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Nationally the market is going down? what about the Triangle area? What's the market like compared to last year? Any references, numbers?
Well, to read this forum, you can be convinced it is in the toilet or strong as Atlas.
I think somewhere in between. A little softening due to dampened demand as folks try to sell elsewhere. But good properties priced right sell fast.
I don't have any statistics, but can give an observational point-of-reference for my neck of the woods (North Raleigh). Of the 5 homes that have been on sale since March of this year, 4 have sold for at or near asking price.
When priced right...North Raleigh and Cary homes ALWAYS sell fast and for about 98% of asking price! Yes, I KNOW we've discussed this previously! However, for someone who has lived here for 30 years, I can tell you that we have a very stable appreciation...in the past...between 4% to 8% yearly.
I'm willing to bet that there are 10% more homes in the Triangle MLS now than there were at this time last year. I'll let you make your own assumptions on what that indicates.
I'm willing to bet that there are 10% more homes in the Triangle MLS now than there were at this time last year. I'll let you make your own assumptions on what that indicates.
What's the bet? I'll stake you lunch at Clyde Cooper's, and pick up the tab.
How's that for a fair bet?
Wake County won't support that assumption of 10% more listings.
Stacey P. Anfindsen/S.M.A. Publications, Inc./The TARR Report is probably the most respected analyst in the local real estate arena.
Vs. a year ago, May/May, year over year figures, the latest reported.
He shows:
Cary/Apex/Morrisville a 4% increase in listings .
He shows ITB/Garner/East Wake as flat.
Wake Forest down 2% in listings
N Raleigh/NE Raleigh/Falls Lake is flat.
SW Wake/S Cary/Fuquay Varina/Holly Springs is flat.
All figures above from the latest TARR report.
MLS says that Durham is UP in sales.
Gloom and doom are currently more psychological than statisticly supported. BTW, I am definitely NOT saying YOU, NewUser, are a Chicken Little.
Last edited by MikeJaquish; 06-12-2007 at 06:33 AM..
Reason: [B] NOT[/B]...My bad to have missed that
I have seen some houses sitting on the market longer but mostly the prices are the same (not going down). I think that Cary and N raleigh do sell faster but I think it is because there is alot less land than say southern wake county.
I have seen some houses sitting on the market longer but mostly the prices are the same (not going down). I think that Cary and N raleigh do sell faster but I think it is because there is alot less land than say southern wake county.
As I keep saying...prices are all relative to SUPPLY AND DEMAND. Less supply drives the prices UP.
Wake County won't support that assumption of 10% more listings.
Hmmm. I would think that the seasonal variation could be as much as 10% -- maybe more, but maybe 10% year to year IS a little much.
How many single family residences were in the MLS at the low point on Jan 1st, 2007? How about now in the peak season of mid June 2007? How about last June 2006? I'd be interested in the seeing the numbers.
As you say Mike, I was not being "gloom and doom", I was merely speculating and leaving it up to the casual reader to form their own conclusions
There are no statistical documents posted yet for May or June of this year, but there is one for April (Monthly Stats - 2007 - April). The document shows that there were 15820 listings in the Triangle MLS in April 2007, but there were only 13,954 in April of 2006. That's an increase of over 13% year-to-year. I'm a little more confident in my bet now.
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I think down some
