Triangle Housing Market Report�  - 1st Quarter 2012

 

Triangle Housing Market Score

6

  Positives

2

  Negatives

 

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Al's Market Score:  The strongly positive Q1 2012 score is the 2nd best we have seen in nine quarters

Favorable Trends:  Inventory, Sales, Showings, Discounting, and New Construction Permits were each better than Q1 2011 

Mortgage Rates:  Rates remain in the 4-5% range.  The loan approval process can be challenging, especially for jumbo loans.  Call us for recomendations

In Summary:  The market grew a stellar 15% in Q1.  Excess inventory dropped over 53% from last year.  Though distressed sales grew as a percent of total sales, they did not lower non-distressed property values

Referrals:  Let our unmatched market expertise, professionalism, and work ethic work for you, your friends, and associates.  A simple phone call or email to us does it.

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

 

Total Triangle Home Sales Based
 

1st Quarter 2011

1st Quarter 2012

Trend

Comments

Total Sales Dollars $841 Million $940 Million Improved 12% The market has now logged three consecutive quarters of sales growth.  Homes priced below $400k grew strongly while those priced above $500k were flat
Number of Homes Sold 3,863 4,445 Improved 15%

 

Average Number of Active Listings & Months on Hand

1st Quarter 2011 Average

1st Quarter 2012 Average

Trend

Comments

16,148 12,837 Improved 21% Inventories dropped for the fifth consecutive quarter. Sales are up and "new to market" inventory is down
 12.0 Months on Hand 8.6 Months on Hand  Improved 29%
   6 Months of Inventory is Considered a Balanced Market

 

New Construction Permits for Wake County Only

1st Quarter 2011

1st Quarter 2012

Trend

Comments

768 967 Improved 26% As inventory below $300k drops, builders are building in greater numbers once again

 

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

Segment

1st Quarter 2011

1st Quarter 2012

Trend

"Comments

Listings Closed

126 Days

133 Days

Worsened 6% Though high inventory levels continue to decline, the market remains a buyer's market due to the remaining excess inventory.  The price segments above $500,000 have 18 to 82 months of supply at the current sales rates.  We will need the higher price points to join in the sales growth for this recovery to be sustainable
Active Listing

158 Days

167 Days

Worsened 5%

 

Total Triangle Average Price of Sold Homes

1st Quarter 2011

1st Quarter 2012

Trend

Comments

$222,877 $222,387 Worsened 0.2% Very little change in average prices despite the increased percentage of distressed closings. We do not see evidence of declining property values in the numbers

 

Discounting:  Sold Price to Original List Pirce %

1st Quarter 2011

1st Quarter 2012

Trend

Comments

91.4% 92.1% Improved 0.7 pts Discounting improved, likely a result of the lower excess inventory

 

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

1st Quarter 2011

1st Quarter 2012

Trend

Comments

16.1% 18.9% Worsened 17% Homes selling for less than $200k had the highest percentage of distressed sales with almost half of those sales below $100k being distressed transactions.  Distressed inventory decreased slightly during the quarter

 

Showings

1st Quarter 2011

1st Quarter 2012

Trend

Comments

156,177 173,542 Improved 11% Showings growth continued for the third consecutive quarter

 

 

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 helpful.   Contact Al  

 

 

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