Triangle homebuyers flock to retail areas, look for convenience

For many, a home is their biggest investment. But many things can affect that investment, such as the economy, consumer confidence or unemployment.

Those factors are all looking a little better right now, but there's much more to consider.

“Home prices have been going the wrong way,” said local real estate broker Jason Graves.

Ever since the market slump in 2006 and 2007, the average sale price for homes in the Triangle has been down.  According to year end reports, 2011 was no different.

“The average sales price in Wake County was down one, two, three percent,” said Stacey Anfindsen, publisher of the Triangle Area Residential Realty Report.  “Remember that’s an average, some people did worse, others did better.”

But a new year brings new optimism for home sellers and buyers in the triangle.

“We’re going to see a lot of units sell this year, I feel very confident,” Graves said.

In fact, realtors like Graves report an unusually busy fourth quarter.  The inventory of homes on the market went down by 25 percent.

Anfindsen said home prices are falling in line with what buyers are willing to pay.

“What you’ve had is a correction downward.  The historic sweet spot since 1990 has been between 200-to 300,000,”  Anfindsen said. “We kind of got away from that when we started pushing the upper ends of 200,000.”

The Triangle Area Residential Realty Report lists the top 20 appreciating developments in Wake County, and at the top of the list is Stonehenge, which is up in value nearly 8 percent.

"You've got quick proximity to 540, your typical lot size in Stonehenge is a little larger, you've also got a great mix of retail,” Graves explained.

The neighborhood has a mix of townhomes, existing homes and new construction. It's also near Crabtree Valley Mall with quick access to downtown Raleigh and Research Triangle Park. 

Other neighborhoods that make TARR's top 20 list are Jones Dairy Farm in Wake Forest and Holly Glen in Holly Springs, which are both up five percent.

In Durham, one expert said the building of a regional mall paved the way for infrastructure to Southwest Durham enchancing the area.

"Since I've been here, I haven't seen anything like it. You build a mall and housing comes around it," Anfindsen said.

The Streets at Southpoint has more than 140 shops and restaurants, and is located just off I-40.

"There's a reason people want to live there,” Anfindsen said. “Now you've got shopping, you've got I-40 and you've got the park. It's the closest of all three things in a combination."

The average home in Durham sells in the $175,000 to $220,000 range. According to MLS data, hot locations in southwest Durham near the mall -- like Hope Valley Farms -- are selling for 2 percent more than the previous year.

Durham Realty Association president Bram Luknight says the average sales price is up nearly 11.7 percent within two miles of downtown Durham.

He says the Cleveland-Holloway neighborhood is a remodelers dream thanks to the downtown commercial development a few blocks away.

"In town, neighborhoods close to all the new restaurants, all the new business activity are experiencing a strong resurgence," Luknight said.