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Cary/Apex/Morrisville Luxury Home Market Report
Inventory Shrinking and Selections Narrowing - First Quarter 2009
The number of new homes available at luxury price points - $500,000 and above - has been steadily shrinking in the prime Cary/Apex/Morrisville area.
There are fewer homes available now than in 2008 in every price point below $900,000.
And new home inventory has been reduced by a whopping 24% since the same quarter in 2008! Thus if you're looking for a new luxury home this year, you have 3 homes to look at right now for every 4 homes that were available last year.
Resale home inventory in Cary/Apex/Morrisville has increased, from 178 homes in 1Q 2008 to 184 homes in 1Q 2009.
New home inventory in Cary/Apex/Morrisville has decreased, from 157 homes in1Q 2008 to 119 homes in 1Q 2009.
Here's a breakdown by price point:
As you can see, inventory has reduced in every price point except the $900K-$2mil market in the Cary/Apex/Morrisville NC area.
Surprising? Perhaps not so much - interest rates have never been lower, and builders have been slowing the new home process. It won't be surprising to see an even greater decrease in inventory levels over the next quarter.
Want to see the most recent Raleigh area market reports?
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Cary, NC New Home Lots and Land
All statistical information courtesy of Stacey Anfindsen's TARR (Triangle Area Residential Realty) Reports. Anfindsen analyzes sales and inventory of Triangle real estate.
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Articles copyright Stanton Homes 2006-2011. Unauthorized use is not permitted. Provided for informational purposes only, no claims are made by Stanton Homes regarding the validity of any statements. Please note: all listing information per MLS, and current as of posting date. Information subject to change. Stanton Homes does not make claims to ownership of any lot listings, but can work with homebuyers to purchase available lots and build. Home plans to be approved on an individual basis, subject to neighborhood restrictive covenants and lot restrictions. Ask for further information regarding any community, lot or floor plan. Photos represent typical homes and details of each neighborhood, to help highlight different options available in the Raleigh/Triangle area. No claim of ownership is made to homes or land pictured.
Penny,
Good to see you here again. You always provide valuable information for your Consumers.
Very good numbers. . reflecting the major markets in the country. . .SPRING HAS ARRIVED!
Cynthia - thanks, been busy with the new baby!
Fernando - yes, it seems inventory is decreasing in many areas, across many price points, and it's not unusual right now to see multiple offers on a property that's priced well.