Triangle Housing Market Report�  - 2nd Quarter 2012

 

Triangle Housing Market Score

8

  Positives

0

  Negatives

 

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Al's Market Score:  The '8' to '0' market score is the first time we have achieved a 100% positive score

Favorable Trends:  All indices improved in Q2 2011 

Mortgage Rates:  Rates remain in the 3.5-5% range.  The loan approval process can be challenging, especially for jumbo loans.  Call us for recomendations

In Summary:  While the score was a perfect '8' to '0' , the product segments above $500k continue to struggle with too much inventory. We expect sales growth rates to return to single digit levels before year's end as we do not believe the current growth rates are sustainable given the economy's sluggishness

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
 

2nd Quarter 2011

2nd Quarter 2012

Trend

Comments

Total Sales Dollars $1,330 Million $1,600 Million Improved 20% The market continues with strong sales growth. Every price segment grew except the $700k to $800k and the $900k to $1M segments which were flat year over year.
Number of Homes Sold 5,870 6,865 Improved 17%

 

Average Number of Active Listings & Months on Hand

2nd Quarter 2011 Average

2nd Quarter 2012 Average

Trend

Comments

17,516 13,516 Improved 23% Inventories are much lower as a result of the strong sales and fewer "new to market" listings
 11.5 Months on Hand 7.9 Months on Hand  Improved 31%
   6 Months of Inventory is Considered a Balanced Market

 

New Construction Permits for Wake County Only

2nd Quarter 2011

2nd Quarter 2012

Trend

Comments

1,064 1,292 Improved 21% Permits remain strong as builders prepare more home sites to counter the shrinking inventory, particularly below $300k

 

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

Segment

2nd Quarter 2011

2nd Quarter 2012

Trend

"Comments

Listings Closed

124 Days

118 Days

Improved 5% Days on market are dropping as inventory drops - an expected trend
Active Listing

153 Days

150 Days

Improved 5%

 

Total Triangle Average Price of Sold Homes

2nd Quarter 2011

2nd Quarter 2012

Trend

Comments

$220,065 $232,330 Improved 6% Significant change driven by high end sales growth and a diminished mix of distressed homes

 

Discounting:  Sold Price to Original List Pirce %

2nd Quarter 2011

2nd Quarter 2012

Trend

Comments

92.5% 94.1% Improved 1.6 pts Discounting improved, likely a result of the lower excess inventory

 

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

2nd Quarter 2011

2nd Quarter 2012

Trend

Comments

14.5% 13.0% Improved 11% The percent of distressed homes dropped in the quarter. Distressed inventory remains stable

 

Showings

2nd Quarter 2011

2nd Quarter 2012

Trend

Comments

173,819 192,883 Improved 11% Strong showings growth continues

 

 

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