Another East Wake Subdivision!

I have been watching this development, Poplar Creek Village, slowly emerge over the past year and a half. Looks like all the infrastructure is in place now. The subdivision is located on Poole Road just east of the intersection with Hodge Road. There are 5 homes listed in MLS at this time, though I have not seen signs that construction has begun on them as yet. Sizes are in the 2100 to 2400 square foot range with prices from $234,000 to about $250,000. Looks like they are concentrating on cottage style homes. Four out of the 5 homes are 1.5 story with unfinished second. This should really appeal to senior buyers.

Sign of Life in Knightdale

Cheswick Parade Home

The last year was not kind to new subdivisions in Knightdale. Two approved subdivisions, Langston Ridge and Cheswick went dormant after most of the infrastructure was in place. Now Cheswick is cranking back up under a different developer, Terramor Homes. Cheswick located off Hodge Rd just south of the 64 bypass, has pulled permits and is in the process of building a model home and a parade home that should be ready by the end of the month. Hope Langston Ridge will follow suite in the near future.

Closing Statistics for Knightdale , NC Aug 2009

Knightdale, NC Real Estate Closings Stats

27 Closed Listings Aug 1, 2008 thru Aug 31 2008

	Beds	Baths	SqFt	LP	LP/SqFt	SP	SP/SqFt	SP/LP	DOM
High	5	4	2,791	$389,900	$143.14	$350,000	$131.21	102%	302
Low	2	2	1,040	$87,000	$71.55	$87,000	$71.56	90%	0
Average	3	2	1,829	$184,006	$99.79	$177,353	$96.63	97%	76
Median	3	3	1,970	$171,950	$99.95	$174,500	$94.05	97%	67

32 Closed Listings Aug 1, 2009 thru Aug 31, 2009

	Beds	Baths	SqFt	LP	LP/SqFt	SP	SP/SqFt	SP/LP	DOM
High	4	5	4,400	$435,000	$133.86	$425,000	$130.74	103%	283
Low	3	2	1,022	$106,000	$59.09	$83,000	$60.23	78%	0
Average	3	2	1,861	$174,836	$97.57	$172,003	$95.75	98%	60
Median	3	3	1,648	$156,500	$98.63	$157,000	$98.03	99%	39

26 Closed Listings July 1, 2009 thru July 31, 2009

	Beds	Baths	SqFt	LP	LP/SqFt	SP	SP/SqFt	SP/LP	DOM
High	6	4	3,750	$350,000	$143.04	$340,000	$134.50	110%	473
Low	2	1	1,035	$61,900	$41.57	$68,000	$45.67	89%	0
Average	3	2	1,992	$177,763	$90.15	$174,516	$88.94	99%	82
Median	3	3	1,886	$149,900	$89.76	$152,500	$89.94	98%	26

A little good news, a little bad news with these stats. The good news: five more closings than August of last year and six more than last month. Also saw a drop in days on market from last year and a huge drop from last month. Now for the bad news. Average sales price continued to slide a little with about a 3% drop in sales price from a year ago. Looks like sellers are seriously considering the current market by dropping their list price by about 5%. Good news for sellers is that the price per square foot appears to be heading up with a good increase over last month and almost back to the 2008 level. My opinion is that the market looks good for buyers with lots of well priced properties on the market. I also see good signs for sellers with the days on market dropping and sale prices beginning to rebound a little. Looks like a tween time with good opportunities for both buyers and sellers. Time for everybody to get off the fence!