Market Report For Clayton, NC Homes Sold Last Quarter 2016.
The Clayton real estate market for the last quarter of 2016 showed a strong market in certain price ranges with some homes getting multiple offers and going under contract in a matter of hours or a couple of days. This market report takes into account all homes with a Clayton mailing address and not just those within the town limits. Here is how long homes were on the market in the different price ranges.
Homes Priced Between $115,000-$140,000 sold in an average of 17 Days
Homes Priced Between $140,000-$200,000 sold in an average of 38 Days
Homes Priced Between $200,000 and $250,000 sold in an average of 48 Days
Homes Priced Between $250,000 and $300,000 sold in an average of 67 Days
Homes Priced Between $300,000 and $400,000 sold in an average of 76 Days
Homes Priced Between $400,000 and $500,000 sold in an average of 67 Days
Homes Priced Between $500,000 and $600,000 sold in an average of 178 Days
150 Homes Sold A Month
In all there were over four hundred and sixty homes sold in the last quarter of 2016 and they ranged in price from $40,000 to over $660,000. These are single family homes and townhomes listed for sale in the Triangle MLS. Exactly 200 homes were new construction and they sold from $115,000 to over $660,000.
Growth Is Moving Out Into Johnston County
The lack of inventory in the whole Triangle real estate market applies to the Clayton market as well with not a lot of homes to choose from. Land prices are on the increase and home prices for new construction are starting to reflect that. What used to be the starting point of home prices in Clayton has gone up considerably and those homes are now being found further out from the center of town. Towns seeing a benefit of the rising home prices in Clayton are Selma, Zebulon, Benson and Wendell, while not actually in the town limits new subdivisions are appearing with mailing addresses of these towns.
The Clayton/Johnston County new home market has seen some new national and regional builders enter the market and some local custom and semi custom building companies have jumped into the market in both established neighborhoods and new subdivisions. This gives homebuyers more of a choice and a good way to compare the two products. The larger builders typically have a model home to visit and multiple choices to choose from while the smaller builder offers a more personalized experience. There are multiple new subdivisions and neighborhoods in the planning and development stages and it appears builders are getting caught up as inventory will start to increase.
The larger planned developments of had the most sales which has been the case for many years now and will likely continue as both are opening up new sections in the new year. Some of the more popular neighborhoods in 2016 are now nearing completion and will in the future will only have resales homes available. School districts are a big driving force in how quickly certain homes sell especially in lower priced homes as the new construction options are more expensive.
Resales Must Be Move In Ready
The resale homes that did not sell as quickly as they should in a lot of cases needed too many upgrades, were in poor condition, and no effort was made by the sellers to get the house ready for sale. Even in a strong seller’s market it is imperative that homes are move in ready, they have been updated and all obvious maintenance, odors, etc have been taken care of.
Future Growth Expected
The large scale construction of the Novo Nordisk expansion will bring thousands of construction jobs over the coming years and when completed will have around 700 full time workers. This along with other expected job creation will likely fuel the housing market. Along with infrastructure planned for the immediate future and a couple of years down the road. Specifically Hwy 40 east being turned into a four lane highway and the replacement of the bridge over the Neuse River starting in 2018 and the completion of I 540 which is now in the preliminary planning stages having decided on a route the highway will take. Here is the market report for the first quarter of 2016.
In a tight market for homes, buyers feel under pressure to make the highest offer they can in order to get the house and not ask for a lot from the seller. This can keep some buyers out of the market who are worried they might end up paying too much or be forced to act on a home they wouldn’t normally choose. Certain price points for resales will face competition from new construction as the larger builders are able to offer a lot of house for the money.
Find out how homes are selling in your neighborhood, send us an email and we’ll do you up a market report.