Dateline Wednesday 10/19/2011 Continued signs of improvement are reported for the Triangle housing market for the third quarter with sales up 17% from the same period last year; pending sales are up 27%.
Sellers' growing awareness of current market conditions is attributed to much of the increase in sales. Pricing, staging and recognition of a strong buyer's market is critical. More than half the transactions involved seller concessions such as paying a portion of buyers' closing costs.
Average sales price was down 2% to $235,700. Inventory decreased to a 7 month supply from the previous quarter's 11 month supply, a necessary factor for stabilizing prices. New home supply is also down as builders continue to limit speculative building and concentrate on presales.
Check out Raleigh and surrounding areas at my new Online Relocation Guide "Welcome Here": http://70.62.116.173:8080/SubscriberLanding/?WHRTP;H29h75JbiP90jX39hI39iC18kM07S78rrY49eS7220Ed.
Local economic reports point to a continued net gain in migration for Wake County and the Research Triangle Park area. The majority of inbound traffic is coming from out of state with a heavy presence from New York state.
This is a great time to take advantage of home ownership while rates are low, prices are competitive and buyer's incentives are high.
The NAR reiterates the local sentiment that first-time buyers are more flexible to enter the market without concern of selling an existing house as well as having the benefits of low home prices, plentiful supply and affordable interest rates.
Forbes Magazine has named Raleigh #5 on the country's list of recession-proof cities. "Stable home prices and growth across the different sectors of its economy has kept Raleigh strong," states the April '08 edition. With a median home price increase of 4%, Raleigh continues better off than most of the nation where the real estate bubble has bursted.
Cary ranked #5 in growth among the nation's cities with population over 100,000 according to US Census Bureau findings reported in the July 10th News and Observer while Raleigh ranked a respectable 13th - the only other North Carolina city listed among the fastest growing.
Among the fastest growing North Carolina town's, Wake County's Rolesville ranked #1; Holly Springs, #3; Knightdale, #4; Wake Forest, #5; and Fuquay-Varina, #6.
The Raleigh/Cary real estate market has just been forecast as the #2 strongest market in the country by Veros Real Estate Solutions, a California company that has covered the nation's residential real estate market for five years. The Triangle market is the only one of the top five areas not in the Midwest.
Experienced realtors have dealt with interest rates exceeding 18% in the early 80's and continue to see today's rates around 5% as a good opportunity.
"North Carolina is insulated but not immune from recession" reports the 1/30/08 Raleigh News and Observer. It further states that "Right now, North Carolina is better positioned than most of the country, and the Triangle is in better shape than the state."
"With an economy rooted in state government, three major universities and a booming tech sector, the Triangle is buffered against housing downturns, credit problems and energy prices that roil other regions," says a senior economist at Wachovia Bank.
Midtown, along Raleigh's Beltine, continues to be an active market for teardowns and major renovations. This has become a super hot market for resale detached houses from the 1960's and 70's, usually starting in the $200's and ripe for remodeling.
North Raleigh and Wake Forest have tremendous opportunities for new homes with half acre or larger lots. Morrisville, Cary and Apex have new construction on smaller lots but closer to the Research Triangle Park.
Growth continues along the new outer loop, I540, as accessibilty to rural areas is made easier. To the East, Knightdale, Wendell and Zebulon offer more for the money and to the South and Southwest, Fuquay-Varina and Holly Springs offer a variety of price ranges.
While Wake County new home prices continue to increase, neighboring counties, while still lower, are taking up the price gaps that Wake has left behind. Johnston County offers a wide range of new contruction in the $200-$300K range on larger lots than more urban Wake and has become more easily accessible with new bypasses.
For those who don't mind a longer drive to Raleigh or the Research Triangle Park, adjacent counties such as Franklin, Johnston and Chatham offer custom-built homes on larger lots for less. Chatham County, just west of Wake County, has many new developments for those seeking a more rural setting with close proximity to Jordan Lake and RTP.
ZIP Code: 27615 Approximate Location Boundaries: Wake County, Franklin County, Johnston County, Chatham County, and Orange County
Location Characteristics: Centrally located within Wake County, Raleigh is the state capital as well as the largest city in the Research Triangle Area - comprised of Raleigh, Durham and Chapel Hill. Raleigh, with a population near 325,000 has a downtown that is home to government offices and the cultural center of the region. Museums, theaters, art galleries and fabulous restaurants abound. Families can take part in the First Friday Artwalk and stroll among the studios and galleries each month and look forward to the weekend Artsplosure with its exhibits, live music and food each summer.
At the heart of the re-vitalization is the new Raleigh Civic Center with its shimmering mural of oak trees. It just opened in early September 2008. Development is bringing an array of upscale condo developments that range from the $200's to the $800's. Just a few blocks away towards North Carolina State University, Glenwood South has become a hot spot for dining out and other mid-rise condos.
Dubbed "Midtown", Raleigh's North Hills area arises as new construction along the city's Beltline with shopping, boutiques, restaurants, movie theaters and the promise of new upscale townhomes. New apartment buildings offer about 800 residences for those who want to be in the center of of the hub while seeking temporary quarters or looking for an urban rental lifestyle. Area malls offer national selections such as Saks Fifth Avenue, Nordstrom and The Cheesecake Factory.
Established neighborhoods vary with historic homes with old world charm in Oakwood, Boylan Heights and Five Points while newer estate properties dot North Wake near Falls Lake and nearby Cary. A wide choice of family and executive homes can be found in between.
Adjacent to Raleigh and nearer the Research Triangle Park, the towns of Cary, Morrisville and Apex offer wonderful family environments with planned communities and top-rated schools.
To the north is the quaint town of Wake Forest; to the east and south are Knightdale, Wendell, Zebulon, Fuquay-Varina and Holly Springs - each with their unique small town atmosphere. Almost any location in the county is within 30 minutes of downtown Raleigh.
Raleigh's central location between the mountains and the coast enables an easy escape to those who wish to explore the state. Historic Wilmington and Wrightsville Beach are just a quick two hour ride east and Asheville is four and a half hours west.
Often cited as one of the "Best Places to Live in the US", the Raleigh/Durham/Chapel Hill area offers affordable homes, employment opportunities, excellent educational facitlies, top-rated medical care, nationally ranked college sports teams, active arts communties, and the friendliess people you can imagine.
Call me to change your world and welcome you home!
About Marshall Gay:
With a background as a residential contractor and homebuilder and over 20 years real estate sales experinece, I am ready to help buyers and sellers recognize the value and potential of their home.
I am consistently ranked among the top agents in my company, the largest in the Triangle.
A native of North Carolina, I have close ties with in-laws in New York City and enjoy introducing newcomers to the South.
Visit my website at MarshallGay.com to see all homes for sale in the area and call or email me with any questions.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
