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Old 12-15-2013, 11:01 AM
 
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I am looking for some insight in the resale market in the 27519 zipcode in the $400, 000 to $550,000 range. As there is a lot of new construction in this price range and even higher, are the resales moving quickly and at good prices?
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Old 12-15-2013, 11:13 AM
 
Location: My House
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Quote:
Originally Posted by nwhm View Post
I am looking for some insight in the resale market in the 27519 zipcode in the $400, 000 to $550,000 range. As there is a lot of new construction in this price range and even higher, are the resales moving quickly and at good prices?
That's a question with a ton of variables.

Most decent RE in 27519 moves quickly if it is priced right, be it new or resale.
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Old 12-15-2013, 01:13 PM
 
Location: Cary, NC
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2013, Year To Date, from TMLS:

$400,000--$550,000 List Price.
245 homes have closed, new and resale.
74 DOM average. 84 CDOM average.
Average closed price: $463,936
Average closing price @ 98% of last list price.
New construction can really skew the data, with many homes not entered, pre-construction sales entered at contract price ergo selling at 100% of list, and DOM starting when permit was pulled, when contract was signed, or when home was entered into MLS the day before closing.

So, looking at TMLS resales only:
Again, $400,000--$550,000
145 resale closings YTD
41 average DOM. 52 average CDOM
Average sales price $461,143
Average closing price 98% of last list price.





Factors to consider when looking at these figures:
  • Again, many new construction homes are not entered, so it is safe to bet that the new construction number of sales is higher.
  • The gross sales prices will not reflect incentives or CC concessions built into the price.
  • The 98% SP/LP figures are rounded to the whole number, and could actually range from 97.5% to 98.5%.
I erred in my original post.
OP specified $400,000--$550,000. I originally input $450,000--$550,000 and arrived at the following:

Quote:
Originally Posted by MikeJaquish View Post
2013, Year To Date, from TMLS:

$450,000--$550,000 List Price.
157 homes have closed, new and resale.
80 DOM average. 92 CDOM average.
Average closed price: $490,000
Average closing price @ 98% of last list price.
New construction can really skew the data, with many homes not entered, pre-construction sales entered at contract price ergo selling at 100% of list, and DOM starting when permit was pulled, when contract was signed, or when home was entered into MLS the day before closing.

So, looking at TMLS resales only:
Again, $450,000--$550,000
92 resale closings YTD
46 average DOM. 61 average CDOM
Average sales price $488,425
Average closing price 98% of last list price.

And, the correction to the price range requested by the OP indicates that the $400,000--$450,000 range is the most vigorous segment of the 27519 market. Shorter period of time on market, to the extent that it really impacts resales stats. and a very large number of additional transactions closed this year.

Last edited by MikeJaquish; 12-15-2013 at 01:34 PM..
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Old 12-15-2013, 07:39 PM
 
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Thank you for your replies. I have been lightly following some resale listings and they seem to not be selling very fast. The sellers are not reducing the prices even.I thought maybe the new constructions are affecting the resales.
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Old 12-15-2013, 10:10 PM
 
Location: Raleigh, NC
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Our home inventory is very low so if the home is priced right, in good condition and in a desirable location, it is selling very quickly.

I recently had a townhome listed, in that area, which sold in 7 days. The neighbor's townhome sold in less time as it was priced a bit lower.

I'm "hearing" rentals are hard to find, as well. I work with buyers and sellers so I don't have first hand knowledge of rentals but I hear that from other agents.

Vicki
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