Q2 2019 Commercial Activity:
The bullets below tell the story: All categories were slightly off in Q2 2019 as compared with Q2 2018. The one exception was land, which was up 10%.
There were 124 closings in all sectors in quarter two for $121.8 million, compared to 186 sales for $181.2 million in Q2 2018. Average sales price hovers just below $1 million, while the average price per square foot is approximately $85.
- 11 Industrial Transactions for $6.4 million
- 13 Office Transactions for $29.9 million
- 17 Retail Transactions for $14 million
- 6 Multi-family Transactions for $6.8 million
- 45 Land Transactions for $35.5 million
All data that we share is for the four county MSA (Buncombe, Henderson, Haywood, and Madison) and is provided by CoStar.
Q2 2019 Lease Activity:
Total lease transactions were down in quarter two, and vacancies slightly increased for the first time in a long time. The industrial vacancy rate increased to 2.6%, the office vacancy rate was slightly up at 2.3%, and the retail vacancy rose from 1.7% to 2.1%. While all vacancy rates increased, we are still near all-time lows. The market is still very good, but we might be softening just a little.
- 11 Industrial Lease Transactions, Down 16 from Q2 2018
- 22 Office Lease Transactions, Down 29 from Q2 2018
- 34 Retail Lease Transactions, Down 5 from Q2 2018
All information is as of 7/3/2019 as provided by CoStar.
Q2 2019 Residential Activity:
Beverly-Hanks President Neal Hanks, Jr. has delivered the Q2 2019 Real Estate Market Report. Watch the video below or continue reading below for a short summation.
As a whole, the first six months of the year were some of the most active on record. 4,400 houses have sold since January—That’s 25 houses selling every single day so far this year!
There’s good news for home buyers, too. After a long period of decline in our nine-county region, the number of homes for sale is beginning to increase. There are 3% more homes for sale overall than this time last year. Interest rates remain close to historical lows, as well, giving all home buyers the opportunity to reduce the cost of ownership.
Buncombe County’s median sales price continues to lead the region at $315,000. Rutherford County is the most affordable at $178,000.
All real estate is local. In order to make confident real estate decisions, we believe it is important for you to have timely and neighborhood-specific information. For more information about our commercial real estate market, ask your NAI Beverly-Hanks agent or click here.