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BRAC plan Makes Fayetteville NC real estate a winner, For those involved in the Fayetteville NC real estate market and area times are are fortunate. While the national is market is taking a beating Fayetteville NC real estate continues to appreciate at a healthy pace. Fayetteville NC is in a real estate bubble, but not the bad kind like the housing bubble in the news, but a local bubble that is maintaining the local market, keeping prices stable. Fayetteville's Market is currently absorbing property in about 1 months more time than this time last year. Why..., you ask?
BRAC or Base Realignment and Closure, the Department of Defense's plan to reassign military resources in a more economical manner. And while, the military presence has always stabilized the Fayetteville real estate market BRAC adds a turbo boost. Here's why, many bases around the country are closing and the missions and people are moving. Fort Bragg/Pope AFB NC will see a net gain of about 25,000 people, people that need a place to live. At an average price of about $122,000 for an existing construction home Fayetteville's prices are well below the national averages. That and the fact that there is still plenty of space for expansion on Fort Bragg makes the area very attractive to planners.
Bottom line what it means: The Fayetteville NC real estate market is stable and prices are likely to appreciate. That's good for sellers and buyers.
Please browse this website and the Fayetteville NC Real Estate blog for articles and reports on buying, selling, and important real estate trends and local information on the Fayetteville NC real estate market. Whether you are buying or selling a home or just interested in the Fayetteville NC area I'll be happy to assist you.
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Fayetteville NC Market Report by construction type
The following is a market report for the Fayetteville NC market. This is a broad report broken down by construction type. Feel free to email or call me for an analysis of your neighborhood. The raw figures are displayed in the chart below. Figures are derived from the Fayetteville Association of REALTORs MLS which include properties in primarily Cumberland, Harnett, and Hoke counties and to a lessor extent Robeson, Moore, Sampson, and Bladen counties.
Observations: There is a good balance between buyers and sellers at the moment. Prices are stable and mildly appreciating, about 6%. Appreciation is expected to accelerate as the BRAC plan begins to pick up. Year over year the number of sales in Fayetteville NC are down about 7%. Homes are selling at a discount but only slightly, at a 1.46% markdown.
Existing homes sales are out pacing new construction by 40% . Average price for an existing home is a little over $122,000. The average existing construction home sells for 97.5% of the listing price. The absorption rate is 167 days. Bottom line: Activity is strongest in the existing construction market. The prices for homes in Fayetteville NC in this market segment are stable. 68% of homes sold in Fayetteville NC are existing construction.
New construction homes are also stable however the average price of a new home in Fayetteville NC is nearly $205,000. Sellers are getting 99.8% of their asking price but waiting a little longer to get it. The absorption rate in this segment is at 277 days. New Construction makes up 32% of the Fayetteville NC homes market.
| As of 1 Aug 07 |
| _____________ |
Total |
New |
Existing |
| 1yr closed |
7677 |
2491 |
5186 |
| Actives on the market |
4330 |
1919 |
2410 |
| Absoption Rate(AR)raw |
1.77 |
1.30 |
2.15 |
| AR in months |
6.77 |
9.24 |
5.58 |
| AR in days |
203 |
277 |
167 |
| Standard Deviation |
104 |
128 |
68 |
| Avg List |
$151,279 |
$205,320 |
$125,290 |
| Avg Sale |
$149,068 |
$204,966 |
$122,184 |
| List to Sale ratio |
98.54% |
99.83% |
97.52% |
| avg mark down |
1.46% |
0.17% |
2.48% |
Prepared by Ron Allen, Fayetteville NC real estate agent and member, Fayetteville Association of REALTORs
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