I recently sponsored Apex, NC with Localism.com. As a part of my sponsorship I think it's important to 
provide a few distinct elements for the community:
- Area profile
- Why should you choose Apex, NC for your next home?
- A look at what's currently going on in the real estate market in that area.
I've taken care of the 1st two items so now it's time to take a look at the real estate market in Apex.
It's a great time to buy a home in Apex! Homes are selling in Apex. The current crop of sellers that are motivated have been more flexible on price. Not like in other parts of the country but we are starting to see some wiggle room. With the current level of inventory sellers that are eager to sell really have to have their homes in tip top condition and be prepared to negotiate a bit. What might be shocking to families coming from other areas is that our average List/Sales Price Ratio is still ~ 98%.
That said, let's take a look at the current numbers in the area for Q22008:
|
Price |
Number of Listings |
Q22008 Supply |
Average DOM |
|
0-149.9 |
6 |
5 |
50 |
|
150-199.9 |
27 |
5 |
39 |
|
200-299.9 |
84 |
4 |
74 |
|
300-399.9 |
47 |
9 |
88 |
|
400-499.9 |
15 |
7 |
94 |
|
500-599.9 |
11 |
10 |
120 |
|
600-799.9 |
10 |
15 |
219 |
|
800-999.9 |
0 |
n/a |
0 |
|
1M+ |
6 |
n/a |
0 |
|
Condo |
10 |
24 |
182 |
|
Townhome |
68 |
5 |
86 |
*The data above is based on market data for Q22008.
The higher price ranges have really been hit with the slowdown in the market and the current mortgage crisis. As you can see from the table above the current supply in the $500k plus range starts at 10+ months.
The market dynamics have shifted from a strong sellers market in 2007 to a buyers market in 2008. The average supply of homes in Apex is 6 months and DOM at 86. Although the inventory is up and sales are down (23% in Q22008) pricing is still holding to the current values. The reason this is holding true is due to the fact that our area did not have the wild price fluctuations that other areas in the country have experienced.
In general the Triangle area market is seasonal. Many families interested in locating to the area move to the Triangle before school starts. After that, the market slows down until the end of December and then we pick up again around the 1st of the year heading into the Spring Market.
Besides the fact that the market has shifted there are a number of other reasons you should consider buying a home in today's market:
- Great selection
- Interest rates are at historic lows
- Tax benefits of owning a home
- Home Equity benefits
- In a buyers market you are the driver
- FHA financing programs available
- By using an experienced Realtor you have the added benefit that can negotiate on your behalf.
For more information visit my website or contact me directly for more information.
Tracy - Large inventory and cheap money, there's an abundance of opportunity out there. And of course my folks always remind me of how beautiful North Carolina is, and they are right.
Tracy, Wilmington area List/Sales Price Ratio is now averaging 97%. Homes over a million are the best buy witn a 92% average!
Ginger
Tracy... this is some good information and a positive outlook for buyers. We need to keep blogging about stuff like this.
That is a very useful set of stats to break down the inventory by price point. I think I saw something like that done at a Howard Brinton seminar (one of those "great ideas" that I have managed to not yet implement!). It is very enlightening to see where the market is moving, and where it's more stagnated. Looks like there are some good buying opportunities there!
I've heard great things about Howard Brinton Mary. Somehow I've managed to use my "skills" and do the same. I'll have to follow-up w/Howard's model too!