1st Quarter 2013 Market Trends

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:

Description

1Q/12

1Q/13

% Change

Wake County
Number of closed sales

 2457

 3117

 26.86 %

Number of detached sales

 1897

 2455

 29.41 %

Number of townhouse sales

 464

 548

 18.10 %

Number of condo sales

 100

 119

 19.00 %

Number of new construction sales

 652

 720

 10.43 %

Number of re-sales

 1805

 2397

 32.80 %

Average detached sales price

 $262,100

 $264,728

 1.00 %

Average townhouse sales price

 $165,335

 $166,978

 0.99 %

Average condo sales price

 $139,110

 $158,137

 13.68 %

Average new construction sales price

 $275,463

 $303,847

 10.30 %

Average re-sales price

 $225,946

 $225,659

 -0.13 %

Average Sales Price for the entire area

 $239,086

 $243,720

 1.94 %

Average DOM

 127

 106

 -16.54 %

Number of Listings for the entire area

 5825

 4296

 -26.25 %

Average List price for New Construction for the entire area

 $332,392

 $362,138

 8.95 %

Average List price for Re-sale for the entire area

 $298,162

 $308,457

 3.45 %

Average List price for the entire area

 $304,640

 $319,603

 4.91 %

Average Sale/List Price Ratio for the entire area

 96.69%

 97.28%

 0.61 %

 

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. )

 

 

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