Traditions Wake Forest Real Estate Activity Pre-COVID-19 and During COVID-19

Real estate continues to be called the ‘bright spot’ in the Traditions Wake Forest, NC neighborhood, but there’s one thing that may hold the housing market back from achieving its full potential this year: the lack of homes for sale. 

 

 

 

We need homes on the market to sell NOW!  Contact your Traditions neighbor and specialist, Jill Dean Rigsbee if you are considering buying or selling in this top community in the Triangle.  You can reach her at jill@ncprorealty.com or call her directly at 919-931-0816.  

 

 

Home Buyers are actively searching for and purchasing homes in Traditions due to the popularity and proximity to Raleigh.   Traditions offers highly desirable amenities, such as the community salt water pool, volleyball court, playground, miles of walking trails, amphitheater, Wake Forest Reservoir, a sense of belonging to a community, along with sought after Wake County schools. 

 

 

 

Buyers are looking to capitalize on today’s historically low interest rates, but there just aren’t enough houses for sale to meet that growing need. Sam Khater, Chief Economist at Freddie Mac, explains:

 

“Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity…However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity.”

 

 

Jill follows the market in Traditions daily as a resident and Team Leader of NC Pro Realty Group.  Today, she completed a PRE-COVID-19 and POST-COVID 19 analysis of the real estate market in Traditions Wake Forest. 

 

 

 

 Here are the Traditions Wake Forest neighborhood real estate market stats PRE-COVID-19 VS. DURING COVID-19:

 

 

 

TRADITIONS OVERALL SUBDIVISION RE-SALE SINGLE FAMILY HOMES (not NEW construction)

Sold Pre-COVID-19:  September 15, 2019 – March 15, 2020

 

• 12 Homes Closed

• Average Price Per Sq. Foot: $136.84

• Average Days on Market: 34

• Average Sales Price: $377,233

 

Subdivision Breakdown:

Groves: 5

Groves Carriage Style: 3

Gardens: 1

Meadows: 1

Woodlands: 1

Bridgewater: 1

 

 

TRADITIONS OVERALL SUBDIVISION RE-SALE SINGLE FAMILY HOMES (not NEW construction)

Sold During COVID-19:  March 16, 2020 – September, 18, 2020

 

• 23 Homes Closed

• Average Price Per Sq. Foot: $141.95

• Average Days on Market: 43

• Average Sales Price:  $390,443

 

Subdivision Breakdown:

Groves: 8

 

Groves Carriage Style: 3

Gardens: 4

Meadows: 5

Woodlands: 2

Bridgewater: 1

 

 

 

TRADITIONS OVERALL SUBDIVISION RE-SALE TOWNHOMES (not NEW construction)

Sold Pre-COVID-19:  September 18, 2019 – March 15, 2020

 

• 6 Homes Closed

• Average Price Per Sq. Foot: $129.11

• Average Days on Market: 52

• Average Sales Price: $251,150

 

Subdivision Breakdown:

Creekview: 6

 

 

TRADITIONS OVERALL SUBDIVISION RE-SALE TOWNHOMES (not NEW construction)

Sold During COVID-19:  March 16, 2020 – September, 18, 2020

 

• 6 Homes Closed

• Average Price Per Sq. Foot: $128.23

• Average Days on Market: 53

• Average Sales Price: $262,216

 

Subdivision Breakdown:

Creekview: 4

Orchards: 2

 

 

TRADITIONS OVERALL SUBDIVISION SINGLE FAMILY HOMES (NEW construction)

Sold Pre-COVID-19:  March 16, 2019 – September, 18, 2020

 

 

• 16 Homes Closed

• Average Price Per Sq. Foot: $162.40

• Average Sales Price:  $520,663

 

Subdivision Breakdown:

Woodlands: 11

Bridgewater: 5

 

 

 

TRADITIONS OVERALL SUBDIVISION SINGLE FAMILY HOMES (NEW construction)

Sold During COVID-19:  March 16, 2020 – September, 18, 2020

 

 

• 17 Homes Closed

• Average Price Per Sq. Foot: $177.83

• Average Sales Price:  $591,866

 

Subdivision Breakdown:

Woodlands: 7

Bridgewater: 9

 

 

 

TRADITIONS OVERALL SUBDIVISION TOWNHOMES (NEW construction)

Sold Pre-COVID-19:  September 18, 2019 – March 15, 2020

 

 

• 25 Homes Closed

• Average Price Per Sq. Foot: $117.40

• Average Sales Price:  $278,450

 

Subdivision Breakdown:

Orchards (DR Horton): 23

Willows (M/I Homes): 2

 

 

TRADITIONS OVERALL SUBDIVISION TOWNHOMES (NEW construction)

Sold during COVID-19:  March 16, 2020 – September 18, 2020

 

 

• 31 Homes Closed

• Average Price Per Sq. Foot: $122.95

• Average Sales Price:  $285,499

 

Subdivision Breakdown:

Orchards (DR Horton): 25

Willows (M/I Homes): 6

 

 

 

Summary of notable findings for the Traditions Re-Sale Housing Market:

 

 

 

SINGLE FAMILY HOMES RE-SALE (not new construction) - Prices have INCREASED during COVID-19, as well as the per square foot price.  The number of homes sold has also INCREASED. 

 

 

 

TOWNHOME RE-SALES (not new construction) - The market pre-COVID and during COVID remained relatively the same, except the average price INCREASED during COVID-19.

 

 

 

Does this mean it’s a good time to sell?  Yes. If you’re thinking about selling your house, this fall is a great time to make it happen. There are plenty of buyers looking for homes to purchase because they want to take advantage of low interest rates. 

 

Bottom Line

If you’re considering selling your house, this is the perfect time to connect with me so we can talk about how you can benefit from the market trends in our local area.  Feel free to text or call Jill Dean Rigsbee at 919-931-0816 or email jill@ncprorealty.com