Cary/Apex/Morrisville New Home Listings Down 29%
Looking for a new home in the Raleigh area? Thinking the choices have gotten a little thinner? You're right....
New Home inventory in the Cary/Apex/Morrisville market area was down 29% in third quarter 2009 versus third quarter 2008. Cary has been a top destination for over a decade, and Apex and Morrisville have both been highly sought after, particularly in the last five years.
New Home Listings by Price Point in Cary/Apex/Morrisville
Cary/Apex/Morrisville saw some shifts in new home inventory levels. Some price points saw more inventory, while others saw decreased inventory.
- New homes in the Cary area under $300K reduced stayed nearly constant, moving from 25 to 27 listings.
- New homes in the Cary/Apex area from $300K to $499K decreased from 139 listings last year to 112 listings this year. There have still been a significant number of sales in these price points.
- New homes in the Cary/Apex area above $500K have decreased significantly - a sign that the "log jam" of inventory in these higher price points has finally begun to move through.
Overall New Home Listings Available in Cary/Apex/Morrisville
New Home Showings in Cary/Apex/Morrisville
Is anyone looking at new homes in Cary, Apex, and Morrisville? Yes, quite a few of them! Here's a breakdown by price point:
New homes in the $300-399K and $500-599K price points saw the most showings per home, on average.
That is, except for the under $200K price point - these homes saw more than double the average number of showings per new home! But with only 5 homes available at this price point, competition is likely to be fierce.
New homes in the $400-$499K price range also saw significant numbers of showings.
Wake County NC New Home Resources:
Wake County New Home Communities
Wake County NC Property Tax Rates 2011
Finding Your New Home in the Raleigh Area
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Hi Penny - Now is a great time to buy a new home. I don't see it getting any "thinner". Folks if you are waiting for the bottom it has arrived. If you're a first time home buyer you even get another $8,000 just for buying! How can that get any better? It doesn't. See Penny before you make a decision on a new home.
Nevin - I could be wrong, but I think the new home selections will get even thinner. More and more builders are "building to order" instead of building a speculative home that someone MIGHT or MIGHT NOT like.