The number of current listings in Apex, NC is 86% above the 3rd quarter of 2006. Cary has 15% more homes in the TMLS than last year and Morrisville has 5 % more homes on the market.

So with all this increase in inventory how has this affected the absorption rate? Absorption rate is the number of months it will take to sell all the homes currently on the market at the current years’ selling rate.

Morrisville’s supply for all residential property types is just under 3 months. Cary has a 3.2 month supply and Apex has a 4 month supply of homes for sale. When one examines just detached single family homes, Cary’s absorption rate stays about the same and Morrisville moves out to about 4 months.

There is an oversupply in the upper price points in Cary and Morrisville (1 mil.+) and there in an oversupply in Apex for homes priced at $500,000 and above.

The average list price in Cary is increasing somewhat, while it is decreasing in Apex and Morrisville.