Market Report - Raleigh NC
Southeast Raleigh New Home Listings Almost Half of Last Year
Choices Getting Slimmer for New Home Buyers in Fall 2009
Looking for a new home in the Garner NC area? Thinking the choices have gotten a little thinner? You're right....
New Home inventory in Southeast Raleigh NC was down 42% in third quarter 2009 versus third quarter 2008.
New Home Listings by Price Point in Southeast Raleigh NC
There were fewer new home listings in Southeast Raleigh NC in every price point - the only exception was new condos, which increased by two units.
There were 21 single family homes were listed in the Garner NC/Southeast Raleigh area under $150K, making Southeast Raleigh NC one of the more affordable areas in Wake County. There were also 32 new homes listed between $150-199K.
The $400-499K price range had the most significant percent reduction of Southeast Raleigh NC new home choices - from 9 homes in third quarter 2008 to only 2 homes in third quarter 2009, a new home inventory reduction of 78%.
Garner NC area new homes in the $150K and under range saw a 60% reduction in inventory levels, from 52 to 21 new homes.
Garner NC area new homes in the $150-199K range saw a 52% reduction in inventory levels, from 67 to 32 new homes.
Overall New Home Listings in Southeast Raleigh NC Third Quarter
In third quarter 2008, there were 248 new homes listed in Southeast Raleigh NC.
In third quarter 2009, there were only 144 new homes listed in Southeast Raleigh/Garner NC.
Builders are building fewer "speculative" homes, and more home buyers are opting for completely custom packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications).
On the bright side, if you're looking for a new home, there are many more choices of available lots in Garner/SE Raleigh NC, so it is easier to match up your floorplan, budget, and location (browse available communities here).
What Price Points are getting the most showings in Southeast Raleigh?
If you're looking to purchase in these price points, you'll have more competition for your new home.
$150-199K new homes in Garner NC area saw the most overall showings - and saw more than DOUBLE the average number of showings per new home in September 2009.
$300-399K new homes in Southeast Raleigh saw the second most showings, with each new home, on average, seeing two and half times as many buyers as overall new homes in the area. Might be a little more competition between buyers in this price point!
Compare With Other Areas of the Triangle
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Sounds like great news that you inventory is down! Is this due partly to the time of year?
Laxson - No, these numbers are from September 2009 versus September 2008. Same time of year.
- Fewer builders are building "speculative" homes.
- More new homes are being requested specifically by buyers, built as presales to their exact specifications (and thus not listed for sale, but built and sold).
- Sales are up to last year for the first time since the market began struggling, and the amount of pent up inventory has been decreasing fairly rapidly.