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Raleigh Housing Market Report

Homes in Wake County, December 2010

Wake County MLS Statistics

Closed Sales
Average Sales Price
Average Days On Market Until Sale

December 2009
820
$271,500
96

December 2010
832
$281,505
102

Annual
Change
+ 1.5%
+3.7%
+6.3%

December Home Sales Inched Up!

Baby Steps! Everyone treasures baby steps. Let's treasure a couple which occurred this December and were gifts to the Raleigh Real Estate market.

Raleigh Homes Sales
Last December, 820 homes were sold. This December 832 were sold. That's an increase of 1.5%. How important is that? Well, last month when we were comparing November 2009 vs. 2010, there was a decrease of 42.0%. So, no matter how you cut it, December's increase is a big baby step in terms of improvement!

Average Selling Price of Raleigh Homes
That wasn't all. There's more. The average Raleigh Sales Price for December 2010 was $281,505. In December 2009 it was $271,500. This amounted to a 3.7% increase. $10,000 is quite a jump in average Raleigh home sale prices.

Remember though, this is a reported average and doesn't apply to any one home. It's like a snow fall in a way. WRAL may report a heavy snow of 7" in Wake Forest and only about 1" in Clayton. That's an average of 3.5". But you can't say that all of the Raleigh area had 3.5" of snow. (You can say it but, it won't make it true.)

Average Length of Time to Sell a Raleigh Home
Well, here we have a slight backward step. How many days, on average (There's that old average again.) did it take to sell a Raleigh home in December 2010? Answer: 102 days. That's an increase over 2009's December average of 96 days equaling an increase of 6.25%. So, on average, it took about a week longer to sell a Raleigh home in December, this year, than last year.

What Does All this Mean?

Recovery Stepping Stones:
Jobs! Yes, Jobs are obviously a key element in so many aspects of our lives. Folks with jobs will buy houses.

Headlines: "U.S. Manufacturing Keeps on Growing - 17 Months in a Row" That is incredibly good news. Down the line, it means that there will be a need to hire. As manufacturers continue to gain confidence in the overall economy and as they continue to build cash reserves, they will then begin to rebuild their work forces.

It's Time to Buy:
"I think that I'm going to kind of wait and see what happens." The phrase "wait and see" can be very expensive. Let's take a look at an example.

In early December, a pretend Jim and Sue were thinking about buying a home in Raleigh. They were looking at a $275,000 home and fell in love with it. They wanted to buy it but that "wait and see" bug bit them. "Let's wait and see what happens with the interest rates," they decided.

When they first fell in love with the house, the interest rate was at 4.25%. "Let's wait and see". The rates are now around 4.75% for them. What has the "wait and see" cost? Over a 30 year mortgage, the increased cost of waiting will be about $20,000 in interest increases!

This is the time to buy. Interest rates are starting to creep up but they are still historically low. "Wait and see" may not work to your advantage.

This is a great time to buy a home and there is a wonderful selection of homes out there. It may even be a consideration that you keep your current home as investment property and buy while the rates are this low.

If you you'd like to chat about buying home we'd be happy to talk with you or if you are interested in selling, we can provide our recommendations for the best way to position your home in the current Raleigh housing market market.

We'll also provide you with a neighborhood report that will let you know what has been happening with home sales in your personal neighborhood.

Email Us to request your own Raleigh Neighborhood Report Sample

If you have questions about the Raleigh Housing Market Email Us or Call Us Today at 919-280-2726

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