Sneak Peek at Triad of NC 2010 Market Report
I recently attended a meeting at the Greensboro Regional Realtor's Association. Our guest speaker was Dr. Don Jud of Jud and Associates. Dr. Jud is an emeritus professor in the Bryan School of Business and Economics at UNCG.
To sum it up briefly the market is IMPROVING!
Yes you heard me improving. While it has not maybe translated to your everyday person selling their home the signs are starting to be noticed. For instance: Last year in 2010 at this time our absorption rate was 15.7 months. To explain the absorption rate; This is the rate that it would take for us to sell all the homes presently for sale. This is based on the formula of how many homes are presently for sale versus how many we are selling per month. Presently our absorption rate is 10.7! Now granted we will not notice a rise in housing pricing until the rate is down to around 6 months. But I would say we are on the road to a much better market. As we all know the rules of supply and demand economics are that as the supply becomes smaller the demand becomes greater. I am personally seeing more buyers coming out and as we go into the fall and winter months and in most cases the inventory dwindles even more during this time of year.
There are also some very exciting jobs facts. In the Aviation sector Honda Aircraft is getting ready to hire about 400 people as they expand their operations here in the Triad. Timco Aviation (where my son works) is also expanding and getting ready to hire hundreds of new employees. Also MSI is looking for technical CAD operators.