With lots of buzz in the local and national news right now over our housing crisis showing signs of improvement; I thought I would share what I am seeing in our local Raleigh Triangle market, including the southern and western Wake County areas of Morrisville, Cary, Apex, Holly Springs and Fuquay-Varina, NC.
Inventory is still high, although in certain very desirable areas (closer to RTP) inventory is definitely low in all price ranges. Other areas show lower inventory in the lower price ranges, we are even seeing multiple offers coming in on lower-end properties (<$175,000). I am also seeing banks set their sales prices very low day one on the market, a major change over last year at this time. As a result of their low pricing, they are moving their inventory very quickly and have streamlined their whole “market to offer” approving process. As these distressed properties are sold quickly we also have good news, according to CoreLogic in Realtor magazine; that the “shadow” market is also declining, in other words the number of houses not yet in the foreclosure process but heading towards it are down 10% from this time last year.
Watch for my 1st Quarter Market reports due out mid-April as I take an in-depth look at our local market and how we are improving in each of the Triangle, Wake County areas at every price point.
-Welcome Home, laura