The real estate market in Apex - The Peak of Good Living - is starting to show signs of recovery. Inventory is now stabilizing and home sales are starting to level off rather than continue to decline. So, what is going on that's affecting the market?
1. Families relocating to this area are finally selling their homes in other areas in order to relocate. 2. Downward pressure on real estate prices has made areas closer to Research Triangle Park more affordable. The Median Priced Home in Apex is currently $220k. 3. Unemployment is hovering at 7.5%. There are a lot of people that have relocated to the area without jobs hearing about our great economy and strong job growth which has put pressure on the job market. 4. While we were one of the last markets to join the recession we have seen a downturn in overall market activity year over year. 5. LIFO market - we are expected to be one of the first markets to recover. 6. Anyone that purchased after the peak in 2006 will have difficulty making a profit if they were to sell today.
Here are the current market details through Q42011:
Inventory: • Inventory is declining. New home inventory decreased 35%. • Median Sales Price has declined 1% in Apex (I always tell clients that are relocating to the area that we did not see the huge price fluctuations we have seen in other parts of the country) • Initial price in selling a home is very important. If a seller lists their property correctly the homes sold in an average of 57 days at 97% of list price. However, if a seller has to reduce the price of their home they are netting 90% of List Price and 172 Days on Market. • The supply of homes in this area is 6 months of inventory which is considered to be a balanced market. • Closings are down 26% Q42011 and 22% YTD. • There are fewer buyers in Apex, and fewer pendings, than in Cary in the higher price ranges(400k+). • Availability of new construction and builders willingness to negotiate on price is having a substantial impact on the resale inventory.
The real estate market has leveled off and stabilized. However we will face challenges well into 2012 for several reasons:
1.The housing market has stabilized in that we are seeing fewer foreclosures and distressed properties in the area. 2. Consumer worries about the economy and when we will recover from the recession. 3. Instability of the dollar and the global markets. 4. Fluctuation and uncertainty of the US Stock Market. 5. Tightened lending requirements. 6. Families relocating to the area are having trouble selling their homes prior to relocating.
For more information on the area please visit my website at www.TriangleNCHomes4Sale.com or www.activerain.com/tsantrock for more information on the area
ZIP Codes: 27523, 27502 Location Characteristics: Apex is known as the Peak of Gook Living. The town of Apex was incorporated in 1873, named for its location as the highest point on a portion of the Chatham Railroad which ultimately extends between Richmond, Virginia and Jacksonville, Florida. Apex grew slowly through the succeeding decades, despite several devastating fires, including a June 12, 1911 conflagration which destroyed most of the downtown business district. The town center was rebuilt and stands to this day, now one of the most intact railroad towns in the state. At the heart of town stands the Apex Union Depot, originally a passenger station for the Seaboard Air Line Railroad and later home to the locally-supported Apex Community Library. The depot now houses the Apex Chamber of Commerce. The town's proximity to North Carolina's Research Triangle Park spurred additional residential development, yet the town managed to preserve its small-town character. During the 1990s, the town's population quadrupled to over 20,000, placing new demands upon Apex' infrastructure. Apex has continued to grow in recent years with great publicity for such a great place to live. There are new neighborhoods and a large shopping center called Beaver Creek Plaza that make Apex highly desireable. In July 2009, CNN/Money magazine ranked Apex #44th on its list of the nation's top places to live.
About Tracy Santrock:
Tracy's real estate practice blends today's technology with the traditional principles of real estate. Tracy is a listing and relocation specialist in the Raleigh, Cary, Apex, Holly Springs, and Fuquay Varina area. Tracy keeps up-to-date on all of the current real estate trends. The market has changed and Tracy is the kind of agent that knows the market inside and out - a real pro in todays turbulant market.
Experience Counts - Tracy is a member of the prestigous Chairman's Club at Fonville Morisey. Tracy holds several designations including CRS, ePro, ABR, and SRES which places her in the top 4% of Realtors nationwide. Choose an agent with experience and proven results for your next Realtor.
When you're ready to make a move, I would be honored to have the opportunity to earn your business.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
