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

Here is what the Federal Reserve said in their press release today:

“Economic growth was solid in the third quarter, and strains in financial markets have eased somewhat on balance.  However, the pace of economic expansion will likely slow in the near term, partly reflecting the intensification of the housing correction. Today’s action, combined with the policy action taken in September, should help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and promote moderate growth over time.”

You can read the press release here: Federal Reserve lowers its target rate

In addition to this good news, the Economy beat most analysts’ expectations with a third quarter growth of 3.9% on an annual basis. This represents the fastest growth rate since the first quarter of 2006.

However, investors and analysts remain wary that problems in the troubled housing market will spill over into the broader economy and suppress fourth-quarter growth. Read the full New York Times article here: Economy Grew 3.9% in 3rd Quarter.

The good news will not bring an immediate return to the Raleigh, NC housing marketplace, but it does offer hope that the mortgage and financial markets may continue to settle down and clear up some of the uncertainty.

This may help those considering buying or selling a home to more forward with their plans. I believe many potential buyers have been sidelined by recent events.

Be sure to take a look at the 3rd quarter home sales data and a Real Estate Market Update on the Poling Team website. Raleigh, NC Housing Market Update

U.S. Census Bureau reported today that the national vacancy rates in the third quarter 2007 were 9.8 (+ 0.4) percent for rental housing and 2.7 (+ 0.1) percent for homeowner housing, the Department of Commerce’s Census Bureau announced today. The Census Bureau said the rental vacancy rate was not statistically different from the third quarter rate last year (9.9 percent), or the rate last quarter (9.5 percent).

Rental vacancy rates in the south averaged 11.9% in the 3rd quarter of 2006. This year they averaged 12.1% for the 3rd quarter. Homeowner vacancy rates edged up to 3.1% vs. 2.8% last year.

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

Looking to understand the numbers? We have entered a mixed market when it comes to home sales in the Raleigh real estate marketplace. We can help, visit our website to see recent home sales data for Durham, Johnson, Orange and Wake counties. Raleigh, NC Home Sale Statistics

Are you interested in buying or selling a home? Want to make an intelligent decision? Contact US and we will provide helpful professional advice. We would like to be your Raleigh, NC realtor of choice.

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.

In the last several blogs, I reviewed the upcoming bond referenda to help you decide how to vote on October 9. Click on each of the following to read about each bond from past blogs.

Public Libraries  $45 million
Wake Technical College  $92 million
Wake County Open Space  $50 million

I personally believe each of these bonds are important to maintaining the quality of life of our area and will help maintain the value of our Raleigh area homes. I am personally going to vote for each of these bonds and would recommend that you do the same.

If you would like to know your homes present tax value, The Poling Team would be happy to find it for you just click  Contact Us

We would also be happy to provide a free market analysis of your home. Find Your Homes Value

The third of the three bond issues to consider is a $92 million bond for the Wake Technical Community College.

The bond will be used for:

• A new building at the Northern Wake Campus. This building will be used to offer classes in financial services, pervasive computing and information.
• Expand Health Sciences Campus to train more nurses, radiology/MRI technicians and other allied health professionals.
• Renovate Public Safety facility for law enforcement, EMS and fire safety officer training.
• Acquire property and design for a permanent Western Wake Campus.
• Repair and renovate several builings on the Main Wake Community College Campus.

You can read more on the Wake County website: What’s on the ballot

All three bonds will raise your Raleigh, NC homes’ taxes approximately 2.25 cents per $100 of valuation. This is the tax valuation of your home, not the current market value.

If you would like to know your homes present tax value, The Poling Team would be happy to find it for you just click  Contact Us

We would also be happy to provide a free market analysis of your home. Find Your Home’s Value

 

The second of the three bond issues to consider a $45 million bond for the Wake County Libraries.

The Library bonds will be used for:

New branch libraries

• Middle Creek
• Morrisville
• North Hills

Expand or replace existing branch libraries

• Cary
• Fuquay-Varina
• Wake Forest

Repairs and/or renovations:

• East Regional (Knightdale)
• Southeast Regional (Garner)
• Green Road, Olivia Ramey, Richard B. Harrison, Wendell and Zebulon branches.

 

You can read more on the Wake County website: What’s on the ballot

We have lots of helpful local Raleigh, area information on our website: The Poling Team
 

One of the three bond issues to consider is the $50 million bond for additional Wake County Open Space.

The purpose of the Open Space program is to preserve forests, meadows, streams and floodplains, and natural areas suitable for recreational or other public uses in Wake County. One of the major goals is to protect water quality.

Wake County loses about 1.5 acres of undeveloped open space land per hour. This totals about 13,000 acres per year. Since 2000 about 3,548 acres have been preserved.

The bond issue will provide monies to continue to buy and preserve more open space.

You can read more on the Wake County website: What’s on the ballot?

We have lots of helpful local Raleigh, area information on our website: The Poling Team

In the next several blogs, I will review the upcoming bond referenda to help you decide how to vote on October 9.

There are three bond issues to consider.

• Public Libraries  $45 million
• Wake Technical College  $92 million
• Wake County Open Space  $50 million

If all of the issues pass, repaying the bonds and the operating expenses will require a tax increase of 2.25 cents per $100 of valuation.

How will this affect your taxes? If your Wake County home is  valued at $200,000 then your taxes would go up $45 per year.

We have lots of local Raleigh, area information on our website: The Poling Team

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.