Triangle, North Carolina.  Triangle Home Sales.  If you look at the home sale stats for the Triangle through the first nine months of 2007 as total figures rather than broken down by quarter, they don’t reflect the national market and they don’t reflect the national market’s effect on the Triangle either overall or during the third quarter in particular.  They do indicate that the numbers for the fourth quarter and for the year, as a whole, will not make the pleasant reading of past years.  As reported in this blog several times, the Triangle has been one of the best home sale markets in the country during the bursting of the price bubble in several of the overpriced markets and through the problems of sales to underqualified buyers.  The latter problem has yet to play out to buyers, to the real estate market, to mortgage lenders and politically.  Unfortunately, now that the fat is in the fire the politicians who talk the most and know the least want to play politics and throw out the baby with the bathwater; especially in the mortgage lending business.  More of that another time.  Going through the Triangle MLS record of sales of single family detatched homes in the Triangle during the first three quarters of the year vs. 2006 (rounded to the nearest percent) revealed the following: $100,000 to $199,999 - 6,974 vs. 8,264 = -16%, $200,000 to $299,999 - 4,947 vs. 4,963 = even, $300,000 to $399,999 - 2,406 vs. 2,378 = + 1%, $400,000 to $499,999 - 1,397 vs. 1,328 = + 5%, $500,000 to $599,999 - 674 vs. 576 = + 15%, $600,000 to $699,999 - 375 vs. 374 = even, $700,000 to $799,999 - 198 vs. 177 = + 11%, $800,000 to $899,999 - 130 vs. 106 = + 18%, $900,000 to $999,999 - 75 vs. 55 = + 27%, $1,000,000 and up - 169 vs. 113 = + 33%.  This does not split out new homes sales vs. resales.

The sales of Condos and Townhomes during he same period were: $100,000 to $199,999 - 2,993 vs. 2,932 = + 2%, $200,000 to $299,999 - 838 vs. 591 = + 29%, $300,000 to $399,999 = + 5%, $400,000 to $499,999 - 61 vs. 54 = + 11% and $500,000 and up were 54 vs. 69 = - 22%.  This also, does not split out new sales vs. resales.

The eight country Triangle area consists of Chatham, Durham, Franklin, Harnett, Johnston, Orange, Person and Wake Counties. 

John Fish (919) 696-3474    Email: Marvmax@mindspring.com   Website: www.JohnFish.com

Triangle Area townhome sales.  Sales of Triangle townhouses exceeded 3400 during the last twelve months.  This is more than double the number of four years ago.  People trying to find affordable housing and older couples needing less room and wanting less interior and exterior matter to attend to are leaning more and more toward condos and townhomes.  The most expensive townhome sale of the year was in Cary’s Balmoral at $1,155,702.

John Fish (919) 696-3474   Email: marvmax@mindspring.com   Website: www.JohnFish.com