Local News

Triangle's Real Estate Market Shows Signs Of Gaining Momentum

Posted March 29, 2004

— Some experts claim the

Triangle's real estate market

is now on the upturn.

Diane Parker is loading up and moving out of her north Raleigh home.

"If I wasn't moving out of town, I would not leave here," seller Diane Parker said.

Since duty calls elsewhere, Parker put her house on the market on Feb. 25.

"I thought it would take three, four, maybe six months to sell, so I was just nevertheless shocked when it was sold in one week," Parker said.

February was not just good for Parker, but for a lot of home sellers in the Triangle. According to the Triangle Multiple Listing Service, about 1,600 homes were sold last month, which is a 19 percent increase over February 2003 when more than 1,300 homes were sold.

"I feel that people sense safety in our country, interest rates being low, stock market continuously going up," real estate agent Ida Terbet said.

Cary appraiser Stacey Anfindsen said the areas of growth are changing.

"When I moved here in 1982, I guess all the growth from 1985 until 1985 was in Cary and Apex," he said.

Anfindsen said now the area of growth is outside the Beltline in Raleigh due to the creation of I-540. The roadway brought more shopping like Triangle Town Center Mall and Super Target near Capital Boulevard.

In fact, officials said the three areas with the most home sales in February -- Clayton's 27250, Wake Forest's 27587 and Raleigh's 27616 zip codes, are close to new shopping.

"If this is an indication of how the month is going to be, it will be a phenomenal year," Terbet said.

Agents said more real estate on the market is another reason for more sales, which led to more competition and lower prices.

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