| Market |
2006 |
2007 |
2008 |
Closed Thru 10/31/09 Project
12/31/09 |
# Listings -
Months Of Supply |
| Madison County Homes
Land |
208
360 |
170
180 |
110
81 |
64 - Project 77
35 - Project 42 |
330 - 51.6 MOS
573 - 163.7 MOS |
| Yancey County Homes
Land |
120
118 |
104
68 |
77
19 |
57 - Project 68
7 - Project 8 |
250 - 43.9 MOS
190 - 271.4 MOS |
| Wolf Laurel Homes
Land |
47
153 |
30
40 |
16
8 |
14 - Project 17
6 - Project 8 |
82 - 58.6 MOS
64 - 106.7 MOS |
| Totals Homes
Land |
328
478 |
274
248 |
187
100 |
121 - Project 145
42 - Project 50 |
580 - 47.9 MOS
763 - 181.7 MOS |
Commentary
Demand: The trend for the year must be
called essentially flat. We have raised our projections for 2009 Madison and Yancey homes and land by a total of 3 transactions,
which cannot yet be termed significant, especially given the
increase in inventories.
Supply: Inventories for sale, for both homes
and land can be measured in terms of years of supply, not the
traditional months of supply. The raw numbers of both homes
and land for sale inched upward during October, 2009.
This is counter-seasonal, however not unexpected.
We have written
on our blog since 03/08, about pent up supply, what many in the
industry are now calling "shadow
inventory".
Source: Regional MLS, deemed reliable, not
guaranteed.
Last Updated: 11/02/09
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