Triangle Housing Market Report�  - 4th Quarter 2010

 

Market Score

1

  Positives

5

  Negatives

 

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Al's Market Score:  The quarterly score is 1 positive and 5 negatives for the 6 major categories we are measuring.  The full year score for 2010 was 3 to 3 

A Resounding Theme: The comparisons were once again influenced by the Nov., 30, 2009 and April 30, 2010 Federal Tax Incentives. As it is year end and the comparisons are more meaningful, we will comment on year ending comparisons to better determine real market indicators 

Mortgage Rates:  Rates remain in the 4% to 5% range

2010 Full Year Results

-  Sales Dollars at $4.7 Billion vs. $4.9 Billion for 2009

-  Sales Units at 20,854 vs. 21,930 for 2009

-  Inventory Months on Hand was down 2% from 2009

-  Appreciation at an estimated -1.4% vs. -2.8% for 2009

Before You Decide to Sell or Buy:  Please call for the latest Triangle market information including the areas surrounding your properties. Determining valuations remains challenging and closings are more difficult to complete. Let our knowledge, professionalism, and experience help you achieve your goals

In Summary:  The market is stable with no "surprise" variations in the number of homes under contract or the levels of internet traffic. Single digit growth is probable in 2011 with much of any upside being driven by both employment and confidence levels

Questions, Suggestions, and Help...

E-mail Al or Call Al at (919) 349-3900

 

Total Triangle Home Sales Based  on the Triangle MLS

Triangle MLS Data

4th Quarter 2009

4th Quarter 2010 

Trend

Comments

Total Sales Dollars $1.274 Billion $0.958 Billion Down 25% 2010 Full Year sales were down about 4% from 2009
Number of Homes Sold 5,821 4,136 Down 29%

 

Number of Active Listings & Months on Hand

4th Quarter 2009 Ending

4th Quarter 2010 Ending

Trend

Comments

15,281 15,971 Up 5% Inventories remain high, particularly above the $300k  segments. However, the full year months on hand average improved 2%!
 8.7 Months on Hand 10.2 Months on Hand  Up 17%
   6 Months of Inventory is Considered a Balanced Market

 

New Construction Permits for Wake County Only

4th Quarter 2009

4th Quarter 2010

Trend

Comments

847 668  Down 21% Full year 2010 new construction permits were up 7% from 2009

 

Days on Market for "Closed Homes" and "Current Actives"

Segment

4th Quarter 2009

4th Quarter 2010

Trend

Comments

Listings Closed

98 Days

111 Days

Up 14% Time to sell remains longer than previous periods. However, well priced, well cared for, and well prepared homes sell quickly - some with multiple offers
Active Listing

151 Days

158 Days

Up 5%

 

Total Triangle Average Price of Sold Homes

4th Quarter 2009

4thQuarter 2010

Trend

Comments

$219,000 $231,900  Up 6% The 2010 full year average sales price was higher than 2009 by 3% as higher end homes are selling better, thus bringing up the average

 

Showings

4th Quarter 2009 Ending

4th Quarter 2010 Ending

Trend

Comments 

126,253

111,409

Down  12% Showings were down 10% for the year but seem to be normalizing after the tax credit expiration

 

Want to Know More...

For clients and prospective clients, we are pleased to share our "State of the Triangle Housing Market" presentation.  Investors, developers, and builders will find this professional market overview and analysis unique and helpful.   Contact Al  

 

 

Source data:Triangle MLS, Inc. and the National Association of Realtors
� Schnaidt Real Estate, Inc. 2010/2011