Raleigh Residential Real Estate Blog

A Quarterly Comparison of New Construction Closed Home Sales in Each of the Four Main Counties in Raleigh, NC Market Area

The third quarter sales report for New Home Construction from the Triangle Multiple Listing Service (TMLS) has recently become available.

It is important to note that data on closed new home sales are based upon subdivisions in the Triangle market and includes only new home housing listed in Triangle Multiple Listing Service (TMLS). In addition, not all subdivisions or builders list their homes (or all their homes) in the TMLS so these numbers should just serve as an indicator.

Supply

At the end of the 3^rd quarter there were 4,918 new home listings which was an increase of 20% compared to 2006 new home inventory levels. The average list price of a new home is currently $381,500. This is a 7% increase from the average list price in 10/06.

Sales

The first three quarters of 2007 showed a 6.9% decrease in sales of new homes in the four county markets. However, sales for all four counties were 1.2% above 2005 levels.

Durham County showed a 4.1% increase in sales for this time period, while the other three counties declined.

There were 6,481 closed sales of new homes in the four county markets during the first nine months. This is a decrease of 6% compared to the 6,960 closed sales during the first nine months of 2006.

Current Supply

The current supply of new homes within the four main counties is 7 months. The current supply at the end of September, 2006 was 5 months.

All information in this report is deemed reliable but is not guaranteed.

The Poling Team - Keller Williams Realty

Raleigh Residential Real Estate - New Home Sales rise in September?This is certainly not true of new home sales in Raleigh, Durham and the rest of the Triangle area of North Carolina.

Today’s News and Observer is reporting that, “The Commerce Department reported today that sales of new homes rose by 4.8 percent during September to a seasonally adjusted annual rate of 770,000 units.”

I don’t want to be a pessimist, but I don’t believe the government has it right. The National Association of Home Builders is questioning the numbers as well. Here is what they said today:

“Given the substantial downward revisions to home sales numbers for June, July and August, it must be said that this is still a fundamentally weak report”, noted NAHB Chief Economist David Seiders. “Moreover, the large sales gains reported in the West region are highly suspicious, given the results of our own builder surveys and large downward movements in existing-home sales in that region. On the positive side, builders do seem to be making progress on reducing the substantial overhang of unsold units on the market, according to the latest figures.”

Sales of new construction homes in the main four county area of the Triangle, NC declined by 23.8% according to statistics from the Triangle Multiple Listing service (TMLS.)

You can see the new home sales data and a Real Estate Market Update on the Poling Team website. Take a look: Raleigh, NC Real Estate Market Update

It’s important to understand the numbers as we have entered a mixed market when it comes to home sales in the Raleigh real estate marketplace. While we have shifted to a buyers market in some areas and some price points, there are still markets in the Triangle where there is an undersupply of homes in certain price points.

Contact Us if you are interested in buying or selling a home and we will provide helpful professional advice so you can make intelligent decisions.

Raleigh Residential Real Estate – Major Raleigh, NC Upcoming Housing Event – Save the dates! 2007 Parade of Homes – Raleigh’s Biggest OPEN HOUSE!

The 2007 Parade of Homes is coming for three weekends - September 29-30, October 5-7, and October 12-14, from Noon – 5:00 p.m. 

This event is the year’s largest Open House. So if you are interested in purchasing a new home, thinking of building your own home or just looking for ideas to remodel your existing home, the Parade of Homes is a good way to see what the Raleigh NC areas builders are doing.

This event is sponsored by The Home Builders Association of Raleigh-Wake County and this is the 42nd year. The Home Builders Association of Raleigh-Wake County currently has over 2,400 members and they endeavor to “represent the interest of the homebuilder on issues that affect the ability to provide affordable housing for all citizens of Wake County.” 

The Home Builders Association of Raleigh-Wake County is the 3rd largest Home Builders Association in the United States, and last year they featured over 360 homes in all price ranges. While I don’t have the inside scoop on how many homes will be open this year, I am sure there will be a large variety of floor plans with features that will be attractive to the needs of any lifestyle.

Contact the Poling Team if you would like to obtain a copy of this year’s Parade Book.

 
 

Raleigh Residential Real Estate – Are you considering buying a brand-new home in Apex, Cary, Fuquay-Varina, Garner, Holly Springs, Knightdale, Morrisville, Raleigh, Rolesville, Wake Forrest,  Wendell or Zebulon, North Carolina?

We work in all these areas and our experience can help.
 
As brokers who specialize in helping buyers, The Poling Team are often asked about the advantages and disadvantages of buying a brand-new home. Our standard answer is that it’s just too difficult – and even risky – to generalize.
 
In every case a lot of research should be done before you buy a new home. For while it’s tempting to assume that the home is well constructed, that’s not always the case, as many people unfortunately find out. In addition, a new home just might come with some hidden costs that you didn’t bargain for.
 
So if you ever consider purchasing a new construction home, please contact me any time. Through experience, I’ve have come to know what to look for and what questions to ask. I can also help you make all the important calculations that could influence your final decision. I look forward to hearing from you when the time is right.

You can use your mouse to find your house on our website by clicking Raleigh Home Finder.

Not all new home builders list homes in the MLS and not all new homes are listed, but this search should give you some idea of what is available.

Let us know your criteria and we’ll help you find your next home.

 

Raleigh Residential Real Estate –Raleigh, North Carolina’s Largest Open House – The Parade of Homes

Today was the 2nd Day of  Raleigh, NC Largest Open House – The Parade of Homes

The 41st Annual Parade of Homes that continues over the next two weekends. There are more than 360 homes on display. Home prices range under $120,000 to a custom home listed at $2,965,000.

The homes are being shown in Apex, Cary, Durham, Fuquay Varina, Garner, Holly Springs, Knightdale, Morrisville, Raleigh, Rolesville, Wake Forest, Wendell, Willow Spring and Zebulon.

Yesterday, I showed clients homes in Garner, Knightdale and Raleigh and I am looking forward to seeing more next weekend.

Learn more and see all the homes, search by community, price, awards, etc.:  Raleigh, NC Parade of Homes
 
You can search for other Raleigh residential real estate on the Poling Team website, here: Search Raleigh, NC Real Estate