New Construction Inventory Hits a LOW… Time to BUILD, BUILD, BUILD!

If you are a buyer’s agent helping a home buyer in Raleigh try to buy a new construction home you are out of luck… inventory levels are at an all time low as many builders went out of business and those that are left are going as fast as they can but having trouble keeping up with demands in the Triangle. Prices have come down and expectations have gone up, but the builders that survived the lows of the last few years are making it happen this fall and hopefully into our spring selling season! The lack of inventory has really helped resale listings this fall – driving prices up ever so slightly and days on the market down. After all, not all home buyers have 6 months to wait for a new home to be built. One of the best kept secrets in the North Raleigh new construction market is the Arbor Chase neighborhood. Winning 3 Parade of Homes Gold Awards in 2012 has helped this community jump to the top of the list for quality and the Superintendent of the Year Award makes home buyers rest assured that they will have a smooth home building experience. Prices in the $175-200,000 range include top selling custom features at reasonable price points. The builder team thinks creatively and offers lease buy outs for home buyers who do not want to wait for their apartment lease to expire.

Here are the latest stats from the Triangle Multiple Listing Service 3rd Quarter report on New Construction Sales:

Pending homes (Under Contract) #1145

Closed/Sold 3rd Quarter #1200

An average price point of $283,500 – down from the high of $320,000 in 2007, but still higher than the overall resale average in the Triangle currently at $227,000.