Triangle Housing Market Report�  - 1st Quarter 2011

 

Market Score

5

  Positives

5

  Negatives

 

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Al's Market Score:  The quarterly score is balanced for the first time in 3 quarters which reflects the market's continuing steady improvement

Some Good News: Sales were stronger than expected and stronger than 2009, which is the better comparative year. New listings coming onto the market were down 18% compared to 2010, and as a result inventory levels dropped - this is critically good news as it further signals that we are on the path to a more balanced market

Mortgage Rates:  Rates remain in the 4.5% to 5% range

Before You Decide to Sell or Buy:  Please call for the latest Triangle market information, including the areas surrounding your properties. For sellers, the pricing strategy you choose will determine your financial return and your days on market.  For buyers, the sellers' pricing strategy will influence how much purchase value you can achieve.  Call us for further insight into how to approach this market

In Summary:  The market is slowly but steadily improving.  Values are stable and we could see them climbing by Q3/Q4.  Single digit sales 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

1st Quarter 2010

1st Quarter 2011

Trend

Comments

Total Sales Dollars $900 Million $833 Million Down 7.4% While sales were down from the tax incentive driven 2010 period, they were above our expecations.
Number of Homes Sold 4,135 3,833 Down 7.3%

 

Number of Active Listings & Months on Hand

1st Quarter 2010 Ending

1st Quarter 2011 Ending

Trend

Comments

16,831 16,450 Down 2.3% Inventories remain high but appear to have finally begun to drop. This trend will likely continue 
 9.5 Months on Hand 10.2 Months on Hand  Up 7.7%
   6 Months of Inventory is Considered a Balanced Market

 

New Construction Permits for Wake County Only

1st Quarter 2010

1st Quarter 2011

Trend

Comments

1,143 768 Down 32.8% Permits were down and this will also help us get inventories more balanced.  Permits may begin growing again in late 2011

 

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

Segment

1st Quarter 2010

1st Quarter 2011

Trend

Comments

Listings Closed

106 Days

127 Days

Up 20% Time to sell remains longer than previous periods but will improve quickly as inventories come down
Active Listing

141 Days

158 Days

Up 12%

 %

Total Triangle Average Price of Sold Homes

1st Quarter 2010

1st Quarter 2011

Trend

Comments

$219,700 $218,400 Down 6% This realtively small quarter to quarter variation is to be expected

 

Showings

1st Quarter 2010 Ending

1st Quarter 2011 Ending

Trend

Comments 

196,336

156,177

Down 20% Showings are down 20% as a result of the tax credit boost in 2010

 

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