Triangle Housing Market Report�  First Half - 2014

 

Triangle Housing Market Score

5 Positives

3 Negatives

 

Sign up today to receive our

Triangle Housing Market Report�

via e-mail.

Al's Market Score:  Market has returned to a positive score for the First Half of 2014.  

Favorable Trends:  Sales, Discounting, and Distressed Percentage all improved.

In Summary:  H1 2014 sales grew 3.4% over 2013.  All price segments but two experienced sales growth.  Low inventories continue.  Morrisville, Cary, Apex and Holly Springs have the most acute inventory shortages. New construction permits were down 7% and new construction sales were down 2pts.  Despite the shortages, the Triangle Housing Market overall is stable and continues delivering steady single digit growth.

Mortgage Rates:  Rates remain in the 4 to 5% 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 in 2014.

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

 

Total Triangle Home Sales Based
 

H1-2013

H1-2014

Trend

Comments

Total Sales Dollars

$3.635 Billion

$3.607 Billion

Up 8% In only one of the first six months have sales been below last year - a strong sign of stability.  The higher dollar basis growth was driven by increases in high end sales mix, less distressed sales, and appreciation/price increases (particularly in new construction). All price segments above $200k increased sales.
Number of Homes Sold 14,815 14,322 Up  3.4%

 

Average Number of Active Listings & Months on Hand

H1-2013

H1-2014

Trend

Comments

10,888 10,733 Down  1.4% Wake and Durham counties are mostly dealing with low inventories.  The surrounding counties are mostly dealing with high inventories.  New to market listings are up YTD and that is good news.  Inventories remain high in segments above $600k despite strong sales.

 5.4 Months on Hand

4.9 Months on Hand  Down 9%
   6 Months of Inventory is Considered a Balanced Market

 

New Construction Permits for Wake County Only

H1-2013

H1-2014

Trend

Comments

3,245 3,025 Down 7% New permits declined, reflecting tight lot availability and builder/developer conservatism.  The good news?  A recent national builder survey reflected growing optimism among builders

A

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

Segment

H1-2013

H1-2014

Trend

"Comments

Listings Closed

107 Days

99 Days

Improved 8% Days on market dropped as the strong sales continued - an expected trend.
Active Listing

143 Days

140 Days

Improved 3%

 

Total Triangle Average Price of Sold Homes

H1-2013

H1-2014

Trend

Comments

$229,631 $241,876 Improved 5% This increase is mostly driven by increased higher end sales and the lower percentage of distressed sales.

 

Discounting:  Sold Price to Original List Price %

H1-2013

H1-2014

Trend

Comments

94.9% 95.7% Improved 0.8 points Discounting continued its decline as supply remain tight.

 

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

 H1-2013

H1-2014

Trend

Comments

11.5% 8.8% Decreased 24% The percent of sales that were distressed continued its gradual slow down.  Indeed, good new.

 

Showings

H1-2013

H1-2014

Trend

Comments

 434,129 430,949 Down 1% While showings are down slightly for the half, they remain robust in terms of absolute numbers and point to continued single digit growth rates in the 2nd half year.

 

Now Offering Market Smart Agent™ and Market Smart Investor™ Subscriptions

The Market Smart Agent™ subscription product is designed for agents and brokers and is delivered via email or e-links.  The reports provide market information, trends, analysis, leading indicators and forecasts segmented by price and geography.  There are 80 individual reports including weekly, monthly, quarterly, and annual deliverables.  All are designed to be forwarded to clients and prospects by subscribers.  The source data generally comes from MLS and Public records. 

The Market Smart Investor™  subscription product is designed for investors, developers, and builders.  The reports provide market information, trends, analysis, leading indicators and forecasts for 10 primary segments; geography, subdivision, builder, price, type, new/resale, distressed, terms, property metrics, and deal metrics.  Special "drill down" reports/studies are also offered, generally on a quoted basis.  The source data contains 16,000,000 data points.  This subscription delivers 30 standardized and situational bonus reports throughout the year.  We are certain that after 3-6 months, subscribers will have a comprehensive and much stronger understanding of the Triangle Housing Market.

 Contact Al  to receive further information on these high value subscriptions.

 

Source data:Triangle MLS, Inc. and the National Association of Realtors
Copyright Schnaidt Real Estate, Inc. 2014