Jun. 20, 2007 - Holly Springs, NC Real Estate and Market Conditions
Despite a downturn in the residential real estate market in many areas across the country, the Triangle posted yet another record year in 2006 for new home starts and closings.
From what I can see, the Triangle housing market is in excellent shape through 2007 with a potential for significant housing equity gains, particularly for homebuyers who plan to remain in their house for the long run. In fact, the Raleigh-Cary MSA was rated #15 in appreciation in the country for 2007 by a leading housing authority. The Triangle had very favorable home price-to-income ratios and even better mortgage servicing cost-to-income ratios. The latter ratio is currently below the local historical average implying no widespread financial overstretching to purchase a home in the region.
Forbes Magazine named the Triangle Region the #1 region for Job Growth--It doesn't get any better than that. Through June of 2007 overall inventory is flat (more new homes offset by fewer resales) from last year and resales are down 4.5%. We are looking at an appreciation rate of 4.55% which is the highest I've seen in 15 years in this area.
Holly Springs Real Estate - Market Conditions Update:
The average supply on the market is four months of inventory.
• $100-$300k price range has a supply of inventory of three months or less
• The top appreciating development in Holly Springs is Crescent Ridge at 11.05%
• The top selling neighborhood w/121 sales is Sunset Ridge at an average price of $308,901.
• Other top selling communities in Holly Springs include Holly Glen, Braxton Village, Oaks of Avent Acres, Arbor Creek, and Trailwoods.
• The average price resale home in this area is $214,000 and the average price new home in this area is $278,000.
Holly Springs, North Carolina Community Profile
Holly Springs is a town in Wake County. As of the 2006 census, the town population was over 15,000, gaining the title of "The fastest growing town in The Carolinas".
It was 1992 before Holly Springs, in line for the spillover from burgeoning populations in Cary and Apex, suddenly boomed. Population increased from 900 in 1992 to an estimated 6000 in 1998.
Holly Springs continues to grow and evolve as the town becomes more accessible for commuters into Research Triangle Park. Road work that will make this possible includes the new 55 Bypass, widening of HWY 1, and access to the future extension of I-540. The Town now boasts two public elementary schools a middle school, and the new Holly Springs High School. A Wake County southwest branch library and a cultural arts facility opened in early December 2006.
One of the most recent focuses for the Town is the development of Commercial Growth in Holly Springs. The Holly Springs Business Park and other retail establishments are beeing built on a regular basis. On July 18, 2006, it was announced that the pharmaceutical giant Novartis would be building a manufacturing facility in Holly Springs employing approximately 350 to produce flu vaccines using new technologies. The manufacturing facility will go on 167 acres in Holly Springs Business Park off N.C. 55 Bypass. Construction will begin in early 2007, with the first phase scheduled for completion by late 2008. Novartis' investment would be at least $267 million and eventually could reach $600 million.
Now with a brand new High School, Holly Springs High School , Holly Springs has new room for growth. New neighborhoods are to be built near the school, and a strip-mall is being built because of it. Many of the students that attend Holly Springs High School live in the super neighborhood complex of Sunset Ridge , a now thriving home subdivision that has spawned its own private water park, a restaurant, and a whole host of other small businesses. The entire area of Holly Springs has grown tremendously between the years of 2004 and 2006. The town has received a new strip mall with an Ale House style restaurant, a Mexican Restaurant, a Lowe's Foods, a Dollar Tree, and several other fast food chains including Quizno's, and a Chinese food chain. In another area of town, off a main road (Holly Springs Road), a Harris Teeter strip-mall was built with other restaurants and stores opening. A new strip mall featuring a Wal-Mart Super Center is also being constructed off Highway 55. New growth has expanded the population, and growth yet to come will enlarge it even more. Holly Springs is one of the few municipalities that provide team sports directly by the town for residents including football, baseball (served by four professional fields), basketball and recreational soccer. There is also a non-profit challenge soccer league called the Holly Springs Futbol Club. Holly Springs is truly one of the "fastest growing towns in North Carolina".