400k- $499k! 5.8%! $500k- $599k! 1.2%! 10 beverly-hanks.com
Community ing Group (CMG) is Beverly-Hanks full-service marketing division providing proven sales, marketing, and strategic consulting services to builders and Rebound is under constructiondevelopers. Our services are tailored to each project s specific needs. We offer everything New Home Communities design charettes and market feasibility studies to turn-key sales and marketing teams. Current Conditions In New Home Construction According to the US Census Bureau, singlefamily housing starts in February were at a rate of 618,000; this is 2.7 percent (±0.7%) above January s revised figure of 584,000. New home sales for February did not show the same strength of earlier existing home sales reports, but remained improved. The US Commerce Department indicated sales declined 4.6 percent to an annualized pace of 411,000. But this followed a strong 13.1 percent jump in January. are up 12.3 percent over January 2012. Double-digit growth in residential building permit activity continued into the first quarter. After ending 2012 with a 21 percent rise in the number of units permitted, the MSA begins 2013 with 157 units permitted through February; a 23 percent increase. Valuations remain strong, totaling $34.3 million, up 19 percent, according to Tom Tveidt. Note: New home sales measure the number of newly constructed homes with a committed sale during the month. 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 feature an outstanding example of the communities with which we are proud to affiliate. 2nd fastest pace of construction starts since 2008 New Home Construction Biltmore Lake Homes NC Building Permits* 7,327 / 7,365 Asheville MSA Building Permits* 128 / 157 New Construction Closings** 69 / 80 *Source: Bureau of Census **Source: WNCRMLS Homes Sold / Month 2.6 / 5 Median Closed Price $401,227 / $375,000 List to Sell 90% / 99% No development in Western North Carolina has been more successful than Biltmore Lake when it comes to new housing starts. There were 28 contracts written for new homes in 2012 at Biltmore Lake and currently, 24 homes are under construction. Biltmore Farms Cottage Collection is just what the market is asking for: smaller homes with functional floor plans that are appointed with the standard finishes desired by today s buyers. 11
Beverly-Hanks MARKET OVERVIEW Notable Transactions Baldwin Road Acreage Sale Price $900,000 King Land Development, LLC purchased 18.97 acres for future residential development. NAI Beverly-Hanks represented the Seller and the Buyer. Tunnel Road Acreage Sale Price $880,000 Milan Investments, Inc. purchased 1.45 acres for future commercial development. NAI Beverly-Hanks represented the Seller and the Buyer. 315 Rutledge Road Leased-Transaction Value $712,320 Carolina Materials Holdings, LLC leased to Cintas Corporation 16,000 square feet. NAI Beverly- Hanks represented the Landlord and the Tenant. 164 Tunnel Road Sale Price $710,000 Vacancies Down Across the Board Commercial real estate continues to improve at a moderate pace nationally as well as regionally. Vacant Space By Class Asheville* Class A! The Asheville 9%! Office market ended the first quarter of 2013 with a vacancy rate of Class B! 7.8% (11.8% 57%! nationally). The vacancy rate was down over the previous quarter, with net absorption totaling positive 63,295 Vacant Space By Class US* Class C! 34%! SF in the first quarter. Vacant sublease space increased in the quarter, ending the quarter at 4,500 SF. There were no Class C! 17%! Class B! 49%! Class A! 34%! properties under construction at the end of the quarter. Asheville s Industrial market ended the first quarter with a vacancy rate of 7.7% (14.6% nationally). The vacancy rate was down over the previous quarter, with net absorption totaling positive 122,488 SF in the first quarter. Rental rates ended the first quarter at $4.08, an increase over the *Information taken CoStar s First Quarter Reports Industrial Vacant Space By Type* 85%! Warehouse! Our Analysis Of The Asheville (MSA) previous quarter. One building was delivered to the market in the quarter totaling 12,367 SF, with no properties under construction at the end of the quarter. Lastly, the local retail market experienced a slight improvement in market conditions Retail Vacant Space By Building Type* 47%! Shopping center! 43%! General retail! 15%! Flex! 6%! 4%! in the first quarter 2013. The vacancy rate went 6.0% in the previous quarter to 5.6% (6.7% nationally) in the current quarter. Quoted rental rates increased fourth quarter 2012 levels, ending at $12.80 per SF per year. There was 7,956 SF still under construction at the end of the quarter. Office rental rates ended the first quarter at $16.50/SF, a decrease over the previous quarter. Industrial vacant sublease space remained unchanged in the quarter, ending at 12,138 SF. Retail net absorption was positive 110,960 SF, and vacant sublease space decreased by 600 SF. Mall! Power center! Tencent Land, LLC purchased the former Cancun restaurant site. NAI Beverly-Hanks represented the Seller and the Buyer. 12 naibhcommercial.com
WESTERN NC LAND MARKET RESIDENTIAL LOTS 0-3 acres with deed restrictions Lots sold Average sales price Total parcel sales! price per parcel! List price per parcel! 646! $120,00 475! $100,00 396! $80,00 252! $60,00 203! 92! 102! 93! 113! 164! $40,00 $20,00 $ 2004! 2005! 2006! 2007! 2008! 2009! 201 2011! 2012! 2013! trends by county 20 Buncombe County! 18 Haywood County! 16 Henderson County! 14 Madison County! 12 Rutherford County! 10 8 6 4 2 2004! 2005! 2006! 2007! 2008! 2009! 201 2011! 2012! 2013! Closings by price bracket $0-$49k! 59%! $50k-$99k! 20%! $100k- $149k! 10%! $150k- $199k! 5%! $200k- $249k! 4%! $350k- $399k! 1%! $400k- $449k! 1%! Active lots Closed lots Active 2013Q1! Closed 2013Q1! 1,949! 1,329! 455! 236! 85! 64! 97! 32! 46! 16! 8! 7! 7! 24! 2! 2! 16! 7 45% increase in lot sales since 2012 are largely based in Buncombe County as buyers select properties closer to services and amenities. Increase in sales is almost entirely under $150,000. Buyer and seller expectations continue to approach historical norms. 4,281 4,329 Average Price $64,651 $60,935 87% 4% last year Regional is good. Local is better. For professional insight and thorough analysis of a specific property or neighborhood, call your Beverly-Hanks associate. 13
WESTERN NC LAND MARKET LARGE TRACTS Price per acre sold Active parcels by county 10-20 ac. parcels $/ac. sold! 20+ ac. parcels $/ac. sold! $18,00 $16,00 $14,00 $12,00 $10,00 $8,00 $6,00 $4,00 $2,00 $ 2004! 2005! 2006! 2007! 2008! 2009! 201 2011! 2012! 2013! 10+ acre active parcels! 20+ acre active parcels! 91! 74! 57! 41! 36! 41! 34! 18! 21! 25! 26! 21! 1 14! Buncombe! Haywood! Henderson! Madison! Polk! Rutherford! Transylvania! Closings by county 1! 3! 10-20 acres without restrictions Buncombe! Haywood! Henderson! Madison! Polk! Rutherford! Transylvania! 2! 1! 2! 3! 1! 2! 20+ acres without restrictions 10+ acres without restrictions 4! time List price/sales price 10+ acres without restrictions 45 40 35 30 25 20 15 10 5 Average days on market! 2004! 2005! 2006! 2007! 2008! 2009! 201 2011! 2012! 2013! Average list to sales price comparison! 100%! 90%! 80%! 70%! 60%! 50%! 40%! 30%! 20%! 10%! 0%! 40% reduction in sales price/acre for tracts 10-20 acres Large parcels over 10 acres continue to outsell smaller tracts. price per acre for moderately sized tracts continues to decline. time for choice parcels is beginning to decline. 509 Average Price/Acre $4,588 $5,247 84% 7% 14 beverly-hanks.com
Our online marketing is just the beginning... It s no accident it s a conscious effort to do a few things different and everything better. Neal Hanks, President beverly-hanks.com in 2012 1.1million visitors spent Most real estate websites simply present basic information found in the MLS like price and square footage. We learned that consumers wanted more. In 2012 we debuted the most robust local real estate website to date. 10 + minutes @ beverly-hanks.com that s 183,700 hours 2012 Year End Total Volume and these numbers are the end result. We Sell More Homes 1,415 listings SOLD for our sellers in 2012 We Assist More Buyers 1,193 closed buyer transactions in 2012 Millions! $800! $700! $600! $500! $400! $300! $200! $100! $0! $295! $165! $237! $93! $129! $107! Beverly-Hanks Keller Williams & Associates! Professionals! SOURCE: NC Mountains Multiple Listing Service RE/MAX Mountain Realty! Homes ed & Sold Keller Williams H'ville! Homes Sold Home ed Prudential Lifestyle Realty! Preferred Properties! Regional is good. Local is better. For professional insight and thorough analysis of a specific property or neighborhood, call your Beverly-Hanks associate. 15
client connect One of the great things about choosing to live in Western North Carolina is that there is so much to enjoy. Each month we share exclusive offers local merchants and community organizations in order to celebrate the very best our region has to offer. To receive our current offer go to: beverly-hanks.com/clientconnect Like us on: facebook.com SERVICES Beverly-Hanks