The Luxury home market in Western Wake County is defined by homes greater than $500,000. This segment experienced double digit growth during the years 2003- 2007. The segment was fueled by the affluent incoming population to Wake County from the northeast and the west coast, an expanding job market in the Triangle and remarkable Wake County Schools. 2008 resulted in a dramatic change in this market, with increase inventory (up 9% in Q4 '08 over Q4'07) and price drop sellers up to 71% of sold homes. Interesting however, agents that have priced homes correctly have actually seen success in the market. Of the 732 Triangle homes analyzed, 68% had a sale price equal to the list price, or no price reduction while listed. They averaged 64 days on market, and final sale price was within 5% of the asking or list price. Homes priced in the $500,000 - $700,000 range continue to see the most buyers.
Q4 Market Statistics: Luxury Homes, Cary, Apex Morrisville
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