Raleigh Market Reports

New Home Sales Show Unexpected Increase in October 2009

New Home Inventory at Lowest Level Since 1971

The US Department of Commerce released surprising statistics today regarding new home sales across the nation.

October 2009 showed a 6.2% increase in new home sales versus September 2009.

October 2009 new home sales were also up 5.1% from October 2008. 

This is the sixth time new home sales have risen over the past seven months, according to reports.

Additionally, new home inventory is now at record low levels.

There were 239,000 new homes on the market nationally at the end of October 2009.

This is a 6.7 month supply at current new home sales levels.

Available new homes are at their lowest level since 1971, according to Michelle Meyer, an economist with Barclays Capital.

Many builders are shying away from "spec homes" that may sit on the market, and instead are focusing on "building to order." 

Homebuyers in the Raleigh area are sometimes surprised to find little standing inventory, and to hear that most new homes are selling at 95-100% of asking price.

Find out more about the Raleigh market here:

New Home Inventory in Raleigh 

Raleigh Relocation Information

North Durham NC Inventory Dropping Dramatically

Almost 1/4 Less Than Last Year - Selections Thinning

First Quarter statistics are in for Durham County - and the results might be surprising.

If you've been searching for your next home in Durham NC, you may have thought the selection was a little thinner.  You're right.  Inventory is dropping dramatically from last year, and the best homes at the best prices are sometimes only available for a few days.

North Durham Shows Significant Reduction in Lower Price Points

Here's the available inventory levels by price point in North Durham.  As you can see, all price points below $500K show much lower inventory levels than last year.

Not only that, but New Construction sales in Durham have significantly INCREASED in the first quarter.  New Construction in Durham is up 48.7%, with 171 unit sales in 1Q 2009, versus 115 unit sales in 1Q 2008.

Where is Inventory Decreasing Most Rapidly in North Durham?

The most significant inventory drops actually occured in the $300-$399K, $400-499K, and $800-899K price points.

Surprising, since first time homebuyers have been increasing in the market - would have thought the lowest price buckets would see the highest inventory declines.

But this could also be a reflection of fewer homes being built in other price points.

Durham NC Home Inventory Levels

These percentages reflect both new construction and resale inventory.  As you can see, selections have thinned considerably across nearly every price point in North Durham. 

Other Triangle Area Market Reports

Wake County Inventory Levels April 2009

Luxury Home Inventory - First Quarter 2009

Appreciation Rates Wake County - Best Places to Buy 

Is the Buyers Market Going Away?

Based on pending sales and numbers of properties on the market, it looks like this trend will continue, and we may reach a seller's market by the end of the year. 

Surprising? Perhaps not so much - interest rates have never been lower, and builders have been slowing the new home process. 

You may also be interested in:

Jobs in the Raleigh Area

Triangle Area Market Reports - How's The Real Estate Market in Raleigh?

Shopping in the Raleigh Area - What Kind of Shopping Is There?

Raleigh Relocation Package - All About the Raleigh Area!

Which Part of the Triangle is Cheapest to Live?  Property Tax Guide

Real Estate Prices in Wake County NC

Finding the Most Affordable Area of Wake County

Raleigh, NC sits in the heart of Wake County.  As one point of the Triangle, Raleigh offers tremendous cultural experiences, great jobs, and much more.   Raleigh has been rated a Top 10 Best Place to Live over and over again. 

So how much does it cost to live in the Raleigh, NC area?

We took a quick look at some sales numbers from June-August of 2008, to help find a comparitive cost for homes in the Raleigh area.   This is specific to Wake County, NC only.

Overall, this gives a good picture of the comparitive costs of each of the towns within Wake County, including Apex, Cary, Fuquay-Varina, Garner, Holly Springs, Knightdale, Morrisville, Raleigh, Wake Forest, Wendell, and Willow Spring.

While you may find a brand-new home in Cary with 2759 square feet and all the trimmings for $355,869, there's a few factors to keep in mind:

-  Sales of land (with no home) are included in the total average sales price. 

-  Sales of townhomes, condos, and duplexes are included in these averages.

-  Sales of older homes (a large percentage of homes were built before 1990) are included in these averages.

In Wake Forest, for example, there are quite a few luxury home communities, which pulls the average price up. 

However, there are also some great opportunities for homes in the $200s and even $100s - it all depends on what the buyer is looking for. 

There are other factors to consider, such as amenities, shopping, schools, commute distance, size of lot, and surrounding neighborhoods.  And even within a single town, there are a great variety of different neighborhoods with different amenities and features.

A town like Knightdale may have more "starter" communities, while Cary and North Raleigh offer more "luxury" communities. 

You may also be interested in:

Jobs in the Raleigh Area

Triangle Area Market Reports - How's The Real Estate Market in Raleigh?

Shopping in the Raleigh Area - What Kind of Shopping Is There?

Raleigh Relocation Package - All About the Raleigh Area!

Which Part of the Triangle is Cheapest to Live?  Property Tax Guide