HOUSE BLEND FOR THE COFFEE CONNISSEUR

By
Real Estate Agent with Coldwell Banker Sea Coast Advantage NC BROKER 168596

The Wall Street Journal recently reported that the size of new construction single family homes has fallen significantly in recent years.  The time of affordability for the "McMansions" has waned.  The report indicated that home sizes were up for 30 years until the beginning of the building boom in 2005.  The purchase of single story homes with fewer bedrooms during the boom increased by a greater percentage than previous recessions by 43%.  This was due in part to the need to build less ornate homes to compete with the rising inventory in the foreclosure market.   

This article obviously spurred the question in my mind as to how our market in Southeastern North Carolina has responded.  Below is how one multiple listing service has the numbers reported. 

Since January 1, 2009 - June 16, below are the staggering numbers

Single story existing and new construction                            Two Story existing and new construction

<1250 square feet              969                                         9

1251-1500                         1045                                       88

1501-1750                         673                                         225

1751-2000                         217                                         221

2001-2250                         91                                           249

2251-2500                         41                                           222

2501-2750                         19                                           110

2751-3000                         11                                           41

3000+                               9                                             52

Ladies and gentlemen, this data is not all encompassing, but it verifies the Wall Street Journal report.  Definitely something to consider when you are purchasing a home with the intent to resale in less than 5 years.  These numbers are indicative of the decrease in the average sales price and goes back to my previous post regarding which generation has the greatest buying power and their affordability when buying a home. 

All points to ponder.  I'd love to hear your thoughts on this post. 

 

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Rainer
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Ed Macias
Real Estate Teammates - Miami, FL
Miami FL-REO Property Management Multifamily

Good info.  I work referrals. If yu are interested let me know.

Jun 19, 2010 05:14 AM #1
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Rainer
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