Luxury

The Luxury home market in Western Wake County is defined by homes greater than $500,000.  This segment experienced double digit growth during the years 2003- 2007.  The segment was fueled by the affluent incoming population to Wake County from the northeast and the west coast, an expanding job market in the Triangle and remarkable Wake County Schools.   2008 resulted in a dramatic change in this market, with increase inventory (up 9% in Q4 ’08 over Q4’07) and price drop sellers up to 71% of sold homes.  Interesting however, agents that have priced homes correctly have actually seen success in the market.  Of the 732 Triangle homes analyzed, 68% had a sale price equal to the list price, or no price reduction while listed.  They averaged 64 days on market, and final sale price was within 5% of the asking or list price.  Homes priced in the $500,000 - $700,000 range continue to see the most buyers. 

Q4 Market Statistics:  Luxury Homes, Cary, Apex Morrisville

Listed Q4 07    Listed Q4 08     %Change        No. Sold        Per month     Months Supply*            

263                   295                      12                   356                30                    10

* “Months supply” refers to the number of homes currently listed, vs. the number that are selling at the current rate.  Therefore, if no other Luxury Homes were listed, it would take 10 months for the listed homes to sell. 

What does this mean?  Work with an agent that knows their market, is connected to the community, and can position your home to sell.

Source:  TARR Report

Photo:  Homescape Building, located in Copperleaf