CaryRealEstate.com | Cary NC | Local Specialist for Cary Real Estate
Cary Real Estate Market Update: February 2010
February Home Sales and Listings Report for Cary, North Carolina
Cary Real Estate Market Update - February 2010
| Category | # of Homes | Avg Price | Avg Days on Market | Avg Price Per Sqft | Avg Size |
|---|---|---|---|---|---|
| Homes For Sale - End of Feb | 801 | $441,331 | 116 | $139.09 | 3,061 |
| New Listings | 227 | $415,271 | 13 | $134.58 | 2,953 |
| Homes Under Contract | 107 | $377,348 | 87 | $128.05 | 2,758 |
| Homes that Closed | 70 | $332,421 | 104 | $123.78 | 2,650 |
Market Data reflects Single Family Detached Homes with a Cary address – not condos and townhomes – CaryRealEstate.com pulls data from the Triangle MLS
Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams
David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com
Cary Real Estate Market Report – January 2010
The Cary Real Estate Market in January showed definite signs of improvement from a stabilization standpoint. Compared to this time last year, the number of homes for sale are down while the number of home sales and closings are up. The average sales price is down roughly $20,000.
Total # Cary Homes For Sale as of January 31, 2010: 739
Cary Homes For Sale at the end of January past 5 years
Number of New Listings – Cary Homes For Sale – January 2010: 244
New Listings in January of Cary Homes For Sale Previous 5 Years
Cary Homes For Sale that went Under Contract – January 2010: 94
Number of Homes Under Contract in January Past 5 Years
Closed Cary Home Sales Report – January 2010: 71 Homes Closed
Cary January Closings Data Compared to Previous 5 years
Curious what we mean by Cary Home Sales and where our data comes from?
Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams
David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com
Cary NC Homes For Sale: 2009 Average Days on Market Report
Cary North Carolina Home Sellers experienced a fairly stable average number of days on the market for 2009 – for the year the average was 121 days on market – or approximately 4 months.
While this is a bit longer than years past it’s still a very robust market – especially compared to other parts of the country. It’s still crucial to price your home correctly in the beginning – research clearly shows that homes priced correctly initially sale faster and at a much higher % of asking price than sellers that choose to overprice and then take price reductions over time – those home sellers experience a longer time on the market and usually end up selling for less than they could have if priced correctly at the beginning.
Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams
David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com
CaryRealEstate.com defines ‘Cary Home Sales’
When CaryRealEstate.com says ___________ about home sales in Cary what does that represent? where does the info come from?
This post is intended to be a reference anytime we use the term Cary Home Sales or Homes in Cary.
You would think this is fairly straight forward but there are lots of variables – you can always contact CaryRealEstate.com with any questions regarding our data!
“Cary” : This represents any home with Cary listed as the town in the Realtor MLS system. It includes homes with a ‘Cary’ mailing address that are not located in Cary’s town limits (yes that’s possible). It’s also possible for a home to be in the Cary town limits but have a mailing address other than Cary – (due to which post office delivers the mail). If the information is entered into the MLS system probably it should pick these homes up.
“Home” : We are referring to a single family detached home – which is a normal home – this DOES NOT include condos or town-homes – we track those numbers separately.
Source: Unless otherwise noted we pull our numbers from the Realtor’s Triangle Multiple Listing Service – we have access to a tremendous amount of information – which we download into an excel spreadsheet to extrapolate the info we are looking for – yes we are putting in the time to know the Cary Real Estate Market! The articles we write are not boiler plate nor computer generated.
Note: There is a section of our site that does provide computer generated reports – you can sign up to receive these FREE Cary Real Estate Market Reports.
Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams
David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com
Show Me the Money – Cary’s Most Expensive Home Sales 2009
Cary had 9 luxury homes purchased in 2009 for over One Million Dollars – this is down almost 50% from 2008’s numbers of 16 homes sold over one million - Compare this with the 29 Luxury Homes for Sale in Cary priced above one million and it’s easy to see the luxury home market at the high end is a buyers market – with several years of inventory available based on current supply and demand.
Cary 2009 Home Sales – Above One Million
2008 Cary Luxury Homes Sold Over One Million: 16
2007 Cary Luxury Homes Sold Over One Million: 14
2006 Cary Luxury Homes Sold Over One Million: 7
Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams
David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com
Cary’s Regency Luxury Homes – Spotlight Video
Cary’s Prestigious Regency Community – home to 4 of the 9 homes in Cary that sold for above one million dollars this year.
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Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams
David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com
Cary’s Copperleaf Community New Homes Sales for 2009
Copperleaf in Cary – 17 New Home Sales in 2009 – Cary’s Top Selling Luxury New Home Community
Thanks for Reading our Cary Real Estate Blog. Post Authored By: David Williams
David’s a Licensed North Carolina Realtor & The Voice of CaryRealEstate.com
Cary Real Estate Spends a Few Minutes with National Association of Realtors Chief Economist
Last week I had the pleasure of attending the National Association of Realtor’s Convention in San Diego – One of the sessions was led by Dr. Lawrence Yun, Chief Economist for the Association. During the presentation Dr. Yun shared his forecast for the 2010 National Real Estate Market – here are few highlights.
I hesitated to write this post, as I’ve often been quoted as saying that looking at the national real estate news is like listening to a national weather forecast - the national numbers represent averages – what’s truly important to you is understanding your local market. I decided to write the post, mainly to share my takeaway – on a national level the real estate forecast for 2010 is positive news. I concur, on a local level we are seeing an increased number of properties going under contract and closing.
The Tax Credit Stimulus for 1st Time Buyers generated an additional 300,000 – 400,000 buyers – total of 1.5 million frst time home buyers for 2009.
47% of ALL Home Buyers were First Time Home Buyers – This is the Highest percentage in years, usually hovers around 40%
15% Increase in the number of sales transactions – which represents an additional 800,000 sales!
We’ve seen 8 Straight Months of Increase in Number of Pendings (numbers adjusted for seasonal averages)
3-5% Average Appreciation will return
9 Month Current Supply of Homes Priced under $250,000
10 Month Current Supply of Homes Priced $250,000 – $500,000
15 Month Current Supply of Homes Priced Over $500,000
Current National Average Supply of Homes: 8 Months – We hit a low of 4 months supply in January 2005 and hit a high of 12 months average supply – so the numbers are improving.
Helpful Point – a ‘balanced’ market has a 6 month supply of homes – when you have more than 6 months supply it represents a buyers market.
Dr Yun also noted that new home construction starts are now well below average – which could lead to a lack of supply of new homes as the market strengthens.
The continued recovery of the real estate market hinges significantly on home prices stabilizing – should the market see another decline in home values, that would create a ripple effect of ’strategic defaults’ – that is home sellers choosing foreclosure as their home would be valued less than what they owe. We are fortunate in the Cary market area, our foreclosure rates are well below the national average.
National Real Estate Sales Increase & Cary, NC Local Market Improves
Looking for a little good news in the world of real estate? Last week at the Realtor Convention in San Diego, Lawrence Yun (NAR’s Chief Economist), yea can’t help the name drop – it was cool to hear his address in person! – anyway – he reported the number of homes selling (or going to pending status) continue to increase – in fact, the nation has seen 8 straight months of increased sales!
Here in the Cary NC area, the local MLS association reported today the number of homes going under contract/pending status for October up 28% over October 2008 numbers! The number of closed homes increased almost 18% over the same period last year.
National Pending Home Sales Copyright National Association of REALTORS®. Reprinted with permission.
Cary and Entire Triangle Area MLS Reports Increase in Pending Home Sales
Cary Real Estate Market Update for Days on Market
The median number of days on the market for single family homes in Cary peaked at just over 150 this past spring. At this point it appears to be stabilizing. Please note the graph represents all price ranges – days on market can vary drastically at different price points.
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