Market Conditions for Apex, North Carolina Reported by Tracy Santrock, REALTOR, ePRO Updated November 7, 2009.

Current Market Rating: 3 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 2 1 2 3 4 5 Falling Rising

The real estate market in the Triangle has finally shifted. The once red hot Triangle real estate market has cooled. While the Triangle is considered to be healthier than the rest of the US we really saw a decline in home sales starting in October with the stock market woes.

Inventory in Apex has flattened out from last year but the pool of buyers has diminished from the "boom" years. So, what is going on that's affecting the market?

1. Families relocating to this area are having a tough time selling their homes prior to relocating.
2. Downward pressure on pricing due to fewer buyers in the market especially in the high price ranges.
3. Unemployment in the area has spiked to over 8.7% from 4.3% and there are many companies in the area that have frozen any new jobs or are considering layoffs. There are a lot of people that have relocated to the area without jobs hearing about our great economy and strong job growth which is putting even more 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. Q32009 market trends indicate that home sales are off 40% from 2008. This is the lowest level of activity seen since Q1/2000.
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.
7. There has been a large up tick in activity in the first time homebuyer market due to the $8000 tax credit offered by the federal government.

Here are the current market details through Q32009:

Inventory:
-Inventory is finally starting to level off. Apex inventory is down 4% in part due to fewer new homes being constructed.
-Average list price declined 1% in Apex (Sellers, are finally understanding the challenges with the market)
- The supply of detached single family homes under $300k has climbed to 7 months creating a buyers market in all price ranges in the triangle.
- Supply of homes in Apex has declined from 14 months to 9 months- Closings are down 40% YTD 2009 over 2008 numbers.
-85% of all resale homes sold in the Triangle were less than $350k.
- Average Days on Market YTD 2009 has dropped to 79 DOM, 98 for the Triangle Area vs. 66 DOM in 2007.
- There are fewer buyers in Apex, and fewer pendings, than in Cary in the higher price ranges(400k+).
-Availability of new construction is finally diminishing which will help with the sale of resale inventory.

The market challenges are expected to continue through year-end 2009 for several reasons:

1. Instability of the US housing market in general.
2. Consumer worries about the economy.
3. Increased restrictions/regulation of lending practices.
4. Families relocating to the area are having trouble selling their homes prior to relocating.
5. Instability of the local job market.

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: 27502, 27523

Approximate Location Boundaries: 27502, 27523

Location Characteristics: Located in southwestern Wake County, Apex is one of the fastest-growing cities in the Triangle. With only 5,000 residents in 1990, Apex has grown to more than 30,000 residents today.

In fact, Apex is anticipated to double its population within the next decade. In order to accommodate its rapid growth, city leaders are making sure that the unique and historical city doesn't lose its small-town charm.

Attracting families and businesses alike, Apex is within close proximity to all the amenities the Triangle has to offer including shopping, businesses, entertainment and sports venues.

Settled around 1867, Apex incorporated in 1873 and earned its name from being the highest point on the Chatham Railroad between Richmond, Va. and Jacksonville, Fla. In the early days, Apex was a shipping point for forest products including lumber, tar and turpentine. As the railroad fostered more growth, Apex became a hub for another product: tobacco.

Apex celebrates its history as a railroad town and is listed on the National Register of Historic Places for being one of the few turn-of-the-century railroad towns still intact. This includes the Apex train depot, which was built sometime between 1867 and 1873.

Beyond this, the city has recently restored its downtown, which features a number of 19th-century buildings.

With "Peak of Good Living" as its motto, Apex celebrates each year with a street festival held on the first Saturday in May each year. Called "Peak Week," the festival features arts and crafts, food, children's activities and live music. Also, the Apex train depot stages concerts during the spring, summer and fall and offers a diverse selection of music.

For those who love the outdoors, Apex includes nine town-owned parks. Covering 160 acres, Apex Community Park features a range of playing fields, basketball courts, tennis courts, sand volleyball courts and playgrounds. Also a two-mile walking/running trail runs along the lake, which is more than 50 acres. Although only kayaks and canoes are permitted on the lake, fishing is allowed with a permit.


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