Cary, NC Housing Market Report May 2012
Housing in Cary, NC is Strong! The median sales price increased from $272,206 in May 2011 to $279,700 in May 2012. Inventory is down and DOM - days on the market has increased slightly. We're still seeing multiple offers on homes.
What is very good is the sales price to listing ration is 97.2%. This mean the average home is selling for approximately 97% of the final listing price.
Cary needs to be aware that the median sale price for Apex is only a couple thousand below Cary. Days on the Market for Apex @ 82 days was significantly better than Cary's 101 days on the market.
What does this mean to buyers?: The good news is you're buying in an area that is increasingly stable. While prices have increased, the Cary market is still experiencing low housing pricing making it a great time to buy in Cary, NC. Interest rates are historically low, home prices are low, and demand for investment properties in this area is high. The Cary, NC area is is expected to experience fantastic growth over the next 10 - 20 years. Plus, Cary is beginning to talk about revitalizing their downtown area which would be significant to the Cary community.
What does this mean to sellers?: This is great news for sellers who need to sell. However, it is not the best time to down size or move if you don't absolutely have to. It is a great time to move up to that next home. If you purchased in peak years (2006, 2007, 2008) then it is possible you cannot sell for what you paid. Homes purchased in 2009 - 2011 may also fall into this category. It is still a buyers market so if you're planning to sell you still need to have your home in top marketing condition with repairs made, wallpaper removed, major systems replace if they're over 10 years old, and kitchens & baths updated.
Cary Home Sellers should also be concerned about their Days on the Market. Generally the longer a home is on the market, the more price reductions they have to take and the less money they get. Cary Home Sellers, need to remember a home needs to be in top condition, staged well, and priced right if you want to get the best price in the least amount of time.
Location is always important and while you can't change that, there are things you can improve.