ADR BLOG

Triangle home prices set to take off in 2014 - supply well under 4 months

January 22nd, 2014 9:58 AM by Andrew Walter May

Lynn Furr, Realtor Coldwell Banker and Andy May, senior loan officer ADRMortgage.com explain December 2013 home price data in the Triangle (Raleigh Durham Chapel Hill).
Home Prices continue to go up as Wake County and the Triangle experience strong growth.

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Raleigh, North Carolina -- Jan 17, 2014 / (http://www.myprgenie.com) -- December 2013 data point to continued short supply of housing stock in the Research Triangle (Raleigh, Durham and Chapel Hill), as Andy May, the mortgage expert, and Lynn Furr, realtor, explain the data (919-306-0018). Raleigh-Durham-Chapel Hill continue to grow as relocation and government spending in the capital city propel home prices.

 

With a housing supply that has fallen to just 3.5 months, according to Triangle MLS, this top relocation market will see home prices continue to rise.
Here's the data:

 

Unit home sales in Wake county are up +19% in December 2013 and +25% YTD through December 2013. Lynn Furr, Realtor, can provide neighborhood level data when looking more specifically. (919) 306-0018. Additionally, average home prices are rising rapidly. Average YTD through December, 2013 home prices are up 4%. The percentage off original list price that a home sells for in Wake County has also risen to 98% YTD December 2013. Indicating that sellers are getting closer to the original list price.

 


While all this is interesting, what about the future housing stock 
and unemployment rates in Wake County? Wake County has a super-low housing stock supply of 3.5 months (aka a "Sellers Market"). The supply of home inventory is down another 28% December 2013 over December 2012 resulting in only 4836 homes for sale (less than 4 months supply).

 

Couple the housing stock numbers with job growth (and unemployment) and future home prices can be predicted with relative accuracy. According to WRAL, the Triangle has some of the lowest State unemployment levels. This site has a color-coordinated map that easily illustrates that future job growth is around the counties of the Triangle area (Wake county unemployment is down to the mid 6% range).

 

Triangle residential home price appreciation should continue to follow a low overall unemployment rate with a short supply of housing stock. Durham and Chapel Hill data can be requested by contacting Andy May, the mortgage expert.

 

For more information on mortgage loans, call ADRMortgage.com at 919 771 3379 or visit ADRMortgage on the web. Lynn Furr, realtor, states, "The Triangle has remained a top 5 relocation market due to excellent schools, outdoor activities, and a big city life style at country prices."

 

Get the most value out of a home sale or purchase by working with licensed professionals that have significant experience. Why risk your biggest asset to an 18 year old unlicensed person? Find additional information from Andy May at Andy May's blog. ADRMortgage.com was founded by Andy May in 2005. For additional information please go to http://www.adrmortgage.com or contact Andy May directly. License number 103418.


Contact: Andy May, andymay@adrmortgage.com, 9197713379 

Posted in:General
Posted by Andrew Walter May on January 22nd, 2014 9:58 AM

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