Triangle Housing Market Report�  - First Half-2013

 

Triangle Housing Market Score

Positives

0 Negatives

 

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Al's Market Score:  Another 8, 0 market score -  this one for the entire first half of 2013.  

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

In Summary:  H1 2013 sales grew 26% over 2012.  All price segments but two experienced growth.  Low inventories are now a concern for buyers, particularly in Apex, Cary, Holly Springs, and Morrisville. New construction permits are up 44% for the year providing these cities some inventory support. 

All Price segments above $700k continue to be troubled by excess inventories.  The $900k and over market has seen negative sales growth thus far in 2013 vs. 2012 as did the sub $100k segment.

Mortgage Rates:  Rates have increased to 3.5%-4.5%.

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 the city in which to buy your home or investment property.  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
 
H1-2012
H1-2013

Trend

Comments

Total Sales Dollars
$2.6 Billion
$3.3 Billion
Improved 30% Sales growth rates between $100k and $900k ranged from 26% to 77%. While markets above $700k are improving, there remains much work to do, especially above $1M.
Number of Homes Sold 11,367 14,270 Improved 26%

 

Average Number of Active Listings & Months on Hand

H1-2012

H1-2013

Trend

Comments

13,177 10,888 Improved 17% Since January inventories have increased by about 1,000 units. Months on hand is indicating a balanced Triangle market overall.  Apex, Cary, Holly Springs, and Morrisville are at less than half of normal inventory levels.  Yet, four cities have twice normal levels.

 8.2 Months on Hand

5.4 Months on Hand  Improved 35%
   6 Months of Inventory is Considered a Balanced Market

 

New Construction Permits for Wake County Only

H1-2012

H1-2013

Trend

Comments

2,259 3,245 Improved 44% Growth in new construction permits is being driven by inventory shortages and buyer demand.  This will likely continue as the market could use another 2,000 - 3,000 units in inventory.

 

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

Segment

H1-2012

H1-2013

Trend

"Comments

Listings Closed

125 Days

108 Days

Improved 14% Days on market are dropping as the strong sales continue and inventories remain low.
Active Listing

159 Days

143 Days

Improved 10%

 

Total Triangle Average Price of Sold Homes

H1-2012

H1-2013

Trend

Comments

$221,719 $229,343 Improved 3% Increases in higher end sales and less distressed sales coupled with appreciation drove the average price up.

 

Discounting:  Sold Price to Original List Pirce %

H1-2012

H1-2013

Trend

Comments

93.2% 94.9% Improved 1.7 points Discounting continues to improve. June was at a strong 96% for the first time since before the recession.

 

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

H1-2012

H1-2013

Trend

Comments

15.2% 11.5% Decreased 24% The percent of sales that were distressed decreased significantly and the number of Distressed "For Sale" is now at levels better than mid 2010.  The mystical "shadow inventory" did not materialize.

 

Showings

H1-2012

H1-2013

Trend

Comments

 366,684 434,129 Improved 18% 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. 2012/2013