Early April Murphy NC Real Estate Market Update

Posted by I Love Murphy on

Good afternoon! If you’re not in Murphy right now, you’re missing out on TONS of rain! It’s coming down by the bucket full!

March proved itself by being a great real estate month! 25 homes sold in March – surpassing every month so far this year. There’s lots of activity on the ground and lots of agents are showing. Many of our properties have been getting a great level of showings and we have quite a few of them under contract. The market has 44 homes pending sale – many of which will close this April.

I just finished publishing our Exclusive Market Absorption Report, and to get your copy, you have to be a subscriber to our Murphy NC Real Estate Update! Email me now to join! You can see trends, pricing tiers, and activity on each. Months supply indicates how many months it will take to sell the current inventory at the current selling volume. Generally, anything less than 12 months indicates a seller’s market and anything greater than 12 months is a buyer’s market.

You must be a subscriber of The POLTROCK TEAM’s
Murphy NC Bi-Weekly Real Estate Update to get the Link to
the sold properties for March 2010.
See sold prices, pictures, and descriptions of what’s sold!
Email John at JohnPoltrock@gmail.com and join our SOLD Update for Free!

We’re finding this to be a great time to sell – believe it or not! There’s been more activity this year – and we are surpassing 2008 & 2009’s second quarter results already! 2008 averaged only 18 homes per month and 2009 average 21 homes per quarter – that’s a 19% improved over ’09 and a staggering 39% improvement over 2008! Buyer confidence is up and people are itching to buy!

There are still a lot of foreclosures in the process that are “shadow inventory” which are scheduled to come on the market in the future. Foreclosures, short sales, and other economical drivers are pushing prices down as illustrated below:

Average Selling Price

  • Q1 2009 – $165,888
  • Q2 2009 – $157,442
  • Q3 2009 – $161,964
  • Q4 2009 – $147,195
  • Q1 2010 – $132,809

Likely over this year, we will continue to see a slight decline in prices unless volume of transactions increases tremendously, which is possible! I’m finding in many cases its far better to go ahead and sell properties while they are worth more. Land especially falls in this category with almost 2000 parcels of land for sale, we have a 400 month supply or a 33 YEAR SUPPLY of land for sale! Prices have no where to go with land but down. The large majority of those are lots, which are the most affected.

With that said, we’re working hard for you! We’re having a great year with tremendous buyer interest. We appreciate the opportunity to work for you and do so tirelessly. If there’s anything we can do to help you, get your property sold, or if you know someone looking to buy and find a great deal, let us know. THANK YOU and we hope you have a great Spring!

Looking for one of those great deals to buy or sell your property and get the most you can? Contact The Poltrock Team Today!

John Poltrock – The Poltrock Team – RE/MAX Mountain Properties in Murphy NC – www.MyMurphy.com – Call Toll Free 1-866-Murphy-NC or 1-866-687-7496 – JohnPoltrock@gmail.com

State of the Market Address – Cherokee County Market Report

Posted by I Love Murphy on

So far this year, we have been in the seasonal slow-down that affects our market mostly in January, February, March, and the beginning of April. With that said, sales traditionally drop to half or less of what the normal season is.

This year is no different than any other. The sales in all of Cherokee County (including Murphy, Andrews, Ranger, Hiwassee Dam, Hanging Dog, Marble, and other communities in Cherokee) have taken a toll, but have seen a 31% increase since the beginning of January – not bad when it’s 31 degrees outside today! 

Here are some market numbers that you would want to know. If you have any questions as to the meaning of these numbers, please feel free to ask.

  • These numbers are over the past month
    • 21 Homes have closed
    • $60,000 – Lowest residential sale
    • $155,000 – Average residential sale
    • 245,000 – Highest residential sale
    • 90.15% – Average list to sell ratio
    • 203 – Average days on the market
  • These number are averaged out over the past 4 months to show a "trailing" average
    • 26.5 Homes have closed
    • $187,020 – Average Residential Sale
    • 93.28% – Average list to sell ratio
    • 219 – Average days on market
  • These numbers are for land over the past month – this includes everything from lots to large acreage
    • 21 Land tracts have closed
    • $74,805 – Average land sale
    • 79.9% Average list to sale ratio
    • 213 – Average days on market

These numbers will become more and more useful – especially when they are reviewed from a quarterly and greater basis.

How does this relate to you, your property, and your plans? Ask! Tell us your situation and we will be happy to translate these raw numbers to what they will mean in your particular situation. Then when you’re ready, list with the best and you’ll sell before the rest!

John and Jessica Poltrock – The POLTROCK TEAM at RE/MAX of Murphy NC – Real Estate in the mountains of Murphy, NC – www.MyMurphy.com – JohnPoltrock@gmail.com – Call (877) 837-3002 and demand the POLTROCK TEAM!