{"id":10910,"date":"2017-01-17T09:07:18","date_gmt":"2017-01-17T14:07:18","guid":{"rendered":"https:\/\/www.beverly-hanks.com\/blog\/?p=10910"},"modified":"2024-12-11T09:46:27","modified_gmt":"2024-12-11T14:46:27","slug":"eoy-2016-cre-market-report","status":"publish","type":"post","link":"https:\/\/www.naibeverly-hanks.com\/blog\/eoy-2016-cre-market-report\/","title":{"rendered":"Beverly-Hanks EOY 2016 Market Report: Interesting Commercial and Record-Breaking Residential Markets"},"content":{"rendered":"<p>Beverly-Hanks President Neal Hanks, Jr. has delivered the 2016 End-of-Year Market Report. <a href=\"https:\/\/youtu.be\/8vM4DUCTWKk\">Watch the video<\/a> below for his short report, or continue reading for a summation.<br \/>\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/8vM4DUCTWKk\" frameborder=\"0\" allow=\"autoplay; encrypted-media\" allowfullscreen><\/iframe><\/p>\n<h2>2016 EOY Commercial Activity:<\/h2>\n<p>2016 was an interesting year for commercial real estate in Western North Carolina.<br \/>\nLeasing activity was up, but sales transactions were down. While the number of sales was down, the average sales price was up significantly. For example, there were 276 transactions in 2016 for $452.6M and 406 transactions in 2015 for $524.2M\u2014that\u2019s an average sales price of $1.64M in 2016 vs. $1.29M in 2015.<br \/>\nThat\u2019s a trend we saw across all categories: number of transactions down, average sales price up. In 2016, there were 66 land transactions for $51.7M versus 129 transactions in 2015 for $85.7M. In the multi-family sector, 25 sales for $207M this year versus 34 sales for $100M last year.<br \/>\nWe think these trends will only continue in 2017, as inventory in all categories continues to tighten and demand stays relatively high.<br \/>\nOn the leasing front, the market is strong. Transactions and rents are up while vacancy is down. In 2016, there were a total of 381 lease transactions across industrial, office, and retail spaces. This is compared to 364 lease transactions in 2015. Overall vacancy in the four-county MSA dropped to below 3%.<\/p>\n<h2>2016 EOY Residential Activity:<\/h2>\n<p>Overall, our housing markets are breaking records. For the past 12 months, we\u2019ve been experiencing the fastest sales pace in the history of our seven-county region. Sales were up 9% for the year.<br \/>\nIn the seven-county region, there are 62% fewer homes for sale now than there were when supply levels peaked in 2011. Many communities have dropped to the lowest supply level in a decade. That means that finding homes under $300,000\u2014$600,000 is some neighborhoods\u2014is becoming increasingly difficult.<br \/>\nBecause of the strong market, the <a href=\"http:\/\/www.fhfa.gov\/DataTools\/Tools\/Pages\/HPI-Calculator.aspx\" target=\"_blank\" rel=\"noopener\">Federal Finance Housing Agency reported<\/a> that Asheville MSA\u2019s home prices appreciated 7% in 2016. Buncombe County recorded the highest median sales price in the region at $254,000. Rutherford County was the lowest at $162,000.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-10903\" src=\"https:\/\/www.beverly-hanks.com\/blog\/wp-content\/uploads\/2017\/01\/sales-pace-copy.jpg\" alt=\"Sales pace graph for homes in WNC, EOY 2016.\" height=\"334\" width=\"600\"><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.beverly-hanks.com\/blog\/2016-eoy-market-report\/\">Read more about Q3 EOY residential activity.<\/a><\/p>\n<p>&nbsp;<br \/>\n<i>All real estate is local. In order to make confident real estate decisions, we believe it important for you to have timely and neighborhood-specific information. For more information about your real estate market, ask your Beverly-Hanks associate or <\/i><a href=\"http:\/\/www.naibeverly-hanks.com\/market-research-center\"><i>click here<\/i><\/a><i>.<\/i><br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beverly-Hanks President Neal Hanks, Jr. has delivered the 2016 End-of-Year Market Report. Watch the video below for his short report, or continue reading for a summation. 2016 EOY Commercial Activity: 2016 was an interesting year for commercial real estate in Western North Carolina. Leasing activity was up, but sales transactions were down. While the number&#8230;  <a class=\"excerpt-read-more\" href=\"https:\/\/www.naibeverly-hanks.com\/blog\/eoy-2016-cre-market-report\/\" title=\"Read Beverly-Hanks EOY 2016 Market Report: Interesting Commercial and Record-Breaking Residential Markets\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":6,"featured_media":10903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[159],"tags":[3,4,63,11],"class_list":["post-10910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-reports","tag-commercial","tag-commercial-real-estate","tag-quarterly-market-report","tag-wnc-real-estate"],"acf":[],"featured_image":null,"_links":{"self":[{"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/posts\/10910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/comments?post=10910"}],"version-history":[{"count":1,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/posts\/10910\/revisions"}],"predecessor-version":[{"id":21029,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/posts\/10910\/revisions\/21029"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/media?parent=10910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/categories?post=10910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.naibeverly-hanks.com\/blog\/wp-json\/wp\/v2\/tags?post=10910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}