Triangle Housing Market Report� - 3rd Quarter 2011
Triangle Housing Market Score |
|
6Positives |
2Negatives |
Al's Market Score: The strongly positive Q3 2011 score is the 2nd best we have seen in 7 quarters
No more Tax Incentives: This report is the first in 3 years where there were no tax inventives impacting the comparisons
Favorable Trends: Inventory, Showings, Discounting, and Sales were each better than Q3 2010
Mortgage Rates: Rates remain in the 4-5% range. The loan approval process can be challenging, especially for jumbo loans. Choose your lender carefully. Call us for recomendations
Before You Decide to Sell: Sellers, you have a choice of two pricing strategies and the one you choose will have a surprisingly large impact on your financial return and your days on market. Call us for further insight in how to approach this market
Before You Decide to Buy: Buyers, the sellers' pricing strategy will influence how much purchase value you can achieve. Call us for further insight
In Summary: Four consecutive months of sales growth as the market slowly improves. Our analysis refutes the often stated belief that distressed property sales are depressing all property values. Discounting has worsened slightly
Referrals: Your referrals and business are so important to our business. Let our unmatched expertise and work ethic help you, your friends, and associates. It's easy-a simple phone call or email does it
E-mail Al or Call Al at (919) 349-3900
| Total Triangle Home Sales Based | ||||
|
Triangle MLS Data |
3rd Quarter 2010 |
3rd Quarter 2011 |
Trend |
Comments |
| Total Sales Dollars | $1.133 Billion | $1.236 Billion | Up 9% | Finally, sales growth over the previous period! October will likely be our 4th consecutive month of year over year sales growth |
| Number of Homes Sold | 4,788 | 5,467 | Up 14% | |
| Average Number of Active Listings & Months on Hand | |||
|
3rd Quarter 2010 Average |
3rd Quarter 2011 Average |
Trend |
Comments |
| 18,695 | 16,127 | Down 14% | Inventories are clearly on the decline, however, we are still carrying several thousand too many homes in inventory as the Months on Hand data reflects. Inventories may take another year or so to normalize |
| 10.7 Months on Hand | 10.7 Months on Hand | No Change | |
| 6 Months of Inventory is Considered a Balanced Market | |||
| New Construction Permits for Wake County Only | |||
|
3rd Quarter 2010 |
3rd Quarter 2011 |
Trend |
Comments |
| 923 | 1,053 | Up 14% | Permits grew in the quarter but are down for the full year |
| Average Days on Market for "Closed Homes" and "Current Actives" | ||||
|
Segment |
3rd Quarter 2010 |
3rd Quarter 2011 |
Trend |
"Comments |
| Listings Closed |
107 Days |
129 Days |
Up 21% | Our high inventory levels continue to drive high Days on Market, thus keeping this a Buyers' market |
| Active Listing |
142 Days |
162 Days |
Up 14% | |
| Total Triangle Average Price of Sold Homes | |||
|
3rd Quarter 2010 |
3rd Quarter 2011 |
Trend |
Comments |
| $236,400 | $225,900 | Down 5% | We saw a significant volume shift to less expensive homes this quarter which brought the average price down. We see no evidence of declining property values in the data |
| Discounting: Sold Price to Original List Pirce % | |||
|
3rd Quarter 2010 |
3rd Quarter 2011 |
Trend |
Comments |
| 91.3% | 91.7% | Improved 5% | Q3 Sellers had to discount price 0.4% less to sell versus last year's sellers |
| Distressed Property Sales: % of Total Sales (MLS Data Only) | |||
|
3rd Quarter 2010 |
3rd Quarter 2011 |
Trend |
Comments |
| 16% | 15% | Down 7% | A slight reduction in the percent of distressed sales. Distressed inventory remains flat at about 1250 units |
| Showings | |||
|
3rd Quarter 2010 |
3rd Quarter 2011 |
Trend |
Comments |
| 141,144 | 147,090 | Up 4% | Increased showings do lead to increased sales |
Want to Know More...
For clients and prospective clients, we are pleased to share our "State of the Triangle Housing Market" presentation. Investors, developers, lenders, and builders will find this professional market overview and analysis unique and helpful. Contact Al
| Source data:Triangle MLS, Inc. and the National Association of Realtors | ||
| � Schnaidt Real Estate, Inc. 2010/2011 |