Cary Real Estate: "I've Got Some Explaining to Do!"

By
Real Estate Sales Representative with Keller Williams, Cary NC

I sat down this morning and completed a market analysis for a client.  This is a lovely couple that bought a beautiful townhome in Cary, NC five years ago.  They paid a fair price, and have wonderful upgrades.  Once I looked at the numbers however, I felt like I was in an "I Love Lucy Show".  I thought, "I've got some explaining to do!"  I was going to recommend they list $35,000 below what they paid.  How can this be?

While most properties in Cary have maintained their value, there is now a large supply of new townhomes on the market.  As a result, overall prices have dropped for resales, and new construction is priced to sell at lower prices than several years ago. Builders caught on to the need for upscale, low maintenance, affordable homes.  Home buyers can search for homes in Cary NC neighborhoods and find beautiful townhome properties in developments such as Cary Park, Greystone, Amberly, and Weldon Ridge among others.  Builders saw this area as a sweet spot for first time homebuyers and targeted those looking for a great value and real estate tax credits.

West Cary provides easy access to the RDU airport and Research Triangle Park which employs around 50,000 people.  The schools here are great, Cary neighborhoods are safe and the location is ideal.  The Town of Cary offers many amenities that appeal to residents of all ages.

Here is a snapshot of market statistics for West Cary townhomes (at least 2 bed, 2bath)

Timeframe: Sept - Nov 2009

Currently Active Townhome Listings : 123

·         List prices: between $139,500 - $390,500

·         Average list price: $208,975

Sold Townhomes  in West Cary:

·         110 homes closed; price between $186,824 and $320,000

·         Average sales price: $181 891

 

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Comments (3)

Connie Smith
The Smith Group, Keller Williams Realty Success - Littleton, CO

Great post Barbara! 

Dec 30, 2009 12:20 PM
John Rakoci
Eagle Realty - North Myrtle Beach, SC
North Myrtle Beach Coastal Carolinas

It really is more fun working with buyers now! I know your pain. Thankfully, most homeowners have heard and read the over-reaction to price delines in the media for months now. They expect bad news and hope it is not horrible news. Location, as always makes a difference. In the south end of my area condo inventory is high and prices low. At the north end the decline is not nearly as noticable. Some buildings have recovered slightly recently. Detached homes participated in the boom throughout my area. The south end has seen some decline but not near the national average in many cases. The north end has fared even better. People still want to leave the bitter cold and snow in addition to being near the coast.

Dec 30, 2009 12:23 PM
Jamie Parker Gwinnett
Exp Realty - Snellville, GA
Realtor, Snellville Homes

We still have folks in our area who don't quite understand what you were saying. Prices are just not what they were. However, when they buy their next home once theirs sells, they will make out big!

Dec 30, 2009 12:28 PM