This chart documents the declining sales over the past 3 years.  It also shows that we did not see a significant drop in sales until Spring 2008.  Please let me know if you would like to discuss this further.  Helen Phillips 828 264 1434  Coe Realty.

 We’re seeing some drop in price in land sales but what stands out most in the significant drop in volume of sales.

Do let me know if you’d like me to evaluate your land vis-a-vis the current market. Call me at 828.264.1434 or email Helen@CoeRealty.com

All Land Non-Commercial Sales

Subdivision Sales

Local Area Homes Sales, Watauga Market, June 2005 through May 2006
 

Local Area Home Sales, Watauga Market, June 2006 through May 2007
 

Local Area Home Sales, Watauga Market, June 2007 through May 2008

A real estate market is not just one phenomena but rather represents several trends.  Some of the trends in our market are:  local, year round residents; moderately priced second homes; very high end second homes; and the log cabin market, many if not most of which are second homes.

Below are sold comps for log cabins and for single family residences for our area.  In understanding our market, I look at the Blowing Rock to Banner Elk ‘corridor’ [my term] because that area includes a large concentration of 2^nd homes. I compare those results with the areas occupied in larger numbers by year round residents than 2^nd homes; by school districts:  Parkway, Green Valley, Mabel, Cove Creek, Bethel, Hardin Park.

I conclude from the sales statistics below:
   — we have a lot of inventory
   – we have a lower number of sales than the past two years [large inventory and lower number of sales correlate]
   –  But, we haven’t yet seen drastic drops in average price of homes, in contradiction to what the national media portrays over and over.  The national media tends to ignore local markets [and especially local markets that are doing well; some are!]
   – If the lowered number of sales continues, I would expect decreases in average and median sales prices by next summer.
   – Log home sales remain strong here.  That is, although the number of sales is down, the price has increased.  This illustrates one unique characteristic of our market in western North Carolina:  the importance of log homes to buyers.
   –  How important are log homes sales to our market and to our local economy?  Compare the total volume of log home sales to the total volume of the local market:  the numbers correlate in remarkable similarity.  In other words, in terms of volume log home sales are as important as local residential sales. 

Market Analysis of Single Family Residences:

Dec. 10 2008

Please contact me if you are interested in learning how the value of your home compares to the local market.  Helen Phillips Coe Realty 828 264 1434 or Helen@CoeRealty.com

I’m providing you a comparison of the past 12 months vs. the previous 12 months sales of single family residences in the Watauga market area.  As you’ll notice, the number of homes sold is down by about 20% and thus the total volume is down.  You’ll also notice we aren’t seeing a decrease in average and median house prices. 

If you are concerned about whether your property is holding its value, please contact me and I’ll be glad to provide you an analysis of current market value.  828 264 1434 or Helen@CoeRealty.com. 

Single Family Home Sales, Watauga Market Sept 2007 to Sept 2008
 

Single Family Home Sales, Watauga Market Sept 2006 to Sept 2007
 

Single Family Home Sales, Watauga Market Sept 2005 to Sept 2006

With all the national media attention given to short sales, I thought it might be helpful to provide you additional information on them. 

The definition of a short sale is:
 

The “short” in short sale actually refers to the fact that the payoff amount agreed to in the transaction is “shorter” than the mortgage balance on the property. Simply put, there is more owed on the home than it will sell for.
 

The Top 10 hardship situations that may lead to short sales are:
 

1. health issues
2. rate increase (3-5 year ARM expiration)
3. predatory lending/borrowing
4. divorce/separation
5. overextension of credit/number of mortgages
6. job loss or transfer
7. two house payments
8. distressed sellers
9. declining market
10. pre-foreclosures
 

Short sale is a scary term but short scales can be considered a “win” for many of today’s distressed homeowners.
 

Short sales can be a win because they can provide a way to avoid foreclosure and, in many cases, bankruptcy. It’s important to note the differences in terms of the long-term effects on consumer credit. Take a look at short sales vs. foreclosures:
 

Short Sale
* negotiated settlement
* seller’s credit bruised
* no attorney fees
* peace of mind
* buy again in two years
* liens negotiated
Foreclosure
* court settlement
* seller’s credit ruined
* big attorney fees
* no peace of mind
* buy again in 10 years
* all liens exhausted
                       
Short sales are a much better option for many people