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Cary Market Update
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This presentation is a short summary of the real estate market in Cary, North Carolina.

This presentation is a short summary of the real estate market in Cary, North Carolina.

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  • I’d like to start off by asking each of you how long have you lived in this area? 1 Yr or more, 5 yrs or more, 10 years or more, 20 years or more? As you can see there aren’t a lot of natives in this town! I have actually lived in this area for just about 20 years and I have been amazed at the transformation of this city. When I first moved to this area High House Road in Cary was a two lane road!! The only grocery store was Kroger on Kildaire Farm Road! What we have seen over the past 10-20 years has been incredible growth in the Triangle/Cary area. At the peak we saw 18000+ relocating to the area. When I first started bringing clients out to “New Cary” they kept asking me where are all of these people coming from anyway? The answer is all over the country!! Cary has always been a planned community and has grown strategically to the North west and Southeast. That said, the past 10 years Cary/Apex/Holly Springs have thrived! We have grown not only in the number of residents but expanded in a way that occomodated the arts, schools, sports, and business.
  • We have 8% distressed properties vs. 70/80 in other cities like Phoenix arizona

Transcript

  • 1. Moving to the
    Triangle in 2010?
    Presented by:
    Tracy Santrock
    2008 Listings Sold Associate of the Year
    2009 Preston Agent of the Year
    Realtor, ePro, ABR, CRS, SRES
    919-656-5310
    Live Where You WorkLoveWhere you Live
  • 2. Cary Achieves a Decade of Growth & Prosperity
    Growth
    66% in the Cary/Apex/Holly Springs Morrisville areas since 2000 from 137,338 residents to 227,556 residents
    Business
    Availability of commercial real estate in the area has grown 5% to 4M Square Feet according to Karnes Research
    RTP commercial real estate grew 73% in the last decade
    Growth of available shopping center space grew 47%
    There is now a mix of national retailers, diverse restaurants, local shops and small ethnic grocers
    Arts & Culture
    Koka Booth Amphitheaterseats up to 7000 people and hosts events 100 days out of the year
    In Apex the former Mayor's office has been renovated and opened as theHalle Cultural Arts Center
    Holly Springs opened their own Cultural Center in 2009. This center hosts plays, photography shows and movie nights
    Every 2nd Friday of the month Fuquay Varina hosts Art After Dark
    Sports
    Cary is now a major player in the national sports scene
    USA Baseball Complex opened in 2007
    WakeMed Soccer Parkattracted the ACC and NCAA Championships and the Raleigh Railhawks
    Cary became one of six places in the country to be designated an NCAA Championship City, with the potential to host college tournaments in men’s and women’s sports during a four-year period
    By 2012 Cary will have hosted six NCAA championship tournaments in soccer, baseball, cross country and tennis
    Schools
    4 New High Schools in the area include Green Hope High, Holly Springs High, Middle Creek, and Panther Creek High
    Student enrollment grew 47% to 139,600 students
    22 new schools opened in Cary, Apex, Morrisville, Fuquay-Varina and Holly Springs
  • 3. The Triangle Housing Market Shows Signs of Recovery
    • The Triangle Area Never experienced the “Wild Price Fluxuations” seen in many parts across the US (Average Appreciation in the Triangle from 2000 3%)
    • 4. 2010 Predictions have been the two healthiest real estate markets are Austin, TX and Raleigh-Cary, NC
    • 5. It has long been predicted that the Triangle will be a “LIFO” market meaning that we will be the last one in the recession and the first one out
    • 6. Although inventory is climbing(11600) this area has not seen the “flood” of foreclosures/short sales in the rest of the US(Although this is changing somewhat depending on the location)
    • 7. There were 29,679 showings during the first quarter in the Triangle area. This was a 51% increase from Q4 2009.
    • 8. Pending sales increased 49% in the Triangle Area
    • 9. Q1 Closings in the Triangle were up 21% vs. 2009
    • 10. May closings for detached homes were up 37%, Townhomes up 8%, and condo closings up 57% compared to 2009
    • 11. In June alone buyers closed on 2676 home bucking the nationwide trend
  • Mortgage Rates Dip below 5%
    So why are interest rates so low?
    • Historically the lowest interest rates in decades -depending on your credit scores and LTV (loan-to-value), interest rates are any where from 4.25% to 4.75% for a 30 year fixed rate.
    • 12. Primarily due to the Debt crisis in Europe & slow growth in China
    • 13. As the Euro confidence eroded, investors chose the US Dollar instead
    • 14. Demand for $$s caused the cost of debt to drop
  • Homes are becoming more affordable
    • Median Sales Price dropped from $260,000 to $244,900 in 2010
    • 15. Median Price Per Square Foot has also dropped slightly but still holding stable (From $125 to $119)
    • 16. 85% of all homes sold in the Triangle in 2009 were less than $350,000
    • 17. Location is important: Many of my buyers that were purchasing further out are now returning to Cary since the home prices have adjusted slightly
    • 18. Downward price pressure on the Luxury Home Segment – in some areas of the triangle there is 3-5 Years of Inventory
    • 19. The closer a homebuyer gets to RTP the more expensive the real estate
  • So how is the Cary Market Doing in 2010?
    • Average Days on Market has climbed from 86 in 2009 vs 96 in 2010
    • 20. Cary Sales YTD(7/21/2010) 577 Sales YTD in Cary in 2009 vs 765 in 2010 (up 33%)
    • 21. Northwest Cary has the lowest inventory in the Triangle (8 months Supply)
    • 22. Southwest Cary has 11 months of inventory
    • 23. Preston, Cary Park, Lochmere(All in Cary) had the most showings
  • Tell me about Carolina Preserve
    • 900+ Homes Sold since 2006
    • 24. Most successful Active 55 Community in the Southeast
    • 25. Currently finishing out Phase 3
    Homes are Selling in Carolina Preserve and Selling Fast
    • 2010 Average Days on Market 37 vs. 2009 Average Days on Market 137
    • 26. Housing prices have held steady year over year
  • Questions & Thank You!