Triangle Housing Market Report� -- Issue 01-08

Al's Market Index

For Buyers

For Sellers

buyers7.gif sell4.gif

 

Sign up today to receive our Triangle Housing Market Reportvia e-mail.

* required

*

*

*

Welcome to the first issue of the Schnaidt Real Estate Triangle Market Report.  It is our objective with this newsletter/report to provide you with residential real estate market insights that are unavailable to you from other sources.  

Because we wish to keep the report both interesting and easy to read, we will vary the content from Quarter to Quarter to focus on the many aspects of our local market.  The report should provide you with information that will facilitate your real estate decisions, whether buying or selling.  The source data for our reports is provided by the Triangle MLS, Inc. and Stacy P. Anfindsen of S.M.A. Publications, Inc.. We are very grateful to each of them for making this data available.

As we have just completed 2007, we chose to focus our first issue on a comparative analysis with earlier years.  You will see the market has swung to one where the buyer has more choices than the seller.  This buyer's bias combined with the historically low mortgage interest rates make "Now the time to buy".  

For those of you that are, or will be, sellers in the near future, the implication of this market bias is that it is imperative that you price your home right.   Those that have started too high have felt the largest impact in that their properties have taken longer to sell and/or have not sold at all.   

Home Sales

Triangle MLS Data

Full Year Data

Trend

Comments

Total Sales Dollars $8.151 Billion arrow - DOWN Dollar Volume down 1.5% from 2006 but up 8.7% from 2005.  Dollar volume was up 34% from 2004 levels.
Total Number of Homes Sold 34,029 arrow - DOWN Number of homes sold was down 6.5% from 2006 and down 2% from 2005.  Average home price grew 5% from 2006 and 11% from 2005.

 

Inventory - Active Listings

County/Region

Number of Active Listings

Trend

Comments

Wake County 8,104 arrow UP Inventory grew by 29% vs. 2006
Johnston 1,969 arrow UP Inventory grew by 27% vs. 2006
Durham County 2,055 arrow UP Inventory grew by  7% vs. 2006
Orange County 772 arrow UP Inventory grew by 23% vs. 2006

 

Months on Hand

County / Region

Months of Inventory

Trend

Comments

Wake County 7.1 arrow UP Up 54% from 2006
Johnston County 7.2 arrow UP Up 35% from 2006
Durham County 7.1 arrow UP Up 54% from 2006
Orange County 7.4 arrow UP Up 54% from 2006
6 Months of Inventory is considered a balanced market.

 

Days on Market

Segment

Number & Percent of Homes Sold in Segment

Trend

Comments

0 to 30 Days 10,949 (34%) arrow LEFT No substantial change from 2006, even though inventories have grown
31 to 60 Days 6,250 (19%) arrow LEFT No change from 2006
Greater than 60 Days 14,964 (46%) arrow LEFT No change from 2006

 

Appreciation

County / Region

Annualized
Appreciation

Trend

Comments

Wake County 4.97% UP arrow  

 

Home Appreciation Rates

We are often asked is "What is the appreciation rate?"  It is a great question.  We watch that number closely and always consider appreciation rates when recommending a list price to a seller.  We have posted a chart which shows the annual appreciation rate over the past 10 years.  The encouraging news from this data is that our moderate single digit rates have not created a pricing bubble as in other areas of the state and country.  Coastal property in NC is one group that had strong double digit rates and is now suffering through the resulting price adjustment.  We will focus much more on home appreciation in future reports.  Stay tuned.

10 Year Appreciation Chart

� Schnaidt Real Estate, Inc. 2008