Local News

As Housing Boom Cools Elsewhere, Triangle Home Sales Skyrocket

Posted December 23, 2005

— The hot housing market is starting to cool off in parts of the country. But in the Triangle area, all indications are that the boom will continue.

If you want to know how healthy the Triangle housing market is, look no further than Joan and Phil Pappas. They just moved from New Jersey, and they say the Triangle has everything they want.

"I think the No. 1 reason is the weather," said Phil Pappas.

Coastal areas across the U.S. have reported slowdowns. Boston, D.C., Miami, and L.A. are all showing signs of leveling off. But in the Triangle, third-quarter home sales were up 13 percent.

"We've seen steady sales for January and it has not slowed down," said developer Tom Keenan.

Keenan built 20 homes in all of last year. He will reach half that total next month alone. He and others think that it's just the right time for the area.

"I think what it comes down to is affordable housing," said real estate agent Lisa Ellis. "Our sales are up 30 percent from last year, and a lot of that is from folks moving from California and other markets."

Ellis said families from California, New York, New Jersey, and D.C. are moving to the Triangle to get more space for less money. But with every success comes a price, and for the Triangle it may be explosive growth.

Wake County schools are bursting at the seams, the recent drought exposed limits to the water supply, and the area's road system will see increased traffic.

"Not that we want to become an Atlanta -- and as a native, I hope that never happens -- but there is a lot of dirt to build on," said Ellis.

If you break down the population growth in Wake County, the numbers show that more than 60 people move into Wake County every day.

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