According to Triangle Area Residential Realty‘s latest report, the monthly inventory homes on the market is down 31% from the same period last year and is down 40% from its peak in September 2008. This is viewed as a positive considering the low number of sales since its peak.
While there is an undersupply of detached housing and townhomes priced between $200l and $300k in Cary/Morrisville, there is an oversupply of homes priced over $600k in Cary/Morrisville as well as North Raleigh.
Second quarter numbers indicated that TMLS closings were up 17%. Wake County and Durham County had the highest percentage increase at 21% while Orange County was up 10%. Wake County had a second quarter market share of 55% which is up from the 53% seen during the second quarter of 2011.
Interstate 40 and 440 in Wake County will be getting quite a facelift soon. The major rebuild is from U.S. 1 in Cary to U.S. 64/264 in Raleigh and will begin next spring. The whole project is expected to last three years.
To help put a positive spin on the rebuild which will require major lane closures, the state DOT wants the public to help come up with a creative and funny name for it. Other states have done this too. For example, Los Angeles named the 53-hour closure of I-405 “Carmageddon” and Ohio voted to name a three-year reconstruction of the interchange between I-71 and I-670 “Crawlumbus.” The last day to vote is only 2 days away on August 10th!
The winning name will be used in all future references to the project. It will also be part of the website name that will provide information about the I-40/440 rebuild. The winner will be announced Aug. 22.
Raleigh is one of the top 25 best performing cities according to Forbes. The city of oaks ranks ahead of the national averages in many categories, including long-term job growth. Research Triangle Park is a hub for many high-tech industries such as telecom, biomedical, software, and IT services. Nearby Universities provide a great source for these companies to draw employees from. The Raleigh-Cary area was ranked #14 in this study.