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Fayetteville NC Market Report by construction type

By
Real Estate Agent with KW Fayetteville

The following is a market report for the Fayetteville NC market. This is a broad report broken down by construction type. I'm working on another report broken down by price range or square foot range in the near future. In the meantime, feel free to email or call me for an analysis of your neighborhood. The raw figures are displayed in the chart below. Figures are derived from the Fayetteville Association of REALTORs MLS which include properties in primarily Cumberland, Harnett, and Hoke counties and to a lessor extent Robeson, Moore, Sampson, and Bladen counties.

Observations: There is a good balance between buyers and sellers at the moment. Prices are stable and mildly appreciating, about 6%. Appreciation is expected to accelerate as the BRAC plan begins to pick up. Year over year the number of sales  in Fayetteville NC are down about 7%. Homes are selling at a discount but only slightly, at a 1.46% markdown.

Existing homes sales are out pacing new construction by 40% . Average price for an existing home is a little over $122,000. The average existing construction home sells for 97.5% of the listing price. The absorption rate is 167 days. Bottom line: Activity is strongest in the existing construction market. The prices for homes in Fayetteville NC in this market segment are stable. 68% of homes sold in Fayetteville NC are existing construction.

New construction homes are also stable however the average price of a new home in Fayetteville NC is nearly $205,000. Sellers are getting 99.8% of their asking price but waiting a little longer to get it. The absorption rate in this segment is at 277 days. New Construction makes up 32% of the Fayetteville NC homes market.

 

As of 1 Aug 07
_____________TotalNewExisting
1yr closed767724915186
Actives on the market433019192410
Absoption Rate(AR)raw1.771.302.15
AR in months6.779.245.58
AR in days203277167
Standard Deviation10412868
Avg List$151,279$205,320$125,290
Avg Sale$149,068$204,966$122,184
List to Sale ratio98.54%99.83%97.52%
avg mark down1.46%0.17%2.48%

Prepared by Ron Allen, Fayetteville NC real estate agent and member, Fayetteville Association of REALTORs