The real estate market in Cary is starting to show signs of recovery. Inventory is now stabilizing and home sales are starting to level off rather than continue to decline. That said, here is a look at the current real estate market in Cary.
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 Cary 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 Cary (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. • Average Days on Market YTD 2011 is stabilizing-87 DOM, 97 for the Triangle Area • There are fewer buyers in Cary, 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: 27511, 27513 Location Characteristics: So, what's happening in Cary? While other areas continue to struggle with their economies Cary's unemployment rate has continued to fall from nearly 7 percent 18 months ago to now just over 5 percent. How is this happening? • Siemens opened a 150,000 square foot Gold Level LEED-certified building that added 300 jobs • John Deere moved 100 engineering jobs to the area • Garmin International leased 15,000 square feet and added 40 research and engineering positions • American Airlines expanded its call center and created 108 new jobs • Sears Regional Routing Center created 50 jobs • Epic Games expanded by 75,000 square feet • Wake County Public Schools announced it will move its central office to Cary this summer • SAS Institute Brings 100 Jobs to Cary is adding 100 new jobs over the next two years Newcomers are still Relocating to Cary: • In 2011, 4,000 newcomers chose to call Cary home • Cary now has143,000 residents and is the seventh largest municipality in the state. • Cary issued more single-family permits in 2010 than any other municipality in Wake County, including Raleigh. Education: Cary is one of most educated communities in the country. 68.0% of adult residents in Cary hold an associate degree or higher, and 60.7% of adults possess a baccalaureate degree or higher. Cary is also known as having the most PHDs in the country.
Town of Cary Safety: • Cary is considered to be one of the 10 safest cities in America. • The safest in North Carolina and the safest in the southeast. • Of communities 100,000 and greater, Cary is the second safest place in the nation. This is the 12th consecutive year on the list. Cary's Major Sports Venues are Active: Cary Tennis Park, the USA Baseball National Training Complex, and the WakeMed Soccer Park • USA Baseball hosted several national and international events including the USA collegiate team contests result • The tennis park hosted state and national junior tournaments as well as the ACC tournament. In addition, the North Carolina Tennis Association recognized Cary's Parks department as the outstanding Parks and Recreation Department of the year. • The WakeMed Soccer Park hosted the NCAA Women's College Cup, the ACC men's and women's championships, 10 RailHawks matches, several cross country matches, and many more events Cary Community Arts Center is now Open! • The old Cary Elementary building is being transformed into the new Cary Community Arts Center, which is expected to open in the Spring 2011! • There'll be 16 teaching and activity spaces in the building. • Specialized studios will provide for new classes such as wood-working, faux painting techniques, print-making and lithography in addition to expanded learning in ceramics, jewelry, glass-making, fiber arts, dance, youth and adult performances. • The art gallery will provide for artists from Cary and beyond to exhibit works in a professional, historic yet modern setting. Cary Reputation Cary's reputation as a bedroom community for affluent transplants from outside the South has led to humorous backronyms for its name such as "Containment Area for Relocated Yankees." Data from the 2000 Census shows 29.2% of Cary residents are native to North Carolina. 55.2% were born in other states. Additionally, 15.6% of the town's population were born outside the United States. So, Why Cary? In 2011, Cary was once again named one of the safest place in America as well as a great place for new jobs, for maintaining jobs, and for working moms. Cary was also noted for its intelligent population and recognized as a healthy community for active aging. Last, it was also named one of the best small cities in the country.
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.
