Market Update for the Triangle Area, NC

Triangle residential real estate; third quarter summary
Published without permission from:
Stacey P. Anfindsen, Birch Appraisal Group of Cary, Editor
and
Triangle MLS, Inc., Publisher

LISTINGS

• There are currently 13,410 active listings within our four main counties. This is an increase of 23% compared to October, 2006 inventory levels.
• There are currently 4,996 new home listings, an increase of 21% compared to 2006 new home inventory levels.
• There are currently 8,414 re-sale listings, an increase of 25% compared to 2006 re-sale inventory levels.
• There were 24 (compared to 23 in 7/07) price points/geographic areas that had lower inventory . There were 74 (compared to 45 in 7/07) price points/geographic areas that had higher inventory.
  

PENDING SALES

• There were 2,351 listings that were taken off the market in September with a status changed to pending or closed.
• 1,942 of these listings were located in the four main counties. This is a 14% decrease compared to pending sales in September of 2006 and the lowest amount within the past four years.

CLOSED SALES

• There were 23,247 closed sales in the four county market during the first nine months. This is a decrease of 3% compared to the 23,983 closed sales during the first nine months of 2006.
• There were 2,583 closed sales during the month of September, a decrease of 3% compared to 9/06 closings.
• There were 16,696 closed re-sales in the four county market during the first nine months. This is a decrease of 2% compared to the 17,043 closed sales during the first nine months of 2006.
• The average sales price during the month was $248,500, an increase of 4% compared to the 9/06 average.
• The average price of a re-sale was $219,400, an increase of 1% compared to the 9/06 average.
• Wakefield Plantation closed the most amount of homes during the first nine months with 208 closings. They were followed by Hedingham with 203 closings and Heritage Wake Forest with 199 closings.
  

DAYS ON MARKET

• The average days on market for closed sales during the first nine months has been 73 days.
• The average at the end of 9/06 was 72 days and the average at the end of 9/05 was 85 days.
• The average for a re-sale home was 59 days (versus 61 in ’06) and the average for a new home was 107 days (versus 100 in ‘06).
  

CURRENT SUPPLY

• The current supply of all housing within the four main counties is 5 months. The current supply at the end of September, 2006 was 4 months.
• There are 14 (compared to 25 in 9/06) price points/geographic areas with a current supply of 2 months or less. There are 11 (compared to 4 in 9/06) price points/geographic areas with a current supply of 10 months or more.