Triangle Housing Market Report�  - 3rd Quarter 2010

 

Market Score

1

  Positives

5

  Negatives

 

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Al's Market Score:  The quarterly score is 1 positive and 5 negatives for the 6 major categories we are measuring 

A Resounding Theme: The comparisons were greatly influenced by the Nov., 30, 2009 and April 30, 2010 Federal Tax Incentives, which caused a distorted view of our Q3 housing market. Because the quarterly comparisons are not meaningful, we will also be commenting on the YTD comparisons 

Mortgage Rates:  Rates remain in the 4% to 5% range

2010 Estimate:  Sales will come in at between $4.7B and $4.8B vs. 2009's $4.9B. Average inventories will be up 5% and appreciation is likely to be a negative 1%-2% for the full year

Before You Decide to Sell or Buy:  Please call for the latest Triangle market information including the areas surrounding your properties. Pricing remains volatile and closings are generally more difficult to complete. Let our market knowledge, professionalism, and experience help you achieve your goals

In Summary:  The market is stable and has slowed as it typically does at year end. The number of homes under contract and sample internet traffic remain stable. Employment and confidence seem the key variables

Questions, Suggestions, and Help...

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

 

Total Triangle Home Sales Based  on the Triangle MLS

Triangle MLS Data

3rd Quarter 2009

3rd Quarter 2010 

Trend

Comments

Total Sales Dollars $1.423 Billion $1.119 Billion Down 21% Year to date sales are actually 3% above 2009 levels with Q4 looking to be a little slower than 2009 because of the tax credit expiration
Number of Homes Sold 6,386 4,734 Down 26%

 

Number of Active Listings & Months on Hand

3rd Quarter 2009 Ending

3rd Quarter 2010 Ending

Trend

Comments

16,531 18,480 Up 12% We expect full year average inventories to be 2% - 3% higher than 2009. Inventory remains stubbornly high
 9.5 Months on Hand 10.5 Months on Hand  Up 11%
   6 Months of Inventory is Considered a Balanced Market

 

New Construction Permits for Wake County Only

3rd Quarter 2009

3rd Quarter 2010

Trend

Comments

1,000 923  Down 8% 2010 YTD thru September, permits are up 16% vs. 2009 YTD

 

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

Segment

3rd Quarter 2009

3rd Quarter 2010

Trend

Comments

Listings Closed

101 Days

108 Days

Up 7% Time to sell remains longer than previous periods. However, well priced, well cared for, and well prepared homes sell quickly - some with multiple offers
Active Listing

141 Days

142 Days

No Chg

 

Total Triangle Average Price of Sold Homes

3rd Quarter 2009

3rd Quarter 2010

Trend

Comments

$222,100 $236,100  Up 6.3% The 2010 full year average sales price will be higher than 2009 by 2%. Higher end homes are selling better than in 2009 and that is good news

 

Showings

2nd Quarter 2009 Ending

2nd Quarter 2010 Ending

Trend

Comments 

186,391

141,144

Down  24% Showings are down 10% on a year to date basis but seem to be normalizing after the tax credit expiration

 

Want to Know More...

For clients and prospective clients, we are pleased to share our "State of the Triangle Housing Market" presentation.  Investors, developers, and builders will find this professional market overview and analysis unique and helpful.   Contact Al  

 

 

Source data:Triangle MLS, Inc.,S.M.A. Publications, Inc., and the National Association of Realtors
� Schnaidt Real Estate, Inc. 2009/2010