* The 2010 Parade of Homes – Same As It Ever Was?
Thursday, October 7th, 2010As you can imagine, the Parade of Homes is a big thing in the real estate world. Last year, I took a look at homes offered in the Wake County Parade and asked “Where are all the starter homes?” Now that we are in the middle of the 2010 Parade, it’s worth taking another look at the distribution of Parade homes.
Here is the Wake County numbers for the 2009 Parade and this year’s
| By Count | By Percent | |||
| Wake 2009 | Wake 2010 | Wake 2009 | Wake 2010 | |
| $100,000 to $150,000 | 4 | 3 | 3% | 2% |
| $150,000 to $200,000 | 10 | 19 | 6% | 10% |
| $200,000 to $300,000 | 38 | 54 | 24% | 29% |
| $300,000 to $400,000 | 30 | 53 | 19% | 28% |
| $400,000 to $500,000 | 29 | 24 | 18% | 13% |
| $500,000 to $600,000 | 8 | 11 | 5% | 6% |
| $600,000 to $700,000 | 11 | 6 | 7% | 3% |
| $700,000 to $800,000 | 9 | 7 | 6% | 4% |
| $800,000 to $900,000 | 3 | 7 | 2% | 4% |
| $900,000 to $1,000,000 | 9 | 2 | 6% | 1% |
| more than $1,000,000 | 7 | 2 | 4% | 1% |
| Total | 158 | 188 | ||
First of all, it is worth noting that there is a 20% increase in the number of homes in the 2010 Parade. The second thing to notice is that there are fewer homes at the high end of the market – last year a quarter of the homes on the Parade were over $700,000, this year it is half that. Those homes all ended up in the $150,000 to $400,000 range this year, which saw an increase from 49% to 70%. While those aren’t exactly starter homes, it does show the movement away from McMansions and towards the market that most people can actually afford.
I can hear some of you now – “That’s interesting, Steve, but what do the numbers look like for our side of the Triangle?” Glad you asked.
| By Count | By Percent | |||||
| Wake 2009 | Wake 2010 | Durham | Wake 2009 | Wake 2010 | Durham | |
| $100,000 to $150,000 | 4 | 3 | 1 | 3% | 2% | 2% |
| $150,000 to $200,000 | 10 | 19 | 6 | 6% | 10% | 14% |
| $200,000 to $300,000 | 38 | 54 | 11 | 24% | 29% | 26% |
| $300,000 to $400,000 | 30 | 53 | 5 | 19% | 28% | 12% |
| $400,000 to $500,000 | 29 | 24 | 8 | 18% | 13% | 19% |
| $500,000 to $600,000 | 8 | 11 | 3 | 5% | 6% | 7% |
| $600,000 to $700,000 | 11 | 6 | 2 | 7% | 3% | 5% |
| $700,000 to $800,000 | 9 | 7 | 2 | 6% | 4% | 5% |
| $800,000 to $900,000 | 3 | 7 | 1 | 2% | 4% | 2% |
| $900,000 to $1,000,000 | 9 | 2 | 1 | 6% | 1% | 2% |
| more than $1,000,000 | 7 | 2 | 2 | 4% | 1% | 5% |
| Total | 158 | 188 | 42 | |||
The price distributions in Durham [by which I mean Durham, Orange and Chatham counties] pretty closely follows the pattern set by our eastern brethren. It’s easier to see in a graph
So there is a trend, however small, away from the mansion and McMansion properties towards home that are a bit more affordable. While I would like to see that continue with a little more effort towards marketing homes in the $150,00 area, it is a welcome sign.
