Yesterday I wrote a market report on Triangle Luxury Homes. I knew the market was soft but the numbers really tell the story. Since I live in Cary I wanted to break the numbers down even further to see what is selling and at what price ranges. Our leading expert in the area Stacy Amphinson that writes the TARR Report breaks down the luxury home market as anything above $500k. For this analysis I've included homes priced $700k and above because I think that provides a better picture of the true Cary Luxury Homes Market.
In Cary there are a couple of other elements at play. In the past homes in established neighborhoods like MacGregor Downs and Preston sold incredibly well because the neighborhoods were well established and had golf course views. A couple of years back when the real estate market was booming the custom builders decided to ramp up new construction. As a result, new construction has had a big impact on resale homes in this segment.
For the sake of this analysis I'm going to break down the homes into four price points:
- $700,000-$800,000
- $800,000-$1M
- $1M-$2M+ and $2M+
All figures are bases on numbers pulled today December 8, 2008 and are from the Triangle MLS:
Here are a few observations that relate back to my comments above:
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From the report I ran yesterday we learned that at $197/square foot Cary's Luxury homes are less expensive than homes in other popular Luxury Home communities in the Triangle
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Of the 91 Homes that have sold above $700k YTD 58 of them were new construction
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Top Selling established neighborhoods include MacGregor with 12 Sales & Preston w/8 Sales
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New construction neighborhoods selling briskly include Copperleaf, Rennaisance at Regency, Greyhawk Landing, Governors Row, and Glenkirk(which is now complete)There are currently 3 pending sales in the $800k-$1M range in Cary. All 3 are new construction
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In the $700k-$800k price range there are 8 pending, 1 of which is my listing
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Homes in the 2M+ range are found in Chapel Hill, Wake Forest, and Raleigh but fewer in Cary
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$700k-$800k is a good price point in Cary and has been selling well. Thre were 41 sales YTD in Cary.
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Supply on Market climbs as the price point increases. In the 2M+ range based on this years sales it will take 3 years to clear out the inventory.
If you have any questions regarding this report or would like more information on the Cary Luxury Home Market please feel free to email me or visit my website for more information.
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