Cary Residential Real Estate Market Trends
August 24th, 200808/21/2008 - Cary Real Estate Market Trends by Keith Bliss, The Bliss Real Estate Group in Cary, NC
There are currently 1,207 Active Listings in the Cary, NC real estate market! This is a GREAT TIME to be buying a home in Cary, often recogized as a top place in the United States to Live, Work or Raise a Family. The average price of a home sold in the past six months is $343,346. This represents 1,632 homes that have sold in Cary, NC in the past 6 months.
Out of the 1,207 Active Listings in Cary, NC, there are 334 New Homes available. More than 1 out of 4 homes for sale in Cary are new construction, with prices of new homes ranging from just under $150,000 to over $1,000,000. There’s quite a range of prices throughout Cary’s real estate market.
In addition to the 1,207 Active Listings in Cary, 303 homes are listed as Under Contract. If you add those to the actives, there are more than 1,500 homes with For Sale signs in the yards throughout Cary. Sometimes that can seem like everything is for sale and nothing is selling…….
THANKS, KEITH FOR THE INFORMATION, BUT IS IT A BUYER’S MARKET OR A SELLER’S MARKET?
Is it a Buyer’s Market in Cary, NC? As most would say, “it depends”. According to the last 6 months of real estate sales, Cary’s inventory of all homes for sale has a current absorption rate of 6.2 months. The 7-month threshold is commonly perceived at the line between a Seller’s Market and a Buyer’s Market. But let’s look at this closely……
The Absorption rate is the amount of time at the current sales rate for all current homes for sale will take to sell based on number of months. The rate for residential real estate priced below $299,999 in Cary appears to be 3.5 months or so. at $300k-$349k, the rate goes up to 8.6 months. $350k to $399k rises to a rate of 12.3 months! $400k-$499k is at the average of 6.1 months, and $500k-$800k is in the 8.5 month range.
Amazingly, the number of $700,000 to $799,999 homes sold over the past six months is 34.2% ABOVE the previous year to date’s six month period. Even more staggering is the $1,000,000 high-end luxury home market, which the number of homes sold is up $36.4%……
Find out what your home is really worth! Our goal is to help you know the market like we do. Cary Residential Real Estate Market Trends (CRREMT) is an EXCLUSIVE REPORT by The Bliss Real Estate Group & is available to you FREE.
We’ll be happy to explain what these market indicators mean when Selling or Buying in TODAY’S MARKET. Don’t guess on the price of your home when it means more money in your pocket.
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