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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.

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Cary Market Update

  1. 1. Moving to the <br />Triangle in 2010? <br />Presented by:<br />Tracy Santrock<br />2008 Listings Sold Associate of the Year<br />2009 Preston Agent of the Year<br />Realtor, ePro, ABR, CRS, SRES<br />919-656-5310<br />Live Where You WorkLoveWhere you Live<br />
  2. 2. Cary Achieves a Decade of Growth & Prosperity<br />Growth<br />66% in the Cary/Apex/Holly Springs Morrisville areas since 2000 from 137,338 residents to 227,556 residents <br />Business<br />Availability of commercial real estate in the area has grown 5% to 4M Square Feet according to Karnes Research<br />RTP commercial real estate grew 73% in the last decade<br />Growth of available shopping center space grew 47%<br />There is now a mix of national retailers, diverse restaurants, local shops and small ethnic grocers<br />Arts & Culture<br />Koka Booth Amphitheaterseats up to 7000 people and hosts events 100 days out of the year<br />In Apex the former Mayor's office has been renovated and opened as theHalle Cultural Arts Center<br />Holly Springs opened their own Cultural Center in 2009. This center hosts plays, photography shows and movie nights<br />Every 2nd Friday of the month Fuquay Varina hosts Art After Dark<br />Sports<br />Cary is now a major player in the national sports scene<br />USA Baseball Complex opened in 2007<br />WakeMed Soccer Parkattracted the ACC and NCAA Championships and the Raleigh Railhawks<br />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<br />By 2012 Cary will have hosted six NCAA championship tournaments in soccer, baseball, cross country and tennis<br />Schools<br />4 New High Schools in the area include Green Hope High, Holly Springs High, Middle Creek, and Panther Creek High<br />Student enrollment grew 47% to 139,600 students<br />22 new schools opened in Cary, Apex, Morrisville, Fuquay-Varina and Holly Springs<br />
  3. 3. The Triangle Housing Market Shows Signs of Recovery<br /><ul><li>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. 4. 2010 Predictions have been the two healthiest real estate markets are Austin, TX and Raleigh-Cary, NC
  5. 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. 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. 7. There were 29,679 showings during the first quarter in the Triangle area. This was a 51% increase from Q4 2009.
  8. 8. Pending sales increased 49% in the Triangle Area
  9. 9. Q1 Closings in the Triangle were up 21% vs. 2009
  10. 10. May closings for detached homes were up 37%, Townhomes up 8%, and condo closings up 57% compared to 2009
  11. 11. In June alone buyers closed on 2676 home bucking the nationwide trend </li></li></ul><li>Mortgage Rates Dip below 5% <br />So why are interest rates so low?<br /><ul><li>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. 12. Primarily due to the Debt crisis in Europe & slow growth in China
  13. 13. As the Euro confidence eroded, investors chose the US Dollar instead
  14. 14. Demand for $$s caused the cost of debt to drop</li></li></ul><li>Homes are becoming more affordable <br /><ul><li> Median Sales Price dropped from $260,000 to $244,900 in 2010
  15. 15. Median Price Per Square Foot has also dropped slightly but still holding stable (From $125 to $119)
  16. 16. 85% of all homes sold in the Triangle in 2009 were less than $350,000
  17. 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. 18. Downward price pressure on the Luxury Home Segment – in some areas of the triangle there is 3-5 Years of Inventory
  19. 19. The closer a homebuyer gets to RTP the more expensive the real estate </li></li></ul><li>So how is the Cary Market Doing in 2010? <br /><ul><li> Average Days on Market has climbed from 86 in 2009 vs 96 in 2010
  20. 20. Cary Sales YTD(7/21/2010) 577 Sales YTD in Cary in 2009 vs 765 in 2010 (up 33%)
  21. 21. Northwest Cary has the lowest inventory in the Triangle (8 months Supply)
  22. 22. Southwest Cary has 11 months of inventory
  23. 23. Preston, Cary Park, Lochmere(All in Cary) had the most showings</li></li></ul><li>Tell me about Carolina Preserve<br /><ul><li> 900+ Homes Sold since 2006
  24. 24. Most successful Active 55 Community in the Southeast
  25. 25. Currently finishing out Phase 3</li></ul>Homes are Selling in Carolina Preserve and Selling Fast<br /><ul><li>2010 Average Days on Market 37 vs. 2009 Average Days on Market 137
  26. 26. Housing prices have held steady year over year</li></li></ul><li>Questions & Thank You!<br />