27519 Sales up 27% YTD

Sales in the 27519 zip code are up 27% year-to-date 2010 vs. same period in 2009. This is an increase of 100 sales over the first seven months of the year. The average sales price of a home sold in 27519 was $376,347 in 2009 and is $361,934 in 2010 a drop of 4%. The average home sold has remained constant 3 bedroom, 3 baths 2850 square feet. Although the average sales price dropped $14,500 the average list price has dropped from $390,008 to $370,929.

The increase in units is great showing strong demand for the area that is such an easy commute to RDU and RTP. The increase is even more impressive considering the new 540 construction that cuts right down the middle of the zip code.  It will be interesting to see how prices react as 540 is completed.

The 27519  zip has one of the highest average sales prices in Wake County at $361,934, vs. Cary/Apex/Morrisville MLS search area (which includes 27519) that has an average sales price of $269,950 up 12.2% this year. It is curious as why prices in great neighborhoods like Highcroft, Cary Park, Amberly are seeing price cuts and reductions in the face of an overall increasing market, is it 540?

Based on quality of schools, demand (as shown above), proximity to amenities and jobs that this area is a great buy at this time as prices are moving against the grain. There are some outstanding homes for sale at fantastic prices right now, it will be interesting to see when prices turn.

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