Triangle home market taking off again - WRBL

Triangle home market taking off again

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According to data from the Triangle Multiple Listing Services, closed sales in Wake County rose from 1,012 in March of 2012 to 1,314 last month. According to data from the Triangle Multiple Listing Services, closed sales in Wake County rose from 1,012 in March of 2012 to 1,314 last month.
WAKE FOREST, N.C. -

The Triangle residential building market is heating up.

In one Wake Forest community, builders say they haven't seen demand this high since the recession.

In January, Bryan Sisk and his wife decided to stop renting and purchase a townhome in Wake Forest. Sisk says the decision was a no-brainer.

"We could buy a townhouse for the same price we were renting for and pay the exact same price with mortgage and HOA and everything. Plus, we almost doubled our square footage," Sisk said.

Sisk isn't alone. Builders tell WNCN the townhome market is fueled by apartment renters who are fed up with increasing rent and are instead choosing to buy.

According to data from the Triangle Multiple Listing Services, closed sales in Wake County rose from 1,012 in March of 2012 to 1,314 last month.

In March of 2009, by comparison, there were 873 closed sales in Wake County in March.

Carla Sevilla with Dan Ryan Builders says investors are catching on.

"We have investors from Arizona, Detroit, even China," she said.

Sevilla said approximately 25-percent of her townhome sales are going to investors, 75-percent of which are out-of-state investors who are buying in bulk in order to rent the properties.

"I haven't seen anything like this in the last 6 years," Sevilla said.

Sevilla says her company struggled to sell two townhomes during April, 2012. This April, the company has sold 22 townhomes and is looking to find more land and hire more builders in order to keep up with the demand.

"In one week we had three price increases because we cannot keep up with demand out here," Sevilla said.

In 2012, a 1,500 square foot townhome in Wake Forest sold for an average of $120,000 and is currently selling for an average of $140,000. 

 

Charlotte Huffman

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