Triangle Housing Market Report�  - Full Year 2012

 

Triangle Housing Market Score

8   

  Positives

0

  Negatives

 

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Al's Market Score:  The market score for the year was an incredible, record setting eight positives and no negatives.

Favorable Trends:  Every metric was positive, likely suggesting how tough the recession was on our housing market.

Mortgage Rates:  Rates remain in the 3-4% range.  The loan approval process remains challenging.

In Summary:  Sales in 2012 grew 21% over 2011.  All price segments but one experienced growth.  Low inventories are now a concern for buyers, particularly in Morrisville, Cary, Holly Springs, Knightdale, Apex and Raleigh which were all below normal. New construction permits were up 30% for the year.

Our Advantage:  We have a unique and comprehensive discounting analysis to help you price your home if you are a seller.  If you are a buyer, our highly detailed Triangle city by city analysis will really help you choose which city to buy your home or investment propery in.  These tools coupled with our market expertise, professionalism, and work ethic offer you, your friends, and associates the best real estate transition supprt in the industry. Call or email for a demonstration.

Did you know:  Less than half of all signed Offers to Purchase /Contracts actually closed in 2012.

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

 

Total Triangle Home Sales Based
 

 2011

2012

Trend

Comments

Total Sales Dollars $4.403 Billion $5.399 Billion Improved 23% Every price segment experienced double digit growth except for the over $1million group, which generated only one percent growth.  The $300k to $400k grew the quickest at 33%.
Number of Homes Sold 19,733 23,829 Improved 21%

 

Average Number of Active Listings & Months on Hand

2011

2012

Trend

Comments

16,008 12,773 Improved 20% Inventories dropped for two reasons: 1) 21% sales growth and 2) Only a 0.4% growth in newly activated listings. The market is now slightly undersupplied.  Morrisville and Cary have the tightest inventories with 1.7 and 2.7 months on hand.

 8.1 Months on Hand

5.4 Months on Hand  Improved 33%
   6 Months of Inventory is Considered a Balanced Market

 

New Construction Permits for Wake County Only

2011

2012

Trend

Comments

3,703 4,822 Improved 30% New construction permits grew 44% in Q4 and 30% for the full year. The market will require even more new construction to support estimated 2013 sales rates.

 

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

Segment

2011

Quarter

Trend

"Comments

Listings Closed

127 Days

120 Days

Improved 5% Days on market are dropping as the strong sales continue - an expected trend.
Active Listing

162 Days

155 Days

Improved 4%

 

Total Triangle Average Price of Sold Homes

2011

2012

Trend

Comments

$222,853 $224,853 Improved 1% This increase is being driven by growth in sales above $300,000 and less discounting.

 

Discounting:  Sold Price to Original List Pirce %

2011

2012

Trend

Comments

91.9% 93.5% Improved 1.6 points As inventory dropped, discounting also dropped.

 

Distressed Property Sales:  % of Total Sales (MLS Data Only)

2011

2012

Trend

Comments

15.1% 14.8% Improved 0.3 Pts The percentage of distressed property closings improved slightly.  However, the numberof distressed sales grew by 19%, suggesting that distressed properties will continue to be a significant portion of our overall sales going forward.

 

Showings

2011

2012

Trend

Comments

 591,006 662,323 Improved 12% A very consistent double digit increase in showings each month of the year.  This consistency points to stable demand. 

 

 

Want to Know More...

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

 

 

Source data:Triangle MLS, Inc. and the National Association of Realtors
Copyright Schnaidt Real Estate, Inc. 2011/2012