Triangle Housing Market Report�  Full Year 2014

 

Triangle Housing Market Score

6 Positives

2 Negatives

 

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Al's Market Score:  The key indicators stayed positive on 6 of 8 for the year. 

Favorable Trends:  Overall sales, declining distressed sales, and showings led the favorable trends in 2014.

In Summary:  2014 sales grew 4.5% over 2013.  All price segments but one experienced growth.  Low inventories are a continuing problem. New construction permits were down 6% as new construction continued at historically low levels.

Mortgage Rates:  Non-jumbo loan rates are below 4%, while jumbo loans hover in the very low 4% range.

Our Advantage:  We have a unique, comprehensive discounting analysis which will really help you price your home when selling.  If you are a buyer, our highly detailed Triangle city and subdivision analyses will really help you choose where to buy your home or investment property.  Our unmatched market expertise, commitment, and professionalism offer you, your friends, and associates the best real estate buying and selling support in the industry.

Did you know:  Only 54% of all signed Offers to Purchase actually closed in 2014.

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

 

Total Triangle Home Sales Based
 

2013

2014

Trend

Comments

Total Sales Dollars

$6.977 Billion

$7.548 Billion

Up 8% Sales were up on a dollar basis and unit basis.  The higher dollar basis growth was driven by increases in high end sales mix, less distressed sales, and appreciation/price increases. Sales below $100k decreased. All other price segments increased for the year.
Number of Homes Sold 29,497 30,385 Up  4%

 

Average Number of Active Listings & Months on Hand

2013

2014

Trend

Comments

11,050 10,889 Down 2% Low inventory remains problematic while builders continue to trail sales growth. Wake and Durham counties have acute shortages in multiple cities.

 4.7 Months on Hand

4.4 Months on Hand  Down 7%
  5-6 Months of Inventory is Considered a Balanced Market

 

New Construction Permits for Wake County Only

2013

2014

Trend

Comments

6,195 5,838 Down 6% Inexplicably, new construction permits were down 6%. Builders have yet to respond to the low inventories.

 

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

Segment

2013

2014

Trend

"Comments

Listings Closed

88 Days

83 Days

Improved 6% Days on market are following historical seasonal trends.
Active Listing

145 Days

137 Days

Improved 6%

 

Total Triangle Average Price of Sold Homes

2013

2014

Trend

Comments

$234,754 $243,785 Improved 4% This increase is driven by less distressed sales, higher end sales and appreciation.

 

Discounting:  Sold Price to Original List Price %

2013

2014

Trend

Comments

95.2% 95.5% Improved 0.3 Pts Discounting held steady in the quarter.

 

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

 2013

2014

Trend

Comments

10.6% 7.7% Decreased 28% The percent of distressed sales continues to decrease as a return to normal, historical levels seems likely within a year. The resale of former distressed properties is inflating appreciation calculations.

 

Showings

2013

2014

Trend

Comments

 760,486 776,608 Increased 2% This steady showings growth suggests continued sales growth. 

 

Now Offering Market Smart Agent™ and Market Smart Investor™ Subscriptions

The Market Smart Agent™ subscription product is designed for agents and brokers and is delivered via email or e-links.  The reports provide market information, trends, analysis, leading indicators and forecasts segmented by price and geography.  There are 80 individual reports including weekly, monthly, quarterly, and annual deliverables.  All are designed to be forwarded to clients and prospects by subscribers.  The source data generally comes from MLS and Public records. 

The Market Smart Investor™  subscription product is designed for investors, developers, and builders.  The reports provide market information, trends, analysis, leading indicators and forecasts and are segmented by price, multiple geographies, subdivision, builder, new, and resale product.  Special "drill down" reports/studies are also offered, generally on a quoted basis and at the request of the subscriber.  The source data generally comes from the MLS, Tax, and Public records. 

 Contact Al  to receive further information on these high value subscriptions.

 

Source data:Triangle MLS, Inc. and the National Association of Realtors
Copyright Schnaidt Real Estate, Inc. 2014