Cary / Morrisville North Carolina Market Report for April 2008

The real estate market for Cary / Morrisville North Carolina continues to out-perform the national market. There were actually more homes put under contract in April 2008 than in April 2007.

As these charts show the average price per square foot for homes sold is very positive as well, up $3 from April of 2007.

The number of homes for sale in Cary is way up from last year but current pendings have brought the months supply to a very solid 6, a great number compared to the 9-24 months we are seeing in other parts of the country.

A big reason for the increased inventory is the large number of Spec homes being build in new developments along HWY55. Developments such as Hortons Creek, Villages of Highcroft, Weycroft, Copper Leaf and Crossing at Green Level. The sales history in these developments has been so strong that builders are very comfortable putting strong selling spec inventory on the market. This will create some strong sales numbers in the summer of 2008. You will see that existing homes for sale, (owner occupied sales) are feeling pricing pressure on the asking side but sales prices are still increasing at an amazing rate.

As you can see that pricing aside from October of 2007 and February of 2008 has had a very positive curve over the last 15 months.

The pricing pressure for sellers has not actually resulted in devaluation it is actually correcting the market.

Forbes magazine called the Raleigh North Carolina the best sellers market in the nation, in May of 2008.

To search all the homes for sale in Cary / Morrisville got to http://cary.changingstreets.com