Raleigh Cary Home Inventory Down 30% (article originally shared here)
Raleigh-Cary North Carolina
The Raleigh-Cary area’s housing market ranks #1 on Inman News top 10 list of strong real estate markets in the nation.
March 2012’s activity supports the ranking with a 35% increase in sales over the same time last year.
With the current housing inventory 30% below last year’s same period level, buyers who are eager to beat the rise in interest rates are becoming competitive with the best presented properties.
Sales activity has increased for the last several months as buyers gear up for Spring; prices remain low for resales as distress sales bring good bargains.
Forbes Magazine has named Raleigh #5 on the country’s list of recession-proof cities. “Stable home prices and growth across the different sectors of its economy has kept Raleigh strong,” states the April ’08 edition. With a median home price increase of 4%, Raleigh continues better off than most of the nation where the real estate bubble has bursted.
Cary ranked #5 in growth among the nation’s cities with population over 100,000 according to US Census Bureau findings reported in the July 10th News and Observer while Raleigh ranked a respectable 13th – the only other North Carolina city listed among the fastest growing.
Updates make Winners
In the conventional resale market, smartly updated homes allow buyers to buy at low rates with less anticipated renovation costs as sellers update to compete with newer homes. More popular updates include granite countertops, updated baths & light fixtures, new appliances, paint and carpet.
From Where is Everyone Coming?
Local economic reports point to a continued net gain in migration for Wake County and the Research Triangle Park area. The majority of inbound traffic is coming from out of state with a heavy presence from New York state.
Interest Rates Still Helping Homebuyers
This is a great time to take advantage of home ownership while rates are low, prices are competitive and buyer’s incentives are high. The NAR reiterates the local sentiment that first-time buyers are more flexible to enter the market without concern of selling an existing house as well as having the benefits of low home prices, plentiful supply and affordable interest rates.
Experienced realtors have dealt with interest rates exceeding 18% in the early 80’s and continue to see today’s rates around 5% as a good opportunity.
“North Carolina is insulated but not immune from recession” reports the 1/30/08 Raleigh News and Observer. It further states that “Right now, North Carolina is better positioned than most of the country, and the Triangle is in better shape than the state.”
What About Other Cities Around Raleigh?The Raleigh/Cary real estate market has just been forecast as the #2 strongest market in the country by Veros Real Estate Solutions, a California company that has covered the nation’s residential real estate market for five years. The Triangle market is the only one of the top five areas not in the Midwest. Among the fastest growing North Carolina town’s, Wake County’s Rolesville ranked #1; Holly Springs, #3; Knightdale, #4; Wake Forest, #5; and Fuquay-Varina, #6.
Midtown, along Raleigh’s Beltine, continues to be an active market for tear downs and major renovations. This has become a super hot market for resale detached houses from the 1960’s and 70’s, usually starting in the $200’s and ripe for remodeling.
North Raleigh and Wake Forest have tremendous opportunities for new homes with half acre or larger lots. Morrisville, Cary and Apex have new construction on smaller lots but closer to the Research Triangle Park.
Growth continues along the new outer loop, I540, as accessibility to rural areas is made easier. To the East, Knightdale, Wendell and Zebulon offer more for the money and to the South and Southwest, Fuquay-Varina and Holly Springs offer a variety of price ranges.
While Wake County new home prices continue to increase, neighboring counties, while still lower, are taking up the price gaps that Wake has left behind. Johnston County offers a wide range of new construction in the $200-$300K range on larger lots than more urban Wake and has become more easily accessible with new bypasses.
For those who don’t mind a longer drive to Raleigh or the Research Triangle Park, adjacent counties such as Franklin, Johnston and Chatham offer custom-built homes on larger lots for less. Chatham County, just west of Wake County, has many new developments for those seeking a more rural setting with close proximity to Jordan Lake and RTP.
