Asheville 1st QTR Market Report

Prepared exclusively for use by

Beverly-Hanks & Associates

Quarterly Market Report

1st QUARTERJanuary–March, 2009

Spring is officially here and brings with it cause for cautious optimism in the housing industry in Western North Carolina. The beginning of our traditional selling season has seen an increase in

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

There has also been a bit of positive news as it relates to the national housing picture. U. S. Sales Figures released in March indicated that February month over month sales increased by over five percent. Unit Sales have increased significantly in the markets which began the real estate slow down across the country and who have suffered the greatest declines- Florida, California and Nevada. Some markets in these states are up as much as fifty percent. Unfortunately, forty percent or more of these sales are foreclosures or short sales. The good news is that these sales decrease existing inventory which will eventually result in a stabilization of prices. Stabilization will take some time; due to the fact that existing inventory locally and nationwide, remains at historically high levels. A recent report from First 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 housing inventory 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 statistics included in this report for the First Quarter of 2009 represent a continued decline in closed sales activity and an increase in housing inventory, resulting in significantly higher absorption rates than those reported in the fourth quarter of 2008. It will take considerable improvement in the unit sales pace to bring the absorption rates to more normal levels. An improving national real estate market, low interest rates and a substantial tax incentive for first time homebuyers should result in the continuing upward trend in sales we are beginning to witness. The fundamentals of our market remain sound; a high quality of life, varied employment and reasonable housing prices make Western North Carolina a desirable place 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 in making wise decisions. For 33 years the professionals at Beverly-Hanks and Associates have provided these resources to our clients. Our team of full time, highly trained professionals stands ready to assist you 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.

JA

NU

AR

Y–

MA

RC

H

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 Service does not guarantee or is in any way responsible for its accuracy. Data maintained by the Multiple Listing Service may not reflect all real estate activity in the market. These figures are based upon actual closed transactions as reported through the above mentioned service.

* These totals and averages include all sales reported through the North Carolina Mountains Multiple Listing Service.

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%

Year

to D

ate

2009

Year

to D

ate

2009

Housing Supply vs. Demand

YTDUnitsSold

YTDMonthly Average

Units Sold

4/01/2009Active Units

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

2009 T

ota

ls

YTDUnitsSold

YTDMonthly Average

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

2009 T

ota

ls


** Absorption Rate: The “projected” months it will take to absorb all of the listings in a particular price range.


2009 To

tals

2009 To

tals




YTDUnitsSold

YTDMonthly Average

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

YTDMonthly Average

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



YTDUnitsSold

YTDMonthly Average

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

2009 T

ota

ls

YTDUnitsSold

YTDMonthly Average

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

2009 T

ota

ls




2009 To

tals

2009 To

tals




YTDUnitsSold

YTDMonthly Average

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$1 Million–$1.9 Million 0 0 0 0 0 43 unknown$2 Million–$2.9 Million 0 0 0 0 0 9 unknown$3 Million–$4.9 Million 0 0 0 0 0 3 unknown$5 Million Plus 0 0 0 0 0 1 unknownTOTALS 11 13 12 36 12 616 51.3

Transylvania County

YTDUnitsSold

YTDMonthly Average

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



Residential Vacant Lots with Restrictions from 0 to 3

PRICE RANGE

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 SalesJanuary–March, 2009

2009 Y

ear

to D

ate

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–$500,000 53 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%2009 Y

ear

to D

ate

Residential Active Lot/Land Inventory 0–3 AcresAs of 4/1/09



Percentage of Closed 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 FirmsProperty Types: residential, improved and unimproved

94.0%Up to $499,999

1%$1,000,000+

5%$500,000 - $999,999

NOWis the time to buy your home!

• The tax credit is for first-time home buyers only. A first time homebuyer is defined 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.

• The tax credit is calculated at 10% of the home’s purchase price up to a maximum of $8,000.

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

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

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

FAST FACTS ON THE FIRST TIME HOMEBUYER TAX CREDIT

The NEW first-time homebuyer tax credit included in the federal government stimulus package may turn your home ownership dream into a reality!

(Information obtained from www.federalhousingtaxcredit.com Consult your tax professional for details on how this may benefit you.)

At Beverly-Hanks & Associates,

HigHer AverAge SAleS Price $265,539 $218,182

HigHer % of liSt Price 94.3% 92.8%

Quicker SAleS! 130 AverAge DAyS 159 AverAge DAyS

we will sell your home faster and for more money!

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

nortH cArolinA mountAinSreAl eStAte mArket

NOTE: Information as reported by the North Carolina Mountains Multiple Listing Service through the period of January 1, 2009 - March 31, 2009. The North Carolina Mountains Regional Multiple Listing Service does not guarantee or is in any way responsible for its accuracy. Data maintained by the Multiple Listing Service may not reflect all real estate activity in the market. These figures are based upon actual closed transactions of all residential property types as reported through the above mentioned service.

on mArket on mArket

1st Quarter 2009 Market 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 828-452-5809Biltmore Park 828-684-9020Lake Lure 828-625-8846

www.beverly-hanks.com

Asheville 1st QTR Market Report

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