Market Report - Raleigh NC
Southeast Raleigh New Home Listings Down 32% to December 2008
Choices Getting Slimmer for New Home Buyers in 2009
Looking for a new home in the Garner NC area? Thinking the choices have gotten a little thinner? You're right....
New Home inventory in Southeast Raleigh NC was down 32% in December 2009 versus December 2008.
New Home Listings by Price Point in Southeast Raleigh NC
There were fewer new home listings in Southeast Raleigh NC in every price point - the only exception was new condos, which increased by eight units.
There were 21 single family homes were listed in the Garner NC/Southeast Raleigh area under $150K, making Southeast Raleigh NC one of the more affordable areas in Wake County. There were also 32 new homes listed between $150-199K.
The $200-299K, $300-399K, and $400-499K price ranges all had significant percent reduction of Southeast Raleigh NC new home choices - from 60 homes in December 2008 to only 31 homes in December of 2009.
Garner NC area new homes in the $150K and under range saw a 46% reduction in inventory levels, from 39 to 21 new homes.
Garner NC area new homes in the $150-199K range saw a 47% reduction in inventory levels, from 60 to 32 new homes.
Overall New Home Listings in Southeast Raleigh NC - December 2009
In third quarter 2008, there were 205 new homes listed in Southeast Raleigh NC.
In third quarter 2009, there were only 139 new homes listed in Southeast Raleigh/Garner NC.
Builders are building fewer "speculative" homes, and more home buyers are opting for completely custom packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications).
On the bright side, if you're looking for a new home, there are many more choices of available lots in Garner/SE Raleigh NC, so it is easier to match up your floorplan, budget, and location (browse available communities here).
What Price Points are getting the most showings in Southeast Raleigh?
If you're looking to purchase in these price points, you'll have more competition for your new home.
$150-199K new homes in Garner NC area saw the most overall showings - 32% of all showings were for Garner new homes in this price point, while only 23% of inventory was in this price point.
Condos in Garner NC saw a surge in interest, with more than 4 times the number of showings as seen in September 2009.
$300-399K new homes in Southeast Raleigh were also very busy. These homes represented 12% of the available new home inventory in Garner NC, but saw 19% of the Garner new home showings.
New Homes in Garner - Overall Showings
In September 2009, Garner new homes had a total of 94 showings. In November of 2009, Garner NC new homes saw 124 showings. Showings in November were up 32% to September, in a time of year that is typically much slower.
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Article copyright Stanton Homes 2010. Provided for informational purposes only, no claims are made by Stanton Homes regarding the validity of any statements. Please note: all listing information per MLS, and current as of posting date. Information subject to change. Stanton Homes does not make claims to ownership of above lot listings, but can work with homebuyers to purchase lots and build. Home plans to be approved on an individual basis, subject to neighborhood restrictive covenants and lot restrictions. Ask for further information regarding any community, lot or floor plan. Photos represent typical homes and details of each neighborhood, to help highlight different options available in the Raleigh/Triangle area. No claim of ownership is made to homes or land pictured.
Garner is fast becoming an awesome place to live. There is close proximity to highways, major work centers and all the populare amenities that surround Raleigh and residents continue find a growing number of major employers and retail outlets coming to the community. I like to think of it as small town living in the shadow of the Raleigh city lights. If downtown Raleigh is just six miles away, imagine how close everything else is! Keep up the great research.
Jason
Jason - you obviously know Garner well! It is a great place to be, especially for someone looking for a "country" feel within 10 minutes of major shopping, and like you said, a very short commute to downtown.
Wow -- What a drop! I work and shop in Garner -- Jason is right it definatley is a great place to live and work.
Jennifer - it's amazing how low new home inventory has gotten right now.