We've reached the end of the 1st Quarter for 2011, and the Fayetteville, NC real estate market data is in.
No surprise, it's still a mixed market.
Mixed in this regard--yes, home sales are up year-over-year, but the growth and strength in the market is in newly constructed home sales. Take a look at these 2 charts:
The first chart shows that newly constructed homes are increasing in sales as a percentage of the overall market over the last 3 to 4 years. Currently, almost 40% of the local real estate market in Fayetteville consists of new home sales.
The next chart explains why that is significant to people who want to sell their existing home in Fayetteville. There is absolutely no shortage of homes for sale in the Fayetteville real estate market, and sales of existing homes are lagging behind in the popular price ranges in both number of homes sold and percentage of the market.
Many real estate agents and market observers are singing the praises of a real estate market that is showing improvement from last year. While I also am happy about an increase in home sales, I want to offer a caution to people who need to sell their existing home in Fayetteville, NC. Buyers are clearly demonstrating their preference for new homes over existing ones.
Any seller of an existing home must be certain to market, maintain and price their home at the front of the real estate market if they want to compete for the buyers coming into the market. We are entering the busy season for real estate sales in Fayetteville. Historically, the late-spring and summer months (2d and 3d quarter) are the best months for home sales in this area, and many sellers are also anticipating an increase in buyers as a result of the BRAC move slated for this year. If a person selling their home in Fayetteville wants to compete for those buyers, they will need the services of an agent who understands how tough the competition really is.
Take a few minutes and read through the executive summary of the Fayetteville, NC Real Estate Market, 1st Quarter 2011. It addresses how the market has performed over the last quarter and how market absorption rates have an impact on sellers (and buyers) of new and existing homes in Fayetteville, NC.