Raleigh Market Reports - How is the Housing Market in Raleigh?
Cary/Apex/Morrisville New Home Listings Down 34%
Number of New Homes Available Continues to Decrease
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 34% in November 2009 versus November 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.
In September 2009, new home inventory was down 29% to September 2008 - inventory has slipped another 5% in the past two months.
New Home Listings by Price Point in Cary/Apex/Morrisville
Cary/Apex/Morrisville saw reduced inventory in every price bucket across the board.
- New homes in the Cary area under $300K remain hardest to find, in these top choices for relocation. There were a total of only 28 new homes in these price points previously - December 1st 2009 saw only 23 new homes under $300K.
- New homes in the Cary/Apex area in the $600-799K price point saw the most significant percentage reduction. Luxury home buyers are starting to move through existing inventory. Number of new homes available reduced from 53 to 22 homes, a 58% inventory reduction.
- Cary/Apex/Morrisville new homes in the $300-399K price point saw the second biggest unit reduction - from 85 homes to 55 homes available across the three jurisdictions, a 35% reduction in available inventory.
Overall New Home Listings Available in Cary/Apex/Morrisville
New home inventory in Cary/Apex/Morrisville dropped from 533 new homes at this time last year to 351 new homes on December 1, 2009, a 34% new home inventory reduction.
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:
Overall, showings were UP 38% versus September 2009. This is a huge increase, particularly for a time of year that is traditionally much slower. Is it possible that many of these lookers are move up buyers who sold their first home to a "first time homebuyer" this fall?
New homes in the $500-599K price point saw the most showings per home, on average.
New homes in the $400-$499K price range saw the most showings overall. This is a big increase from September - showings in this price point almost doubled!
New homes in the $300-399K price range also saw significant traffic.
How does Cary compare to the rest of the Triangle?
Triangle New Home Market Reports - Dec 1 2009
You may also be interested in:
Cary New Homes, Communities, Lots and Land
Apex New Homes, Communities, Lots and Land
5 Easy Steps to Buying a Lot or Land in the Raleigh Area
Wake County New Home Communities
Wake County NC Property Tax Rates 2011
Finding Your New Home in the Raleigh Area
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Call 919-278-8070 or visit www.StantonHomes.com to find out more about new homes in the Raleigh area today.
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Looks like things aren't so good from your charts, but due to the amount of downsizing that will be going on it going to be a very xciting year. Have a happy and prosperous new year. I hope you do alot of business!
Well done local market report. Best wishes for continued success. Have an outstanding new year!
Luke - this is inventory levels, not sales! According to the October market report, overall inventory levels in this sector of the Triangle were at a 6 month supply. A 5-6 month supply is a balanced market, neither a buyer's market nor a seller's market.
According to the N&O, sales for the entire Triangle were up 71% to the same period in 2008.
At the same time, new home inventory has steadily decreased for the past 12 months.