Cary Park Neighborhood Real Estate Market Update 2010 Year-to-Date

The Cary Park neighborhood in Cary is located in the heart of Cary, NC and is one of the first communities to be built in Northwest Cary. Cary Park is a community with a mix of condos, Townhomes, and a variety of single family homes. Cary Park has a variety of home builders including Orleans, John Wieland, and several custom built homes centered around the lake. The homes in Cary Park range in square feet from 1500 to more than 5000 square feet.

It's that time of year for me to update you on the year-to-date sales for Cary Park. For the sake of this homes sold analysis I've broken them down by price point so you can get a better idea of the homes sold in the Cary Park neighborhood in Cary.

Here are a few observations that relate back to my comments above:

• Many homebuyers are looking for established neighborhoods and now that Cary Park is virtually complete it is becoming one of the first established neighborhoods in Northwest Cary.
• Homes sales in Cary Park are off by just 24% which is consistent with most Triangle Neighborhoods. The current year to date figure for Triangle closings is off 24% also.
• It's important to keep in mind that the Northwest Cary area has the lowest supply of homes on the market in the Triangle with 5 months supply of homes on average. In addition, there is only an oversupply of homes in Cary above the 500k price point.
• Currently Cary Park is ranked #10 in terms of resale neighborhoods in Cary as of July 2010. Cary Park's biggest challenge from a resale perspective has been the overbuilding of new construction in the surrounding neighborhoods. New construction inventory continues to decline in this area due to the fact that builders are not replacing the inventory which is good news.
• Sales above $500k in Cary Park are off just 9%. I have seen an increase in the number of buyers in the Luxury Segment due to some of the adjustments in home values in the higher price ranges.
• Single Family Home prices above $350k are up in Cary Park while Townhome prices are off 8%.

Looking forward to 2011 it is apparent that the Cary Park Neighborhood in Cary will continue to prosper. Homebuyers are looking for excellent schools, nearby shopping & restaurants, proximity to RTP, and the fact that home prices have declined make the neighborhood even more attractive.

Find current Cary Park Listings Available here

Related Posts:

Cary Park Neighborhood Real Estate Market Update 2009 Year-End

Cary Park in Cary NC >> Like A Little Village In The Heart Of Northwest Cary

Have we hit bottom? What's ahead in real estate in Wake County for 2010