Despite a downturn in the residential real estate market in many areas across the country, the Triangle posted yet another record year in 2006 for new home starts and closings.
From what I can see, the Triangle housing market is in excellent shape through 2007 with a potential for significant housing equity gains, particularly for homebuyers who plan to remain in their house for the long run. In fact, the Raleigh-Cary MSA was rated #15 in appreciation in the country for 2007 by a leading housing authority. The Triangle had very favorable home price-to-income ratios and even better mortgage servicing cost-to-income ratios. The latter ratio is currently below the local historical average implying no widespread financial overstretching to purchase a home in the region.
Forbes Magazine named the Triangle Region the #1 region for Job Growth--It doesn't get any better than that. Through June of 2007 overall inventory is flat (more new homes offset by fewer resales) from last year and resales are down 4.5%. We are looking at an appreciation rate of 4.55% which is the highest I've seen in 15 years in this area.
Holly Springs Real Estate - Market Conditions Update:
The average supply on the market is four months of inventory.
• $100-$300k price range has a supply of inventory of three months or less
• The top appreciating development in Holly Springs is Crescent Ridge at 11.05%
• The top selling neighborhood w/121 sales is Sunset Ridge at an average price of $308,901.
• Other top selling communities in Holly Springs include Holly Glen, Braxton Village, Oaks of Avent Acres, Arbor Creek, and Trailwoods.
• The average price resale home in this area is $214,000 and the average price new home in this area is $278,000.
Ricardo,
Wellcome to Activerain and North Carolina.