Triangle Housing Market Report�  - Q1-2013

 

Triangle Housing Market Score

Positives

0 Negatives

 

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Al's Market Score:  Another 8, 0 market score -  this one for Q1 '13.  

Favorable Trends:  Each of the 8 top level metrics was positive in Q1.

In Summary:  Q1 2013 sales grew 22% over 2012.  All price segments but two experienced growth.  Low inventories are now a concern for buyers, particularly in Morrisville, Holly Springs, Cary, Apex and Knightdale. New construction permits are up 45% for the year providing these cities some inventory support. 

All Price segments above $400k continue to be troubled by excess inventories.  The $900k and over market has seen negative sales growth thus far in 2013 vs. 2012.

Mortgage Rates:  Rates remain in the 3-4% range.

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 property in.  These tools coupled with our market expertise, and professionalism offer you, your friends, and associates the best real estate buying and selling support in the industry.

Did you know:  Less than half of all signed Offers to Purchase have closed thus far in 2013.

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

 

Total Triangle Home Sales Based
 

Q1-2012

Q1-2013

Trend

Comments

Total Sales Dollars

$.946 Billion

$1.196 Billion

Improved 27% Sales below $100k were flat and sales above $900k shrank by 32 percent vs. last year.  All other segments had strong sales.
Number of Homes Sold 4,469 5,453 Improved 22%

 

Average Number of Active Listings & Months on Hand

Q1-2012

Q1-2013

Trend

Comments

12,837 10,598 Improved 17% The market is now in a balanced inventory position below the $400k price point. Morrisville is significantly undersupplied with less than 3 months on hand. However, many Triangle cities continue to have high inventory levels.

 8.5 Months on Hand

5.6 Months on Hand  Improved 34%
   6 Months of Inventory is Considered a Balanced Market

 

New Construction Permits for Wake County Only

Q1-2012

Q1-2013

Trend

Comments

967 1,402 Improved 45% Growth in new construction permits is being driven by inventory shortages and buyer demand, mostly in the lower price ranges.  This will likely continue.

 

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

Segment

Q1-2012

Q1-2013

Trend

"Comments

Listings Closed

132 Days

115 Days

Improved 13% Days on market are dropping as the strong sales continue - an expected trend.
Active Listing

167 Days

143 Days

Improved 14%

 

Total Triangle Average Price of Sold Homes

Q1-2012

Q1-2013

Trend

Comments

$223,640 $224,903 Improved 1% This small increase is being driven by less discounting and a lower percentage of distressed.

 

Discounting:  Sold Price to Original List Pirce %

Q1-2012

Q1-2013

Trend

Comments

92.2% 94.1% Improved 1.9 points Discounting lessened as a result of the lower inventory levels.

 

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

Q1-2012

Q1-2013

Trend

Comments

18.8% 15.2% Decreased 19% The percent of sales that were distressed decreased and the number of Distressed "For Sale" declined for the fourth consecutive month.

 

Showings

Q1-2012

Q1-2013

Trend

Comments

 173,801 200,773 Improved 16% This impressive showings growth suggests continued strong near term sales growth. 

 

 

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