It’s quite a conundrum that the Triangle’s home buying and selling market is in right now.
Record prices in our area right now but a really tough market for first time buyers, or for people who want to sell and buy something else without moving twice!
Houses are selling quicker and for more money than they ever have before with the market’s monthly average home sale price surpassing $300,000 for the first time in the region’s history in June, according to the Triangle Multiple Listing Service report.
But because inventory options for buyers also remains at an all-time historic low with about a 2.6-month supply of inventory available in June, potential sellers who aren’t relocating outside the Triangle are having a hard time finding another place to live.
“What I see very different from last year’s market, … is sellers are afraid to sell their home,” observes Kim Hanan, a broker with Fonville Morisey Realty in Durham, noting that the reasons are many.
One, because of the limited inventory on the buy side, sellers know they may not find a home they want to buy or may have to overpay for what they want due to multiple offers driving a list price up sometimes over market value, Hanan says.
Many sellers may bristle at the idea of renting an apartment or house while waiting the market out, or they have specific financial needs that might restrict them from competing on offers from buyers with a better financial ability to purchase a home. “When this happens, this can lead to a whole list of uncomfortable events that may take place,” she says.
Home sales in the Triangle were up 1.8 percent in June over the year prior and up 1.9 percent for all of the second quarter 2017. A year ago, the growth rate was tracking around 11 percent. The slow down in the growth rate has been primarily attributed to the lack of a comparable increase in inventory options. Year to date, home sales are up 6.2 percent in the 16-county area covered by Triangle MLS.
The average home price was up 6.3 percent in June to $300,932, according to the MLS report. The median sales price was up 6.1 percent to $260,000. Home prices have been increasing an average of 4.5 percent to 7 percent every quarter since the second quarter 2015.
by: Amanda Hoyle, Triangle Business Journal
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Apex postponed a grand-opening celebration on Saturday at the park at 2600 Evans Road due to weather. But the park is now open to the public.
The park features running trails, lighted tennis courts, two multipurpose fields, a playground, an amphitheater and a dog park. The disc golf course might be the most-anticipated feature, though.
The park helps fill a gap in the western side of town. Hundreds of residents in the Scotts Mill, Bella Casa and Hollands Crossing subdivisions didn’t have a park within walking distance.
Disc golf is similar to traditional golf, but players use Frisbee-like discs instead of clubs. The object of the game is to get the disc inside a basket in as few throws as possible.
Disc golf has become more popular in the area. There are about 30 private and public disc golf courses in Wake County, according to dgcoursereview.com.
“We wanted to establish a fun place, encourage people to pick up a new sport and offer a challenge for every level of player,” said Watson, a member of the Professional Disc Golf Association. “We plan to host professional-level tournaments, and local tournaments and charity games.”
The Apex Nature Park could also become home to high school tennis and cross-country events.
Apex already has a dog park at Hunter Street Park. The doggie play space at Apex Nature Park is the town’s second.
Dog-park users must pay an annual membership fee that will grant them access to both dog parks. The fee is $30 for residents and $60 for non-residents.
Registration is available at the Apex Community Center, and dog owners must show proof of vaccinations.
A perfect combination of both suburban, small-town living and upscale, modern development, Apex, North Carolina is the perfect small town in the Triangle area to make a home. In one of Money Magazine’s recent publications, Apex was named ninth best small town to live in. Residents enjoy shopping downtown, small town comforts, and annual festivals such as the Peak City Festival and popular holiday events.
Apex’s Mayor Keith Weatherly addresses the hard work that goes into making a community successful. In a comment to WNCT about the magazine’s publication, he stated that the rank “brings credit to [the] citizens who exhibit daily spirit and engagement [and]…The Town Council and staff work hard with…residents to maintain the quality of life that Apex is famous for.”
Money Magazine bases its results off of an intense list of categories including finances, demographics, crime, employment, real estate, education, health care, and quality of life. Apex soard above the rest and placed high among 1,326 small towns, with financies and economics playing a large role.
To read the full WNCT article, click here.
To read the complete Money Magazine publication, click here.
Raleigh and Durham, North Carolina placed in the top ten best Cities for Business and Careers, a list produced by Forbes. The list of 200 considers job growth, cost and income growth over a five-year span. North Carolina State University, Duke University, and University of North Carolina at Chapel Hill contribute to growth in the work force around the Triangle area.
Triangle Business Journal states that education is a top priority and the University of North Carolina system is ranked as one of the highest in the nation, providing low tuition rates. These provide an excellent pathway for college-bound students. With three major universities in the area, graduates have excellent opportunities waiting for them just outside the front door.
Raleigh and Durham are not the only cities in North Carolina that made the top 200. On the Forbes list, Charlotte, NC ranked #19, Asheville #29, Wilmington #67, Winston-Salem #70, Greensboro #71, Fayetteville #179, and Hickory #195.
To read the Triangle Business Journal Article, click here.
To read the complete Forbes list of top cities, click here.
If sellers are looking for their sign to list, this is it. The Triangle’s own News & Observer has declared a successful second quarter, stating that sales are up 30 percent after a successful run of sales months that has extended into the summer. Triangle Multiple Listing Services declares that listed home inventory is also proving success with a 19 percent decrease. With a smaller number of homes on the market, listing is easy, and agents are advising their clients not to wait. The average number of days on the market sits now at 97 for the month of June, 18 days less than the 2012 data. Average sale price is $249,300, a 3% increase from last year. The article states that it strong sales months are expected to last into the fall as well. Interest rates are also on the rise, so now is the time for Triangle homeowners to take the steps to list to sell.
To read the full News & Observer article, click here.
The numbers do not lie. More homes are being sold at higher prices within the confines of Interstate 440 and beyond.
You may or may not be familiar with the acronym ITB, which stands for “Inside The Beltline.” This refers to the area of Raleigh that is surrounded by the smaller of two beltlines around Raleigh: Interstate 440. This area has shown exciting growth patterns in real estate that are similar to the greater Raleigh area. According to the Triangle Real Estate Journal, there have been 71 homes sold in this prestigious area in 2013. This is 41 homes more than in 2012, or the equivalent of a 122 percent increase.
There are a number of other reasons to move inside the beltline of I-440. For starters, this area is conveniently located near the downtown, letting residents easily enjoy exciting restaurants, music, art and more. While the housing is often older, the values ITB can make renovations a great investment. Statistics show that Raleigh is on the top of the list of U.S cities making a comeback since the recession, and real estate inside the Raleigh beltline has always been a popular choice.
Though the ITB area is experiencing rapid growth, the greater Raleigh area is not lagging behind. The first quarter of 2013 showed a 17.7 percent increase in home construction from 2012. According to the Metro Study Report, the current inventory available in Raleigh is equivalent to the area’s historic average since 1999. With numbers like these, it is no wonder Raleigh is one of the quickest cities to have recovered after the burst of the housing bubble.
Whether you are relocating to the area or trying to sell your home now is a great time to jump on a flourishing housing market in Raleigh, NC. For more information on Raleigh real estate, click here.
1st Quarter 2013 Market Trends Report
A recent article in The News and Observer tells us that the real estate market continues to strengthen.
The Triangle now has a four-month supply of homes on the market at the current pace of sales, down from a seven-month supply a year ago.
“The inventory, it just can’t continue to do that,” said Stacey Anfindsen, a Cary appraiser who analyzes MLS data for area real estate agents.
The combination of historically low inventory levels and more buyers in the market has created a dynamic where sought-after homes quickly receive multiple offers while others that are in need of work languish on the market for months.Watch movie online The Transporter Refueled (2015)
(Read more here: http://www.newsobserver.com/2013/04/15/2827450/triangle-home-sales-up-28-percent.html#storylink=cpy)
Market Snapshot for Wake County:
What does all this mean? The TARR (Triangle Area Residential Realty Report) published by market Analyst Stacey Anfindsen, summarizes the first quarter 2013 trends as follows:
The majority of market metrics analyzed were positive for Wake, mirroring the trends in the overall RTP market. The final block to fall involves house price increases. Many of these metrics have varied from quarter to quarter over the past 2 years. New homes typically lead the market into higher pricing territory. Two metrics analyzed bode well for future overall house price increases. The number of home builders who have dropped list price is at its lowest percentage within the past 8 years. This is indicative of buyers accepting the typical home builder pricing metric of cost plus margin. The other positive new home metric involves the number of under and over supplied price brackets. At the worst point in the market in 1Q/09, 52% of price brackets analyzed had an over supply of new homes. This has decreased to 13% of price brackets analyzed during 1Q/13. The number of under supplied brackets bottomed out at 1% and now accounts for 17% of price brackets analyzed. As price brackets in the new home market trend toward s an overall undersupply, buyers will be forced to accept new home price increases. This will produce increases in re-sale house prices in the future. (©2013 Stacey P. Anfindsen/S.M.A Publications, Inc. )
Market Trends Report, 2nd Quarter.
According to the News & Observer, this May showed a home price increase in every single city of theUSthat is tracked by a leading index. Good news! And the housing stock is down and decreasing in some areas, like Wake Country…. More good news because when the supply of homes comes down, prices start to rise.
So… What is happening with the inventory in Wake County?
There were 5,663 listings on the market at the end of the quarter: a decrease of 29% with new home inventory down 25% and re-sale inventory down 29%.
Second quarter pending sales increased 29% inWakeCounty. More good news!
Newer subdivisions in more remote locations still trail the market, but on the whole, we’re recovering pretty well!
Considering the rising house prices and the declining housing stock:
Is correct initial list price important?
According to TARR Report, it is! In Wake Countywhen the closed sales where the final price was equal to the original sales price, the days on market was 61 and the sales to list ratio was 98%. As compared with closed sales inWakeCountywhere the final list price was less than the original list price, the days on market was 192 and the sale to original list ratio was 90%.
Getting the price right the first time is still extremely important!
Things are looking up for the Triangle home market—and the broader economy at large.
Unemployment is down, and interest rates are still at historic lows. According to Triangle MLS data for March, inventory is down 27 percent, closed sales rose 11 percent, and pending sales were up 17 percent. March also saw 6,713 showings, the most recorded in a single month since April 2010.
Appraiser Stacey Anfindsen, who analyzes MLS data for area real estate agents, says the biggest issue currently is the amount of inventory on the market. The Triangle now has an 8-month supply of housing at the current pace of sales, down from a 13-month supply a year ago. The price of real estate is based on supply and demand, so as inventory continues to decrease, prices will begin to rise. This is already happening in entry-level homes in Cary and Raleigh…..We have seen multiple offers on well-priced homes below $200,000!