The Poltrock Team’s SOLD Real Estate Market Update for Murphy NC – Mid January 2010 Edition

Holy cow it’s hard to believe it’s already 2010 and January is flying by. With that said, there’s lots of great things going on in Murphy NC real estate right now. In fact, for number nerds out there like me, you’ll love this edition of our real estate market update. For those of you who want the information quick and conveniently, I’ll give you a fast summary before I get to all the dirty details of what happened. As always, you’ll be able to click the links below to see what real estate has sold, for how much, pictures, and much more!

2009 has proven to be a great year for improvements here in Cherokee County. In fact, 2009 has all the indicators that the market is improving and is doing all the right things. I’ll follow with more detail later, but overall in comparison with 2008, 2009 had more sales, properties sold faster, and the amount of properties available for sale was less. These three items are absolutely essential to stabilizing a real estate market, and that’s exactly what has happened. I believe with every bone in my body than 2010 will be even better than 2009. I’m expecting great things.

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 January 2010 and December 2010.
See sold prices, pictures, and descriptions of what’s sold!
Email John at JohnPoltrock@gmail.com and join our SOLD Update for Free!
 
 
Now on to the facts of the real estate market – no fluff, no bull, just facts. Forget what you hear on the radio, watch on the TV, or read on 2010 - Year of Growth!!!the internet. Here’s statistical facts of what happened in 2009 vs. 2008.

Residential Properties (Homes)

  • Sales increased every single quarter excluding Q1 (first quarter). In fact Q4 (fourth quarter, and so forth) saw an astounding increase in value of 53% over 2008! That’s impressive by anyone’s standards and indicates buyers are becoming more willing to buy, which is the most important factor.
  • The supply of homes decreased every single quarter across the board. The less supply there is on the market, the more demand will go up.
  • Days on Market for sold properties decreased in every quarter, which means homes sold faster than in 2008.
  • Average Home Selling Prices decreased every quarter. The average price of homes selling in Cherokee County fell every quarter indicating prices have fallen and buyer’s price bracket/comfort zone has shifted lower in 2009.
  • The list to sale price ratio held steady. The average home sold for 90-92% of list price in 2008 and 2009. This is a solid number when many real estate markets across the country fell significantly below our range.

Land

  • Volume had mixed results. Half the year was up from 2008 in number of transactions, half the year was down. Q1 represented the worst quarter in land transactions we’ve seen averaging a mere 7 transactions per month. Once Q2 hit, transactions jumped back into double digits with similar results the rest of the year.
  • Like homes, the supply of land decreased every single quarter across the board. The less supply there is on the market, the more demand will go up.
  • Again like homes, the Average Land Selling Prices decreased every quarter. The average price of land selling in Cherokee County fell every quarter indicating prices have fallen, and for land, they have. There are more than 2,000 parcels of land for sale in Cherokee County, and prices must be aggressive to get them sold.
  • The Average Days on Market fell in every quarter except Q3. We believe this was caused because of land prices falling and property owners realizing the trend dropped some prices and caused buyers to snatch them up faster than before. This is a great thing – they’re selling!

We also have completed the Market Absorption Report, and to get your free copy, you have to join our free Market Update via email! It’s chock full of market information, so email me at JohnPoltrock@gmail.com to join and get your free copy.

January has only 4 sales recorded on the MLS system as of today. With that said, I know there is a lot of real estate pending right now. Every RE/MAX Realtor in Murphy is experiencing quite a busy month. There’s a lot of people planning to come in the Spring! Right now we are doing a lot of prospecting to get them here so they can find the property they want to buy. There’s a lot of buyers on the sidelines looking to get in to the market!

For all of you who helped make 2009 a great year, Thank You. Without you, our business doesn’t exist. I know 2010 will be an outstanding year and am looking forward to it. In fact we’ve set our goals at twice that of 2009 – a rather lofty undertaking. We will do it and with your help! If there’s anything we can do for you, or if you have any referrals who need real estate help, please give us a call. As you know, we’re never too busy for your business.

Poltrock Team at REMAX Murphy NC Logo

Murphy’s #1 Real Estate Team

Contact us Today! Toll-Free 1-866-687-7496 – JohnPoltrock@gmail.comwww.MyMurphy.com

Read Our Past Murphy NC Real Estate Market Updates

The Murphy NC Real Estate Market Update – November 2009 Sales are In!

Every two weeks, we email our sellers and those subscribed to our Bi-Weekly Sold Real Estate Update. Here’s this month’s edition! To get the most out of this update, subscribe to it! Email me at JohnPoltrock@gmail.com with your name, email address, and anything else you’d like to share. We’ll take care of the rest! Enjoy!

christmas tree and fireplace in murphy ncMerry Christmas! With the holiday season in full effect, real estate buyer activity in Murphy NC is beginning to to take its seasonal curb in the mountains. We still have folks here who are coming up later in the month, but more often than not, we’re finding they are looking to find Christmas presents for family members rather than shopping for homes and land. Personally, I think a good piece of real estate would be a heck of a Christmas present! 😉 Once we get past New Year’s, we’ll see buyers beginning to come in. Fear not – all is not lost! The buyers who come in the next several months are not as many in numbers, but for whatever reason are more qualified and ready to buy. Those are great buyers!

Now that November sales are in, we’re able to find out what the real estate market did last month and really get a good feel for things. Here we go:

Home sales for November reached 20 closed transactions in Cherokee County – which is quite an improvement over last year’s 4th Quarter average of 17 sales in a month. In fact, last November’s sales reached as low as only 10 transactions on homes.

Another impressive fact is that land sales last month hit 17 transactions – which is much better than the 13 transactions the market was averaging for land in 2008. Thats very close to the high side of what sold in a month for 2008 – and it’s November! We continue to expect great things from land because there are some outstanding opportunities for buyers out there and they are beginning to realize it.

Inventory is one of the largest obstacles we face in today’s real estate market. The more homes there are on the market, the more chances a buyer has of finding a similar property and buying it. The lower the inventory, the better your chances of selling. In the past month, we have seen the inventory of homes decrease 3.8% (which is a GOOD thing!) and decrease 7.6% from last year. Inventory is coming off the market – nice!

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

 

With all this said, this is the last time you’ll get a SOLD Real Estate Update from us until December’s sales are in, so it should be the first of January. Until then, we wish you a

Merry Christmas!!

Written By: John Poltrock, Certified Residential Specialist – www.MyMurphy.comJohnPoltrock@gmail.com – The POLTROCK TEAM at REMAX Mountain Properties – Murphy’s #1 Real Estate Team – Contact us Today Toll Free 1-866-687-7496

 

The Poltrock Team’s Bi-Weekly SOLD Real Estate Update for Murphy NC – August 2009 Edition

Back to school! Even my daughter is excited to be back to school at Murphy Elementary – which is a true blessing! Schools are starting all over the United States, and as a result, folks are busy. Parents and grandparents alike are busy getting their children back into the “grind.” Every year, we see a drop in new buyers coming in for 2-4 weeks during August when schools are starting back.

Even with the “Back to School” effect, the past two weeks in the real estate market have been HUGELY impressive in Murphy NC! In the past 14 days, an astronomical TWENTY-SIX properties went under contract and are currently pending totaling upwards of $4.1 million in potential real estate transactions. Coupled with the 19 properties that have sold and closed in the past 14 days, which makes for a great August when over $2.7 million is already closed in a two week period.

Over the past month, the average selling price of a home has been fluctuating from $130,253 to $148,068. July yielded the highest average selling price at $188,683. With all this being said, it makes sense that 61% of our market activity has been on properties priced $175,000 and under. With that said, we’re seeing two “holes” in the real estate inventory where supply is dwindling.

  • Properties priced at less than $100,000 are selling very well – so well in fact that supply has dropped more than 36% in the past 12 months.
  • Properties priced from $125,000 to $150,000 have benefited from a 38.3% reduction in inventory in the past year.

Interestingly enough, our new system also finds developing demand as well as price points that do not have active buyers. For example, the price range of $300,000 – $325,000 has had no demand in the past year, indicating a need for homes in those ranges to get under $300,000, which is a significantly more active price range.

Land is another category that needs attention. In the first quarter of 2009, there seemed to be no buyers searching for land. In fact, it was the lowest land sales ever since July of 2002! With that being said, we had nowhere to go but up! Sales volume in land has literally more than doubled since then and Realtors are experiencing more land buyers than we’ve had this entire year. Sales have largely been attributed to tracts less than three acres. In fact, they account for 70% of the transactions and 55% of total land dollar volume.

You must be a subscriber of The POLTROCK TEAM’s
Bi-Weekly Real Estate Update to get the Link to
the sold properties for the past 14 Days.
See sold prices, pictures, and descriptions of what’s sold!
Email John at JohnPoltrock@gmail.com and join our SOLD Update!

Sold Home Statistics
(17 listings)

Low

High

Average

Median

Total

List Price

$69,900

$479,000

$205,666

$164,800

$3,496,325

Selling Price

$59,000

$475,000

$185,235

$160,000

$3,149,000

List/Sold(%)

79.81%

104.46%

90.21%

88.93%

Price/SqFt ($)

$0.00

$218.25

$91.10

$106.91

Days on Market

45

670

255

168

Sold Land Statistics
(6 listings)

Low

High

Average

Median

Total

List Price

$14,900

$218,020

$91,043

$48,525

$546,260

Selling Price

$11,100

$218,020

$108,337

$110,000

$650,020

List/Sold(%)

74.50%

318.69%

127.58%

91.47%

Days on Market

22

497

242

255

2009 is an exciting year for real estate and we look forward to a continually growing market. August has been a great month and we will continue to work for more to come! We appreciate your business very much, and if there’s anything we can do to help you or someone you know, please let us know! We’re in business because of you.

Written and researched by John Poltrock of The Poltrock Team at RE/MAX Mountain Properties can be reached at 877-837-3002 or by email at JohnPoltrock@gmail.com – You can read a summarized version of this article in the business section Murphy’s #1 Newspaper – The Cherokee Scout.

You can read previous editions of the Murphy NC Real Estate Market Solds and Update by Clicking Here

The Bi-Weekly SOLD Murphy NC Real Estate Update

Happy Post-Saint Patty’s Day!! The weekend is almost here and the weather is GORGEOUS in Murphy! Nice and sunny in the 60’s is a great reason to get outside.

 

Real Estate is producing a sale a day on average (factoring homes and land both), which is not to shabby! The market is slower right now with 30 sales in the past month compared to 39 sales per month last year. The difference is not in homes – they’re still extremely comparable to last years. Land is what’s making the difference. Sales are down to around half of what they normally are. Buyers are beginning to call and see land, which is exciting! Land has so many great investments out there right now, it’s time for buyers to begin seeing the opportunities that are in front of them.

 

Historically, sales pick back up and our “season” begins when Spring Break starts, which we’ve only got 3 more weeks till that hits!

 

You must be a subscriber of The POLTROCK TEAM’s
Bi-Weekly Real Estate Update to get the Link to
the sold properties for the past 14 Days.
See sold prices, pictures, and descriptions of what’s sold!
Email John at JohnPoltrock@gmail.com and join our SOLD Update!

 

 

 

If you have any questions or concerns about your property, give us a call! We’ll be in the office for the rest of the day and you can reach us here, toll-free, at 1-877-837-3002. Thank you for your business – we’re hard at work for YOU!

The State of the Real Estate Market and Sales in Murphy, North Carolina

Good morning from cloudy Murphy, North Carolina! If you’re not here, you’re missing out on cool and comfortable weather – it’s great for it not be so doggone cold! 😉

As you likely know, real estate markets in Murphy NC are interesting right now. January yielded 18 home sales in Cherokee County, which is only down by one sale from this time last year. That’s a great step in the right direction! Buyers are certainly looking for homes, and there are a lot of good opportunities out there for them. In our most recent tri-weekly newsletter for buyers (we have well over 500 prospective buyers on that list), there were some really amazing deals (To Join this List, Email JohnPoltrock@gmail.com with JOIN in the Subject line). A few foreclosures were in the list… and overall we’re quite lucky because we do not have to compete with foreclosures nearly as much as many buyers like to think we are.

Land, on the other hand, is quite a bit down from this time last year. There were 8 land closings in January compared with an average of 20 sales per month from the first quarter of 2008. Land is still selling pretty well and it must be aggressively priced in order to make the “under contract” list. We’ve put one parcel under contract and likely have two more on the way. All are exceptional buys for the buyer and the sellers are tickled pink to move their property.

Here would be a link to the properties that have sold in the past 14 days. Included are photos, information, list and sold price. To recieve this information, join our Bi-Weekly SOLD Real Estate Update for FREE! Email JohnPoltrock@gmail.com with Bi-Weekly Update in the Subject to be added!

We will continue to work tirelessly on selling real estate! If there’s anything we can do to help you with your property, please give us a call, email, text message, or any other way that’s convenient for you. If  We’re in business for you and we’re thankful for you!

The POLTROCK TEAM at RE/MAX Mountain Properties – www.MyMurphy.comJohnPoltrock@gmail.com – Call Toll Free at 1-866-687-7496