Front Porch Realty - MARKET UPDATE YEAR-END 2022

MARKET UPDATE YEAR-END 2022 | SW WAKE COUNTY

Happy New Year!

Just when we thought real estate in the Triangle could not surprise us anymore! 2023 brings us a much slower-paced market with months of inventory just beginning to look slightly balanced. Our buyers slowed way down; I believe partly because they were priced right out of the market with the rising interest rates as well as out of an abundance of caution. Rents are high, but house payments are even higher. I believe buyers at every life stage took a step back and are cautiously analyzing what is important to them in their household. Despite that, the Triangle is continuing to experience record growth which will continue to bring the buyers to our area. We will continue to see a shortage of re-sale homes as those re-sale owners that have refinanced are choosing not to go anywhere.

See our Year-End 2022 Market update here –

4th Q 2022

Front Porch Realty has exciting news; we are getting ready to offer Property Management services for residential and multi-family units. Watch for our public announcement coming soon and let us know if we can help you, or anyone you know, with their property management needs. We have invested in a streamlined program/app that is going to make it super easy for the renter and landlord! Be sure to follow along to stay in the know of all of our happenings!

If you would Like to receive our quarterly local Market Update regularly in your mailbox, or inbox, LET US KNOW!

-Laura Moody Evans

Broker-in-Charge/Owner

SW WAKE COUNTY | MARKET UPDATE YEAR-END 2020

Well, 2020 certainly was a year of “firsts” and hopefully “lasts”. While some of our core industries have taken a disastrous Covid hit, real estate sales and growth fortunately has been spared. As I do every year, I took an in-depth look at our 2020 housing market and was a little taken aback when I first saw our compilation of numbers because they looked a little askew to me. You can view our 2020 Year-End Market Update HERE. Since we are still deep in a sellers’ market, with not enough inventory for our buyer demand, the “Sold” numbers were just not looking accurate. I went back to my market data, our Triangle MLS, and ran some more numbers. I quickly discovered why things were looking so off; about 1/3 of the 2020 sales were new construction homes that had not closed yet! New homes are going under contract before they have even begun to be built, so our “closed” numbers for 2020 were not showing up. I have added another column to our year-end summary called PENDING that now gives us a truer picture of what is going on in our local market. Interestingly, new construction average pricing has come down slightly from 2019, while re-sale pricing has increased. I am going to presume this is due to high availability of new construction and extremely low availability of re-sale homes. The re-sales are ready “now” which can make them the only choice to a buyer that cannot wait the 4-9 months for a new build. It’s a great time to sell a home in Holly Springs and Fuquay-Varina! If you are thinking about selling “the easy way” to Offerpad, Open Door, Mark Spain, etc. PLEASE talk to us first. These companies typically charge 8-10% commission on top of leaving lots of your equity on the table. There is a reason these investment companies want to buy your home! I promise we will take care of all the details for you AND it will cost you much less. Our listings are typically selling in less than a week at above asking price. In addition, if you are out there looking at new construction homes, be sure and utilize our FREE Buyer’s Agency. The on-site agents at the new construction neighborhoods represent the builders and look out for THEIR best interests, not yours. Why not have an agent on your side? Learn more about NC Agency HERE. If you would like our quarterly Market Update delivered to your inbox, let us know. In addition, if we can be of any assistance to you with your real estate needs, we are certain you will be extremely satisfied with any of our Front Porch Realty real estate brokers level of professionalism and expertise. Please stay safe and we hope to see you real soon!

SW WAKE COUNTY MARKET UPDATE | 2018 YEAR-END

Happy New Year! Take a look at the 2018 Market Update of our local housing inventory. We saw little or no change in the volume of homes closed in our area of the county as compared to 2017. However, average sales prices were up and average days on market were down. We are still deep in a seller’s market as most markets have less than one month supply for re-sale homes, and a two or three month supply for new construction homes. We expect another robust sales year in 2019, however we may not be seeing a real estate “frenzy” again this year, which in my opinion, is a good thing. Healthy, steady growth will be much more beneficial for all of us. FRONT PORCH REALTY had some exciting changes in 2018. We unveiled our new logo and launched our new website featuring “Our Towns”. We have also added five new real estate agents to our team and upgraded our Holly Springs location. We Live, Eat, Play and SELL Fuquay-Varina and Holly Springs! We will be hosting the Fuquay-Varina Chamber of Commerce Business After Hours event on February 7th at our Fuquay-Varina office, please SAVE the DATE we would love to see you there. We will be kicking off our 10 year Anniversary year-long celebration! We are here to help you, your relatives, co-workers, employees, and neighbors. Please consider Front Porch Realty as YOUR LOCAL real estate professionals! Please LIKE us on Facebook if you haven’t already, we are always posting LOTS of local news and happenings around town!

2015 Year End Market Update

Happy New Year! While all of us in the housing industry are trying to catch our breath, I took some time once again to look at our year end local SW Wake county real estate numbers. I was both surprised and pleased to see that Triangle MLS reported the Fuquay-Varina/Holly Springs market 3^rd in the Raleigh housing market for market share for 2015. With our crazy growth, I decided to add an even more in depth comparison of re-sale homes to new construction in our region. According to the TMLS report, the Fuquay-Varina/Holly Springs market also showed a lower than average Days on Market of 50 (the Triangle average was 60) as well as a higher than average sales price increase of 7.5% (the Triangle average was 5.6%). Across the board, re-sale and new construction of all SW Wake markets showed an increase in number of solds, sales prices, and price per square foot, as well as decreased days on market compared to 2014 year end. This is not surprising news as we are deep into a “Seller’s Market”. There are just not enough homes out there for sale, new or re-sale, to satisfy the buyers pouring in to our market. Now is the time to sell your home! See our 2015 Sales by City Comparison FRONT PORCH REALTY has had lots of excitement going on this past year too! We have added 3 more real estate brokers, 2 of them bilingual; we can now help consumers speaking French and Spanish. We have also JUST moved our long standing Cary office to Holly Springs. Watch for some exciting news about our Holly Springs office coming soon. Front Porch Realty loves selling Fuquay-Varina and the surrounding area, we are helping buyers moving across country as well as those moving across town. I will be celebrating my 20th year selling real estate this year and am proud to offer Fuquay-Varina a team of experienced professionals to make everyone’s dream come true! Please like our Facebook page to stay up on all of our LOCAL real estate news.