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Wake County NC Market Report - Inventory Levels April 2009
Number of Available Homes Continues to Decrease - 5% Lower than Last Year
Inventory levels in Wake County (Raleigh, Morrisville, Cary, Holly Springs, Fuquay, Wake Forest) appear to have peaked in October, 2008 and have since been on a steady decline, as homebuyers take advantage of bargains in the market and record low interest rates, along with the First Time Homebuyers Tax Credit.
April 2009 inventory levels were 5% below April 2008 levels, according to Triangle MLS reports. This follows a pattern of steadily decreasing inventory over the past months.
There is a 7.3 month supply of inventory in Wake County as of April 2009. Months of supply have also been steadily decreasing. Anything over 6 months of supply is considered a buyer's market, but the months of supply have been steadily decreasing since December, and are now at low 2008 levels.
Inventory steadily increased from early 2008 until late Fall 2009. Since then, inventory has been steadily decreasing.
Is the Buyers Market Going Away?
Based on pending sales and numbers of properties on the market, it looks like this trend will continue, and we may reach a seller's market by the end of the year.
Surprising? Perhaps not so much - interest rates have never been lower, and builders have been slowing the new home process.
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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.
