Cary Real Estate Market Update For End of August 2014

Cary Real Estate Market Update For End of August 2014

 

David Williams from CaryRealEstate.com with a quick look at whats happening in the local Cary real estate market at the end of August 2014

 

focusing on homes in Cary we see that Inventory remains  low with just over 400 homes for sale in cary…… this is all price range homes but does not  include townhomes and condos

 

New construction is on the rise but still only accounts for about  20% of the homes for sale in cary

 

The price of one of those new homes is one the rise – and for the first time that  I can recall the average price starts with a 6…yes $600,000 average price for a new home in cary.  Of course averages are made of highs & lows – the range runs from $300,000 to just over two million.   New homes are averaging $163 per square foot and home sizes around 3,650 sqft on less than a ¼ acre lot

 

the resale market remains strong with average asking price of  $478,000 @ $138 sqft

 

280 homes are under contract & on the way to closing.  Based on the average timeframe  to close this tells us homes in cary are selling at a pace of 200 homes a month.

 

In the Past 4 months  900 homes have closed – again supporting the 200 homes a month pace

 

At a  pace of 200 homes being sold each month, with just over 400 homes for sale, we have inventory of approximately two months.   This indicates a sellers market.  That being said interest rates around 4% keeps buying power strong….most people don’t think about the tremendous impact interest rates have on the actual cost of buying a home!  A change in interest rates can occur quickly and have greater impact on the costs to purchase a home than actual home appreciation can

 

several things stand out to me looking at the numbers….for first time since the market declined in 2008  homes in cary are selling at or above tax values –  the current wake county  tax values went into effect in 2008 meaning calculations were performed in 2007… at the height of the  market.

 

also we have matched or exceeded our  2007 record numbers in several key areas

 

# of homes sold Year to date is back on pace with 2004 to 2007 numbers  and almost DOUBLE the number  in 2009!

– we have the highest average sales price ever

– we have equaled the price per foot hit in 2007/2008

– with an average of only 54 days on market its  the lowest in 10 years

 

 

As always If you are considering purchasing or selling contact us to schedule a  ‘First Step Consultation’  We will provide you the information you need to make an education real estate decision and its  always no cost & no obligation

 

Im David Williams, the managing broker here at CaryRealEstate.com and I welcome your call at 919-386-9101

 

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