Triangle Housing Market Report�  -Q3-2014

 

Triangle Housing Market Score

7 Positives

1Negatives

 

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Al's Market Score:  A big swing to the positive for our Q3'14 market score. 

Favorable Trends:  Overall sales and the declining distressed sales led the favorable trends in Q3'14.

In Summary:  Q3 2014 sales grew 4% over 2013.  All price segments but three experienced sales growth.  Low inventories are a continuing problem with Morrisville, Cary, Apex and Holly Springs having the most acute inventory shortages. New construction permits were down 6% as new construction sales dropped back to historically low levels.

Mortgage Rates:  Rates remain in the 3 to 4.5% range.

Our Advantage:  We have a unique, comprehensive discounting analysis which will really help you price your home when selling.  If you are a buyer, our highly detailed Triangle city and subdivision analyses will really help you choose where to buy your home or investment property.  Our unmatched market expertise, commitment, and professionalism offer you, your friends, and associates the best real estate buying and selling support in the industry.

Did you know:  Just half of all signed Offers to Purchase have closed thus far in 2014.

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

 

Total Triangle Home Sales Based
 

Q3-2013

Q3-2014

Trend

Comments

Total Sales Dollars

$2.013 Billion

$2.144 Billion

Up 7% Sales were up 7% on a dollar basis and 4% on a unit basis.  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 except <$100k, $500k-$600k, >$1.5M increased sales for the quarter.
Number of Homes Sold 8,397 8,704 Up  4%

 

Average Number of Active Listings & Months on Hand

Q3-2013

Q3-2014

Trend

Comments

11,412 11,651 Up 2% Low inventory remains problematic while builders seem unwilling to increase production rates. It may be that the market has somewhat learned to operate with less inventory, however, acute shortages exist in multiple cities.

 4.1 Months on Hand

4.3 Months on Hand  Up 6%
  5-6 Months of Inventory is Considered a Balanced Market

 

New Construction Permits for Wake County Only

Q3-2013

Q3-2014

Trend

Comments

1,616 1,527 Down 6% Inexplicably, new construction permits were down 6% in Q3. Builders are not responding to the low inventory.

 

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

Segment

Q3-2013

Q3-2014

Trend

"Comments

Listings Closed

78 Days

76 Days

Improved 3% Days on market are following historical seasonal trends.
Active Listing

144 Days

134 Days

Improved 7%

 

Total Triangle Average Price of Sold Homes

Q3-2013

Q3-2014

Trend

Comments

$239,190 $245,691 Improved 3% This small increase is being driven by less distressed sales, higher end sales and appreciation.

 

Discounting:  Sold Price to Original List Price %

Q3-2013

Q3-2014

Trend

Comments

95.8% 95.8% No Change Discounting  held steady in the quarter

 

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

 Q2-2013

Q2-2014

Trend

Comments

9.2% 6.5% Decreased 29% The percent of distressed sales continues to decrease as a return to normal, historical levels seems likely within a year or two.

 

Showings

Q3-2013

Q3-2014

Trend

Comments

 183,011 201,061 Increased 8% This impressive showings growth suggests continued strong near term sales growth. 

 

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 and are segmented by price, multiple geographies, subdivision, builder, new, and resale product.  Special "drill down" reports/studies are also offered, generally on a quoted basis and at the request of the subscriber.  The source data generally comes from the MLS, Tax, and Public records. 

 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