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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