The John Herman Team is pleased to release the latest results for the November 2013 real estate performance review in Cary homes and reports that prices are going up on both attached and detached homes compared with a year ago. In November 2013, the average price of an attached home was $120000, compared with $77,500 in November 2012. This is a 54.8% increase. For detached homes the rise in prices was even higher, at $270000, compared with $169750 from a year ago, a 59.1% increase.
It is taking slightly longer on the market to get those higher prices, however. Attached homes in Cary are staying on the market just a bit longer at 122 days, compared with 118 last year, a 3.6% increase. Detached homes were on the market 153 days in November 2013, and just 121 days in November 2012, a 26.2% increase.
On the other hand, inventory is down overall, with just a 3.8 month supply in both attached and detached properties. In November 2012, however, there was a 10.6 month supply of attached homes (64.3% decreases) and a 7.6 month supply of detached homes, a 50.5% decrease. This is supported by listings that were even at 8 in November 2012 and November 2013 for attached properties, and 18 new listings in November 2013 compared with 24 in November 2012, a 25% decrease.There are also less listings on the market overall in Cary. There were 29 attached homes available in November 2013, compared with 38 in November 2012, a 23.7% decrease. There were 114 detached homes in Cary available, compared with 153 in November 2012, a 25.5% decrease.
Sales were on the increase in attached homes, with 9 sold in November 2013, and 6 in November 2012, a 50% increase. However, there were 45.8% less detached homes sold in November 2013, with 13 reported, compared with 24 in November 2012.
The overall market is strong, with higher prices, and brisk sales, pointing to a good time to sell, with more inventory needed to keep up with demand.