In many regions across the United States home prices have been rising sharply, and media coverage has predicted a burst in the "so-called" housing market bubble. Are you are concerned about a possible real estate bubble in Raleigh? " The National Association of Realtors Research Division recently conducted a home price analysis in the Raleigh-Cary MSA. The reports concluded that there was very little danger of a housing market bust in this region. In fact, the reports stated that local housing markets were in excellent shape with a potential for significant housing equity gains, particularly for homebuyers who plan to remain in their house for the long run. Additionally, local markets had very favorable home price-to-income ratios and even better mortgage servicing cost-to-income ratios. The latter ratio is currently below the local historical average implying no widespread financial overstretching to purchase a home in the region. Any respectable gains in the Raleigh-Cary job market could translate into substantial home price gains. In February 2007 Forbes Magazine named the Triangle Region the #1 region for Job Growth--It doesn't get any better than that.

At the end of 2006 it should be noted that the average appreciation in Wake County was at 4.36%, the highest in the past 15 years.

2006 Year-End Summary

-The average DOM in Apex is 30-60 days.
-Homes priced under $400,000 have less than a 2 month supply of inventory.
-Appreciation rates in the Cary/Apex/Morrisville area are superior to the average rate for housing located in Wake County.
-The top selling development in Apex is Scotts Mill with 134 closings in the past 12months.
-The top appreciating development in Apex is Hollands Crossing at 6.25%.
- The average price resale home in this area is $245,000 and the average price new home in this area is $338,000.

The bottom line-if you are planning on moving to the area-your biggest challenge will be selling your home prior to relocating. While this has not impacted our market yet, experts are indicating that this challenge may have an impact in 2007.


ZIP Codes: 27502, 27523

Approximate Location Boundaries: 27502, 27523

Location Characteristics: Located in southwestern Wake County, Apex is one of the fastest-growing cities in the Triangle. With only 5,000 residents in 1990, Apex has grown to more than 32,381 residents today(April 2007).

In fact, Apex is anticipated to double its population within the next decade. In order to accommodate its rapid growth, city leaders are making sure that the unique and historical city doesn't lose its small-town charm.

Attracting families and businesses alike, Apex is within close proximity to all the amenities the Triangle has to offer including shopping, businesses, entertainment and sports venues.

Settled around 1867, Apex incorporated in 1873 and earned its name from being the highest point on the Chatham Railroad between Richmond, Va. and Jacksonville, Fla. In the early days, Apex was a shipping point for forest products including lumber, tar and turpentine. As the railroad fostered more growth, Apex became a hub for another product: tobacco.

Apex celebrates its history as a railroad town and is listed on the National Register of Historic Places for being one of the few turn-of-the-century railroad towns still intact. This includes the Apex train depot, which was built sometime between 1867 and 1873.

Beyond this, the city has recently restored its downtown, which features a number of 19th-century buildings.

With "Peak of Good Living" as its motto, Apex celebrates each year with a street festival held on the first Saturday in May each year. Called "Peak Week," the festival features arts and crafts, food, children's activities and live music. Also, the Apex train depot stages concerts during the spring, summer and fall and offers a diverse selection of music.

For those who love the outdoors, Apex includes nine town-owned parks. Covering 160 acres, Apex Community Park features a range of playing fields, basketball courts, tennis courts, sand volleyball courts and playgrounds. Also a two-mile walking/running trail runs along the lake, which is more than 50 acres. Although only kayaks and canoes are permitted on the lake, fishing is allowed with a permit.

Real Estate is also booming in Apex. There are several new developments going into Apex - Bella Casa, a luxury home neighborhood in the $600s, Old Mill and two new projects recently approved by the Town of Apex - Trinity and Trackside.