WNC Mountains Real Estate land and homes for sale

Transylvania County sales 2010

Everyone is talking about the real estate market and in recent years it’s not what anybody wants to hear. We wanted to share some of our observations on what is happening here in Brevard and the raw facts on Transylvania County. Now you can be in the know and not just regurgitating the national evening news statistics.

2010 Home sales:

2007 430 $339,217
2008 278 $305,186
2009 240 $297,200
2010 251 $270,267

The number of home sales are up in 2010 compared to 2009 but the prices are down. Great news for buyers, but not so good for sellers who are being forced to reduce prices and the inventory levels in all price ranges are still high.

Average sales price on homes is down from $339,217 in 2007 to $270,267 year to date 2010 (Jan 1st -Nov 30th) that represents a 20% reduction in price. Table below is compiled using single family homes only

Price range number sold in 2010 active listings as of Dec 2010
Under $100K 36 42
$100-200K 92 151
$200-300K 52 164
$300-400K 28 100
$400-500K 17 51
$500-$1M 21 136

Property over $1,000,000 has been hardest hit with only 5 sales in 2010 and 69 active lists per wncrmls.
2010 Land sales:

2007 394 $143,135 254 3.77 acres
2008 129 $91,628 222 3.58
2009 91 $107,381 221 6.34
2010 73 $86,250 250 2.91

The big sales months were January with 10 transactions, April with 9 transactions and September leading with 11 transactions. Needless to say land sales are low mainly due to the fact that many banks are not willing to lend on raw land and investors are still cautious.

Land prices have started to come down, mainly on lots in subdivisions with some foreclosures. Average sales price in 2007 was $143,135, in 2008 $91,628, in 2009 $107,381.00 and 2010 down to $86,250. 2010 we have only had 5 sales of 10 or more acres with the largest sale being 23 acres,

Here are a few observations when looking at the land data:

2007 – 51 lot sold in a new development (Mountain Brook) with an average sales price of $155,252

2009 – A number of large land transactions increased the average size of a transaction: 76 acres partially complete development bank owned sold , 107 acres sold to the State and was added to Gorges State Park and 56 acres sold near DuPont Forest.

2010 – current active land listings offered in the WNCRMLS as of December 14th is 1,032.

As of Dec 14th 2010 we have 143 active land lists of 10 or more acres, with such high inventory levels we will inevitably see more downward pressure on pricing as we move into the new year. 507 of these listings are listed above $100,000.
view portfolios listings or search the WNC regional MLS
To receive monthly sales data or more details on the above sales information please contact a member of the Portfolio Team.

Billy Harris

Contact Billy Harris

Billy is proud to introduce our Portfolio team of full time professional real estate Brokers. Billy has built a reputation for negotiating and successfully closing some of the counties largest land tracts and fine homes. With a passion for his work Billy strives to exceed your expectations.

Email Billy billyharrisnc@gmail.com