Beverly-Hanks & Associates

First Quarter Market Report

2011

President’s Message & Regional Housing County Specific

Executive Summary Forecast & Market Review
Economic Outlook

Page 2 Page 3 Pages 4-6

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President’s Message
We are pleased
to provide you
Executive Summary
with a copy of Pace of Sales
our first quarter Western North Carolina (WNC) real estate sales improved slightly
market report for in quarter one of 2011 when compared to the same period last year.
2011. For over This is a significant trend given the fact that at this time last year,
three decades sales were still being fueled by tax credit incentives expiring at
our mission the end of June. Our local markets are mirroring the national trend,
has been to which is slow modest growth. This is important in that WNC is heavily
deliver real dependent upon in-migration. Improving markets across the country
estate services should fuel improvements in our local markets.
of exceptional
For some time, we have explained that the real estate market recovery
quality. We will follow the overall economic recovery. During past downturns, the
believe a housing markets often lead the way out of the recession. This will
significant portion of that responsibility not be the case this time. Currently we are enjoying expansion in
is to provide timely market analysis and the economy, improving equity markets and increasing consumer
insight to our past, current and future confidence. If we are fortunate enough to have continued favorable
clients. This report is the result of the winds in our sails, we believe the WNC real estate market will quickly
research of numerous individuals within our expand.
organization. It is this type of teamwork, an
unwavering focus upon our customers, and Inventory Levels
the assembly of Western North Carolina’s Inventory levels remain elevated in virtually all price segments and
top real estate professionals that has are climbing, as is typical this time of year. Standing new construction
continuously garnered Beverly-Hanks and inventories have been significantly reduced but the resale
Associates’ position as the market leader. inventory remains excessive. Although home foreclosure filings are
We hope that you find the information down nationwide, lenders still hold a large number of properties and
contained in this report helpful. have significant inventory in the pipeline. Distressed inventory
will continue to make up a large portion of the marketplace.
For a complete digital version and Many owners have been waiting for signs of an improving market
the supporting data, please go to before placing their property for sale. We expect increased inventory
beverly-hanks.com. levels as owners place their properties for sale as they see signs of
increasing sales activity.
We welcome the opportunity to be of
service in the year ahead.
Real Estate Values
Warm Regards, While we are encouraged by increasing buyer interest and sales
activity, the supply side of the real estate equation remains a
challenge. It will take more time before appreciation returns to the
market as a whole; in fact, downward pressure remains a reality in
Neal Hanks Jr. some market segments and price points. We believe that prices are
beginning to stabilize and significant movement in either direction is
President
unlikely in 2011.

Market Indicators 2010 2010 Q1 2011 Q1 2010Q1 v. Forecast

Year End 2011Q1
Home Sales (units) 4,649 846 869 2.72%
Average List Price $251,244 $251,415 $229,942 -8.54%
Average Sales Price $231,710 $233,172 $210,455 -9.74% Market deterioration
% Diff. List/ Sell 92% 93% 93% No Change No change
Average Days on Market 170 209 231 10.53% Market improvement

beverly-hanks.com
Information in the above chart is derived from Buncombe, Henderson, Haywood, Madison, Rutherford, Polk, and Transylvania counties real estate
2 markets. Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way responsible for its accuracy.
Data maintained by the MLS may not reflect all real estate activity in the market.
 Regional Forecast and Economic Outlook
A Unit Sales Vs. Average Sales Price!
2010 Quarter One Vs. 2011 Quarter One!
!"#"$%#$&'()*+$,-./)$ !"##$%#$&'()*+$,-./)$ !"#"$%#$0123$45'*)$67.8*$ !"##$%#$0123$45'*)$67.8*$

$300,000!
Sales Pace Improves for Six
453!

401!
Counties
$250,000!

Cautious optimism best describes the current real

$200,000! estate climate. Anecdotally, real estate brokers
report more buyers in the marketplace. Buyers
$150,000! and sellers have earned their “sea legs” after
187! 191! enduring tumultuous waters for three years. The
$100,000! Carolina Showing Service, which logs the majority
93! 97! of appointments for homes for sale, booked 9,156
55! 48!
66! $50,000! appointments the first quarter of this year, up 7.5%
15!
28!
17! 21!
33!
over the same period in 2010.
$0!
Buncombe! Haywood! Henderson! Madison! Polk! Rutherford! Transylvania!
Many sellers understand that in a declining market,
B 2011 Quarter One Distribution of Total Sales!
Buncombe, Henderson, Haywood, Madison!
properties are likely to sell for a higher price today
Rutherford, Polk, and Transylvania Counties! than tomorrow. Average sales prices are down over
$800 to $900K!
0.4%!
$900 to
$1M!
$1 to
$2M!
ten percent since 2010. Exceptionally well-priced
$600 to
$700 to
0.1%!
0.9%! homes in pristine condition are receiving offers
$700K!
1.0%!
$800K!
0.8%!
$0 to $75K!
14.7%!
$75 to $150K! and sell more quickly than the current average of
25.6%!
$550 to 231 days.
$600K!
0.2%!$500 to $550K!
0.9%!
$450 to $500K!
1.8%!
Lower Price Ranges Lead
$400 to $450K!
2.6%!
$350 to $300 to $350K! $150 to $200K! With 810 sales in the first quarter, properties
$400K!
3.4%!
5.6%! 21.0%!
priced under $350,000 represented 88% of sales
$250 to $300K!
in Western North Carolina. The greatest over-
9.3%! supply of inventory remains in the $500,000-
$200 to $250K!
11.8%!
$600,000 range and above $800,000. With new
home inventory virtually depleted and land and
lot sales stagnant, most closed sales were for
C !Absorption Rates By Price Range (months)! existing homes.
2011 Quarter One Vs. 2010 Year End!
450!

400! Inventory Swells For Second

350! Homes
300!
Months of Inventory!

With the largest numbers of households,

250!
Buncombe and Henderson counties continue
200!
2011 Q1! 2010 YE!
to be the most active markets, accounting for
64% of closed sales. While modest, increases
150!
are reported in Madison, Haywood, Polk and
100! Transylvania counties. Haywood and Transylvania
50!
markets continue to be slower to expand due to
their historical dependence on discretionary
0!
$0 to $75 to $150 $200 $250 $300 $350 $400 $450 $500 $550 $600 $700 $800 $900 $1 to
spending and consumer confidence.
$75K! $150K! to to to to to to to to to to to to to $1M! $2M!
$200K! $250K! $300K! $350K! $400K! $450K! $500K! $550K! $600K! $700K! $800K! $900K!

beverly-hanks.com
Information in the above charts is derived from Buncombe, Henderson, Haywood, Madison, Rutherford, Polk, and Transylvania counties real
estate markets. Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way responsible for 3
its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
 Buncombe County Market Review
At the close of quarter one, the Buncombe County residential housing market had experienced little change when compared
to quarter one of 2010. While market indicators are continuing to reveal weakness as depicted in Table 1, anecdotal reports
from real estate agents indicate more buyers in
1 Market Indicators 2010 2010 Q1 2011 Q1 2010Q1 v. Forecast the marketplace. This increased showing
Year End 2011Q1 activity has yet to produce an increased sales
Average Sales Price $251,026 $247,901 $236,696 5% pace. Today’s buyers are slow moving as they
Days on Market 166 181 201 10% scrutinize the marketplace for exceptional
values.
Average List to Sell Ratio 93% 93% 92% 1%
Average Units Sold/Month 186 151 140 7% Market deterioration
No change
Market improvement

Inventory Absorption Trends

The lowest price ranges have been depleted by the return of real estate investors enhancing their real estate portfolios and by
speculators leveraging distressed properties for quick marginal gains. Distressed properties are continuing to feed the $75,000-
$250,000 price range and account for nearly 50% of all closed sales in the first quarter. The good news is that the number of
homes priced in excess of $250,000, with the notable exception of the $500,000-$600,000 range, are diminishing due to the
Inventory Absorption Trends
languid sales performance of properties above $250,000, Table 2.
2 Price Range Trend # of Months Price Range Trend # of Months
‘10 Q1/ ‘11 Q1 ‘10 Q1/ ‘11 Q1
$0 to $75K 5 4 $550 to $600K 41 66
Balanced $75 to $150K 13 18 $600 to $700K 84 33
Market
Prices $150 to $200K 14 15 $700 to $800K 49 32
$200 to $250K 21 27 $800 to $900K 160 46
Sellers Buyers
Buyers
Market
Prices

Market Market $250 to $300K 24 21 $900 to $1M 200 28

Prices Prices
$300 to $350K 36 21 $1 to $2M 79 476
$350 to $400K 37 29 $2 to $3M No Sales
$400 to $450K 30 29 $3 to $5M No Sales
MONTHS $450 to $500K 42 27 $5M + No Sales
$500 to $550K 26 52
Indicates an increase in available homes for sale
Inventory Gauge
Indicates a decrease in available homes for sale
20 Months of Inventory
Indicates no sales in Q1, unable to calculate months of inventory

Closed Sales by Price Range A

When comparing the prices of closed properties
for the first quarter of 2011 to the whole of 2010,
the marketplace reveals a similar distribution
of sales. Even in a depreciating market,
Buncombe County enjoyed a fair percentage
of higher end sales. In 2010, 2.69% of sales
took place above $800,000. In quarter one of
2011, the market experienced a combined total
of 2.3% for sales in the same price range.

Increased showing activity in Buncombe

County has many real estate professionals
optimistic about improvements in the higher
end sales brackets as we approach the year’s
two best selling seasons.

beverly-hanks.com
4 Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
 Henderson County Market Review
Henderson County continues to be challenged by excessive inventory and only modest increases in sales. The county’s market
indicators are mixed. Some experts suggest the average sales price decline indicates additional downward pressure on pricing for
individual homes, while others believe it is more
1 Market Indicators 2010 2010 Q1 2011 Q1 2010Q1 v. Forecast indicative of which price ranges are selling. A
Year End 2011Q1 quick look at Chart 1 would support the latter.
Average Sales Price $224,319 $217,176 $194,300 10%
Over 87% of sales were under $300,000. This
Days on Market 225 221 235 6% trend is a serious departure from the county’s
Average List to Sell Ratio 92% 93% 93% 0% boom years. Quarter one experienced only nine
Average Units Sold/Month 84 62 64 3% closed sales above $400,000, Graph A. There
was great news for sellers in the $200,000-
Market deterioration $250,000 price range. For this range, closed
No change sales increased 137% as compared to January
Market improvement and February totals combined.

Inventory Absorption Trends

Of the 19 price ranges analyzed, almost half realized reduced levels of inventory. Inventory levels continue to overwhelmingly favor
buyers, but reduced inventory levels are the first step toward regaining a balanced market. The $75,000-$150,000 price range has
the single largest inventory of homes with 340 creating almost a year and a half of inventory of homes, but also the range with the
most active sales pace. Homes priced in excess of $800,000 represent 6.4% of the active units on the market, but with only one
closed sale, sellers wishing to sell their home in this price range will experience a fiercely competitive market. The price ranges
with the highest levels of inventory are the most susceptible to increased downward pressure on pricing. The “Inventory Gauge”
indicates over 25 months of inventory making Henderson County still a buyer’s market.

2 Price Range Trend # of Months Price Range Trend # of Months

‘10 Q1/ ‘11 Q1 ‘10 Q1/ ‘11 Q1
$0 to $75K 8 7 $550 to $600K No Sales
Balanced
Market $75 to $150K 14 17 $600 to $700K No Sales
Prices $150 to $200K 24 27 $700 to $800K 147 97
$200 to $250K 28 26 $800 to $900K No Sales
Sellers Buyers
Market Market $250 to $300K 40 21 $900 to $1M No Sales
Prices Prices
$300 to $350K 37 42 $1 to $2M No Sales
$350 to $400K 50 35 $2 to $3M No Sales
$400 to $450K 49 46 $3 to $5M No Sales
MONTHS
$450 to $500K 45 31 $5M + No Sales
$500 to $550K 25 90

Inventory Gauge Indicates an increase in available homes for sale

25 Months of Inventory Indicates a decrease in available homes for sale
Indicates no sales in Q1, unable to calculate months of inventory

Closed Sales by Price Range $500 to $550K

0.5%
$700 to $800K
0.5%

The upper end of the marketplace continues to $450 to $500K

struggle with 45 homes over $1 million dollars on the A 2.1% $0 to $75K
11.0%
$75 to $150K
30.9%
market and not a single closing during the first quarter. $400 to $450K
1.6%
Several other price ranges failed to realize even a
single closing during the first three months. $350 to $400K
4.2%
Agents continue to report increased buyer activity in
these upper price ranges, but few buyers are placing
homes under contract. Distressed properties continue $250 to $300K
$150 to $200K
17.8%
to dominate many price ranges leaving “traditional” 13.1%
sellers few options but to price competitively and to $300 to $350K
aggressively market their home. 4.2%
$200 to $250K
14.1%

beverly-hanks.com
Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
5
 Haywood County Market Review
Opportunities for buyers continue to be favorable. Sold properties averaged ten months on the market prior to sale, Table 1. This
trend of increasing time on the market will likely continue through the selling season as sellers introduce additional homes to the
marketplace.
1 Market Indicators 2010 2010 Q1 2011 Q1 2010Q1 v. Forecast
Year End 2011Q1 While quarter one experienced a modest
Average Sales Price $196,218 $199,564 $178,774 11% increase in the number of properties sold, the
Days on Market 267 283 308 10% average selling price decreased by 11% to
$178,744. The average sales price is
Average List to Sell Ratio 90% 90% 90% 0%
approaching the pre-boom 2004 average.
Average Units Sold/Month 42 31 32 3% Waynesville, Maggie Valley, and Lake
Market deterioration Junaluska continue to be desirable locations
No change for second home purchases and with inventory
Market improvement choices increasing and prices decreasing the
market is well positioned for additional growth.
Inventory Absorption Trends
The largest number of properties for sale in any one price range continues to be $250,000-$300,000. With modest gains in the
county’s sales pace many “would-be sellers” are placing their homes on the market causing spring “blooms” in specific price ranges.
These blossoming inventory levels in specific price ranges are creating fierce competition among sellers.

With substantially fewer homes on the market in the $150,000-$250,000 range these homes are more likely to sell in the coming
year. Homes priced above $500,000 have experienced so few sales that it becomes impossible to calculate absorption levels.
The one price range over $450,000 that has enjoyed declining inventory levels is $600,000-$700,000. Overall the volume of
inventory has decreased from 2010 quarter one levels of 37 months to a slightly improved 33 months. Inventory levels such as
these guarantee increased days on the market and continued downward pressure on prices.

2 Price Range Trend # of Months Price Range Trend # of Months

‘10 Q1/ ‘11 Q1 ‘10 Q1/ ‘11 Q1
Balanced $0 to $75K 13 7 $550 to $600K No Sales
Market
Prices $75 to $150K 19 27 $600 to $700K 36 24
$150 to $200K 33 22 $700 to $800K No Sales
Sellers Buyers
Market Market $200 to $250K 37 30 $800 to $900K No Sales
Prices Prices
$250 to $300K 55 211 $900 to $1M No Sales
$300 to $350K 42 74 $1 to $2M No Sales
$350 to $400K No Sales $2 to $3M No Sales
MONTHS
$400 to $450K 49 20 $3 to $5M No Sales
$450 to $500K No Sales $5M + No Sales
Inventory Gauge $500 to $550K No Sales
33 Months of Inventory Indicates an increase in available homes for sale
Indicates a decrease in available homes for sale
Indicates no sales in Q1, unable to calculate months of inventory

Closed Sales by Price Range A

$600 to $700K
2.0%
$0 to $75K
Graph A demonstrates the distribution of closed sales by 19.4%

price range. The chart quickly illustrates that 86% of all $500 to $550K
1.0%
$75 to $150K
25.5%
residential properties sold were priced under $250,000. $450 to $500K

The $75,000-$150,000 and $150,000-$200,000 price

1.0%
$400 to $450K
ranges tied for the largest number of sales. Sales above 5.1%

$500,000 remain sparse with most being distressed

sales. A remarkable number of homes priced under
$75,000 sold during quarter one. Market corrections $300 to $350K
3.1% $200 to $250K
$150 to $200K
25.5%
have provided welcome relief to many who had been 15.3%

priced out of the market. $250 to $300K

2.0%

beverly-hanks.com
6 Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
 WNC Land Market Review
Summary A
3,660!
2011 Quarter One Active Vs. Sold Units!
Vacant Land Zero-Three Acres (with restrictions)!

Lot sales above $100,000 have become

increasingly uncommon and are likely to remain
few and far between for the foreseeable future. In
the entire region, there wasn’t a single sale over
$400,000 during the first three months of 2011.
83% of land sales have been below $100,000,
Graph A.
1,104!

Inventory Absorption Trends Available Lots 1-3 Acres!

1-3 Acres Lots Sold 2011 Q1!

Even within the $0 to $100,000 category there 86! 269!
124! 61! 59! 19! 15!

are almost 11 years of inventory if no additional 12! 5! 3! 0! 0! 0! 0!

0-$100K! ! ! ! ! ! !
parcels are placed on the market and sales $100-$200K! $200-$300K! $300-$400K! $400-$500K! $500-$750K! $750-$1Mil! $1 Million +!

continue at their current pace, Graph B. What is

not readily apparent is the distressed inventory B Vacant Lots 0-3 Acres; Months of Inventory Comparision!
currently being held by financial institutions. 2010 YE Vs. 2011 Quarter One!

Between 2004 to 2007, financial institutions 800!

provided development financing to developers 2010 YE!
700!
intended for quick profitable sales. 2011 Q1!
600!

As long as current conditions prevail, those

Months of Inventory!

500!
speculative sales will never materialize. As 400!
institutions liquidate their collateralized holdings,
hundreds and maybe thousands of parcels 300!

will eventually be placed on the market. The 200! NA due NA due

to no
to no
combination of current inventory and this 100!
sales in
period!
sales in
period!
impending “shadow” inventory will place additional
0!
downward pressure on pricing for vacant land.

Limited financing and wary buyers will further

irritate the situation leading to an extremely limited
pool of buyers. To attract buyers, sellers will have C
2011 Quarter One Sold Units!
to consider offering alternative financing and Vacant Land Zero-Three Acres (with restrictions)!
pricing parcels to attract cash investors interested
in holding vacant land for the long term.

!
$300-$400K, 3!
0-$100K, 86!
!
$200-$300K, 5!

!
$100-$200K, 12!

beverly-hanks.com
Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
7
300 Executive Park
Asheville, NC 28801

Real estate info when you want it!

Text BHINFO to 59559
Works from ANY cell phone for ANY property in MLS.

MORTGAGE
MORTGAGE

Beverly-Hanks
S E R V I C E S
 Western North Carolina Market Review
All Counties in NC Mountains MLS
Active Previous Monthly
Year to Monthly Sold Months of
Price Range Jan Feb Mar inventory Month's Inventory %
Date Average Inventory
3/31/11 Inventory of Change
$0 to $75K 42 42 53 137 46 270 6 257 5%
$75 to $150K 62 71 106 239 80 1432 18 1378 4%
$150 to $200K 59 49 88 196 65 1350 21 1281 5%
$200 to $250K 28 30 52 110 37 1058 29 1000 6%
$250 to $300K 27 23 37 87 29 896 31 846 6%
$300 to $350K 13 14 25 52 17 546 32 525 4%
$350 to $400K 6 12 14 32 11 527 49 510 3%
$400 to $450K 8 7 9 24 8 273 34 269 1%
$450 to $500K 4 7 6 17 6 281 50 255 10%
$500 to $550K 2 1 5 8 3 163 61 148 10%
$550 to $600K 2 0 0 2 1 173 260 170 2%
$600 to $700K 1 5 3 9 3 193 64 181 7%
$700 to $800K 3 3 1 7 2 177 76 165 7%
$800 to $900K 0 1 3 4 1 127 95 122 4%
$900 to $1M 1 0 0 1 0 122 366 111 10%
$1 to $2M 0 2 6 8 3 301 113 298 1%
$2 to $3M 0 0 0 0 0 79 N/A 79 0%
$3 to $5M 0 0 0 0 0 26 N/A 26 0%
$5M Plus 0 0 0 0 0 7 N/A 9 -22%
Totals 258 267 408 933 311 8001 26 7630 5%

beverly-hanks.com
Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
 Buncombe County Market Review
Buncombe County
Active Previous Monthly
Year to Monthly Sold Months of
Price Range Jan Feb Mar inventory Month's Inventory %
Date Average Inventory
3/31/11 Inventory of Change
$0 to $75M 15 10 13 38 13 54 4 62 -13%
$75 to $150M 15 33 48 96 32 524 16 504 4%
$150 to $200M 29 29 45 103 34 476 14 452 5%
$200 to $250M 12 15 16 43 14 385 27 362 6%
$250 to $300M 14 13 19 46 15 287 19 259 11%
$300 to $350M 7 9 15 31 10 192 19 183 5%
$350 to $400M 8 6 9 23 8 166 22 162 2%
$400 to $450M 4 5 4 13 4 98 23 108 -9%
$450 to $500M 5 5 3 13 4 99 23 86 15%
$500 to $550M 1 1 2 4 1 68 51 61 11%
$550 to $600M 3 1 3 7 2 46 20 42 10%
$600 to $700M 1 3 1 5 2 67 40 58 16%
$700 to $800M 3 4 1 8 3 63 24 62 2%
$800 to $900M 1 2 3 6 2 46 23 42 10%
$900 to 1Mil 1 1 0 2 1 55 83 49 12%
$1M to $2M 0 1 5 6 2 143 72 143 0%
$2M to $3M 0 0 0 0 0 30 N/A 30 0%
$3M-$5M 0 0 0 0 0 10 N/A 9 11%
$5M Plus 0 0 0 0 0 1 N/A 2 -50%
Totals 119 138 187 444 148 2810 19 2676 5%

beverly-hanks.com
Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
 Henderson County Market Review
Henderson County
Active Previous Monthly
Year to Monthly Sold Months of
Price Range Jan Feb Mar inventory Month's Inventory %
Date Average Inventory
3/31/11 Inventory of Change
$0 to $75M 5 6 10 21 7 50 7 40 25%
$75 to $150M 14 17 28 59 20 340 17 311 9%
$150 to $200M 14 8 12 34 11 310 27 290 7%
$200 to $250M 4 4 19 27 9 236 26 214 10%
$250 to $300M 9 6 10 25 8 172 21 170 1%
$300 to $350M 1 3 4 8 3 114 43 102 12%
$350 to $400M 1 3 4 8 3 94 35 86 9%
$400 to $450M 1 0 2 3 1 46 46 37 24%
$450 to $500M 2 2 0 4 1 40 30 42 -5%
$500 to $550M 0 1 0 1 0 27 81 26 4%
$550 to $600M 0 0 0 0 0 38 N/A 36 6%
$600 to $700M 0 0 0 0 0 38 N/A 36 6%
$700 to $800M 1 0 0 1 0 29 87 24 21%
$800 to $900M 0 0 0 0 0 15 N/A 15 0%
$900 to $1M 0 0 0 0 0 14 N/A 13 8%
$1 to $2M 0 0 0 0 0 33 N/A 31 6%
$2M to $3M 0 0 0 0 0 7 N/A 6 17%
$3M to $5M 0 0 0 0 0 4 N/A 3 33%
$5M Plus 0 0 0 0 0 1 N/A 1 0%
Totals 52 50 89 191 64 1608 25 1483 8%

beverly-hanks.com
Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
 Haywood County Market Review
Haywood County
Active Previous Monthly
Year to Monthly Sold Months of
Price Range Jan Feb Mar inventory Month's Inventory %
Date Average Inventory
3/31/11 Inventory of Change
$0 to $75M 5 7 7 19 6 46 7 47 -2%
$75 to $150M 9 6 10 25 8 220 26 204 8%
$150 to $200M 8 5 12 25 8 184 22 185 -1%
$200 to $250M 5 3 7 15 5 151 30 160 -6%
$250 to $300M 0 2 0 2 1 148 222 136 9%
$300 to $350M 1 0 2 3 1 74 74 70 6%
$350 to $400M 0 0 0 0 0 83 N/A 76 9%
$400 to $450M 2 2 1 5 2 34 20 33 3%
$450 to $500M 0 0 1 1 0 30 90 31 -3%
$500 to $550M 0 0 1 1 0 11 N/A 13 -15%
$550 to $600M 0 0 0 0 0 16 N/A 17 -6%
$600 to $700M 0 0 2 2 1 17 26 15 13%
$700 to $800M 0 0 0 0 0 15 N/A 17 -12%
$800 to $900M 0 0 0 0 0 11 N/A 12 -8%
$900 to $1M 0 0 0 0 0 10 N/A 8 25%
$1 to $2M 0 0 0 0 0 25 N/A 25 0%
$2M to $3M 0 0 0 0 0 6 N/A 6 0%
$3M to $5M 0 0 0 0 0 2 N/A 2 0%
$5M Plus 0 0 0 0 0 0 N/A 0 N/A
Totals 30 25 43 98 33 1083 33 1057 2%

beverly-hanks.com
Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
 Madison County Market Review
Madison County
Active Previous Monthly
Year to Monthly Sold Months of
Price Range Jan Feb Mar inventory Month's Inventory %
Date Average Inventory
3/31/11 Inventory of Change
$0 to $75M 0 2 4 6 2 4 2 3 33%
$75 to $150M 0 4 3 7 2 37 16 39 -5%
$150 to $200M 4 1 3 8 3 35 13 33 6%
$200 to $250M 1 1 0 2 1 30 45 31 -3%
$250 to $300M 0 0 1 1 0 35 105 34 3%
$300 to $350M 0 1 0 1 0 20 60 20 0%
$350 to $400M 0 0 1 1 0 14 42 19 -26%
$400 to $450M 1 0 1 2 1 13 20 14 -7%
$450 to $500M 0 1 0 1 0 16 48 16 0%
$500 to $550M 0 0 0 0 0 5 N/A 5 0%
$550 to $600M 0 0 0 0 0 8 N/A 8 0%
$600 to $700M 0 0 0 0 0 7 N/A 5 40%
$700 to $800M 0 0 0 0 0 6 N/A 5 20%
$800 to $900M 0 0 0 0 0 7 N/A 8 -13%
$900 to 1Mil 0 0 0 0 0 4 N/A 4 0%
$1M to $2M 0 0 0 0 0 4 N/A 4 0%
$2M to $3M 0 0 0 0 0 1 N/A 1 0%
$3M to $5M 0 0 0 0 0 1 N/A 1 0%
$5M Plus 0 0 0 0 0 0 N/A 0 N/A
Totals 6 10 13 29 10 247 25 250 -1%

beverly-hanks.com
Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
 Rutherford County Market Review
Rutherford County
Active Previous Monthly
Year to Monthly Sold Months of
Price Range Jan Feb Mar inventory Month's Inventory %
Date Average Inventory
3/31/11 Inventory of Change
$0 to $75M 8 4 4 16 5 46 9 44 5%
$75 to $150M 7 7 5 19 6 62 10 64 -3%
$150 to $200M 3 0 3 6 2 74 37 66 12%
$200 to $250M 0 2 3 5 2 48 29 48 0%
$250 to $300M 0 0 2 2 1 62 93 66 -6%
$300 to $350M 2 0 2 4 1 23 17 23 0%
$350 to $400M 0 1 1 2 1 43 65 43 0%
$400 to $450M 0 0 0 0 0 18 N/A 16 13%
$450 to $500M 0 1 0 1 0 22 66 16 38%
$500 to $550M 0 0 0 0 0 8 N/A 8 0%
$550 to $600M 0 0 0 0 0 9 N/A 8 13%
$600 to $700M 0 0 0 0 0 6 N/A 5 20%
$700 to $800M 0 0 0 0 0 10 N/A 9 11%
$800 to $900M 0 0 0 0 0 1 N/A 0 N/A
$900 to $1M 0 0 0 0 0 6 N/A 6 0%
$1M to $2M 0 0 0 0 0 15 N/A 12 25%
$2M to $3M 0 0 0 0 0 1 N/A 3 -67%
$3M to $5M 0 0 0 0 0 0 N/A 1 -100%
$5M Plus 0 0 0 0 0 0 N/A 1 -100%
Totals 20 15 20 55 18 454 25 439 3%

beverly-hanks.com
Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
 Polk County Market Review
Polk County
Active Previous Monthly
Year to Monthly Sold Months of
Price Range Jan Feb Mar inventory Month's Inventory %
Date Average Inventory
3/31/11 Inventory of Change
$0 to $75M 0 0 1 1 0 2 6 2 0%
$75 to $150M 3 3 1 7 2 28 12 30 -7%
$150 to $200M 0 0 3 3 1 44 44 35 26%
$200 to $250M 1 1 0 2 1 36 54 30 20%
$250 to $300M 1 1 1 3 1 28 28 28 0%
$300 to $350M 0 0 1 1 0 19 57 24 -21%
$350 to $400M 0 0 1 1 0 25 75 26 -4%
$400 to $450M 0 0 1 1 0 12 36 9 33%
$450 to $500M 0 0 0 0 0 13 N/A 13 0%
$500 to $550M 0 0 1 1 0 8 24 7 14%
$550 to $600M 0 0 0 0 0 10 N/A 10 0%
$600 to $700M 0 0 0 0 0 14 N/A 17 -18%
$700 to $800M 0 1 0 1 0 13 39 11 18%
$800 to $900M 0 0 0 0 0 9 N/A 8 13%
$900 to 1Mil 0 0 0 0 0 4 N/A 3 33%
$1M to $2M 0 0 0 0 0 19 N/A 17 12%
$2M to $3M 0 0 0 0 0 4 N/A 4 0%
$3M to $5M 0 0 0 0 0 0 N/A 0 N/A
$5M Plus 0 0 0 0 0 0 N/A 0 N/A
Totals 5 6 10 21 7 288 41 274 5%

beverly-hanks.com
Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
 Transylvania County Market Review
Transylvania County
Active Previous Monthly
Year to Monthly Sold Months of
Price Range Jan Feb Mar inventory Month's Inventory %
Date Average Inventory
3/31/11 Inventory of Change
$0 to $75M 2 5 3 10 3 21 6 17 24%
$75 to $150M 10 6 4 20 7 89 13 96 -7%
$150 to $200M 1 4 7 12 4 111 28 102 9%
$200 to $250M 3 2 3 8 3 91 34 86 6%
$250 to $300M 0 1 4 5 2 82 49 73 12%
$300 to $350M 0 2 2 4 1 61 46 61 0%
$350 to $400M 0 1 1 2 1 58 87 53 9%
$400 to $450M 0 0 2 2 1 35 53 35 0%
$450 to $500M 0 0 0 0 0 43 N/A 35 23%
$500 to $550M 0 0 1 1 0 28 84 20 40%
$550 to $600M 0 0 0 0 0 32 N/A 36 -11%
$600 to $700M 0 0 0 0 0 28 N/A 27 4%
$700 to $800M 0 0 0 0 0 26 N/A 26 0%
$800 to $900M 0 0 0 0 0 21 N/A 21 0%
$900 to $1M 0 0 0 0 0 14 N/A 14 0%
$1M to $2M 0 1 1 2 1 38 57 40 -5%
$2M to $3M 0 0 0 0 0 19 N/A 18 6%
$3M to $5M 0 0 0 0 0 8 N/A 8 0%
$5M Plus 0 0 0 0 0 3 N/A 3 0%
Totals 16 22 28 66 22 808 37 771 5%

beverly-hanks.com
Information as reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way
responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.