Pending Sales Increase
Monthly pending home sales in the Triangle increased by 33% in March and 32% in April as compared to March and April of 2009. The popular home buyer credit expired on April 30th and since that time both showings and homes going under contract have declined. This does not appear to be a significant trend as there was a floury of activity in March and April with buyers racing to purchase a home before the credit expired.
Active Market Segment
The Cary market remains very active in the 250 – 400 price range. The prospective buyers moving into the area are more often than not falling into this price range and not the higher ranges.
Trend for Home Buyers
The trend that we are noticing is that buyers are re-defining their needs, especially in the higher price ranges. Families who are move up candidates do not want the larger financial exposure in this new economy. They are choosing instead to stay in their present home and upgrade and expand where possible. Consequently, the Cary move up market in the 500 – 800 price range is very limited.
Remainder of 2010 forecast
The remainder of 2010 looks like an excellent time to buy a home in the Cary and Triangle area. There are abundant homes listed for sale in all price ranges, interest rates remain very favorable, and home sellers are becoming more motivated as days on the market continue to increase. Give us a call at LG Real Estate and we’ll be happy to show you around town.