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

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

Posted by I Love Murphy on

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.com – www.MyMurphy.com

Read Our Past Murphy NC Real Estate Market Updates

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

Posted by I Love Murphy on

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.com – JohnPoltrock@gmail.com – The POLTROCK TEAM at REMAX Mountain Properties – Murphy’s #1 Real Estate Team – Contact us Today Toll Free 1-866-687-7496

 

Sold Real Estate Market Update for Murphy NC – Homes and Land

Posted by I Love Murphy on

This month’s real estate update should be rather enlightening, especially since we are applying new approach to tracking the market. We hope that in addition to traditional statistics, this method will help us identify trends and find “holes” in the markets. To top it off, we’ve been working to have our Bi-Weekly Update published in the Cherokee Scout, Murphy’s leading newspaper. We hope to have this edition published in next week’s paper, so keep an eye out for it!

             The real estate market here in Murphy NC has been showing some strong underlying fundamentals while some elements many people consider “important” have declined. Here’s what that means: most people look to prices and volume of real estate to determine how strong a market is. While both are very important elements, others are equally important and never discussed. When the market began to shift, one of the key indicators it was happening were the Days on Market. Days on market for homes has evidently peaked out spiking as high as 309 days this year alone. Those have been trending downward significantly and have entered the 100 day range several times this year – in fact, this past month’s average has been a mere 177 days to sell a home.

            Volume has been holding steady with first quarter average sales being 17 sales per month and second quarter bringing 21 per month. During this third quarter, we’re currently at 19 sales per month, so the market is continuing to hold ground on volume. This is a great sign! It indicates we’re leveling off and buyers are continuing to hold faith – and they should!

            Price is often one of the most important issues people deal with in the real estate market. Although very important to buyers and sellers alike, it is not a key issue statistically as supply and demand reign supreme and ultimately determines the price of a home. It is of the utmost importance for your property when selling it to pay attention to the laws of supply and demand. It determines the amount of showing activity which in turn can determine contract activity. Generally, you should be averaging between 8-12 showings in a 45-60 day period, and if you’re not, the market is likely indicating your property is overpriced. If you feel your property might be experiencing this issue, please let us know and we will tackle this issue head on to find out what the concern is and correct it. 

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!

We continue to work harder than ever to get your property the proper exposure and get it sold. We’ve found more success and sales even in this market because we strive to expose your property to the world so buyers can find it and to make you the most appealing and competitive property in the market. We are thankful for the opportunity to serve you and are there to help you in any way we can! Please email or call us if you have any questions or if we can do something to help you.

 With that said, we wish you a wonderful weekend. If we can help you or someone you know with their real estate needs, it will be a privilege for us to serve them. We’d love to take great care of them and thank you for all your referrals.

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

Posted by I Love Murphy on

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.com – JohnPoltrock@gmail.com – Call Toll Free at 1-866-687-7496