6020 Creedmoor Road, Raleigh, NC 27612 ~ Cell: (919) 280-2726 ~ Erin@HomesInRaleigh.org

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Raleigh Housing Market Report

Homes in Wake County, January 2011

Wake County MLS Statistics

Closed Sales
Average Sales Price
Average Days On Market Until Sale
Number of Homes For Sale

January
2010
598
$252,855
109
7796

January
2011
529
$249,442
125
7376

Annual Change

-11.54%
-1.35%
+14.68%
-5.39%

Janus Was Known As God Of The Doorway.

Janus, for whom January is named, was obviously not at his post this last month. He kinda' let things drop at the doorways of homes in this area.

• The number of Raleigh home sales fell by 11.54% from January 2010.
• The average Raleigh sales price was down by 1.35%.
• The number of homes listed for sale fell by 5.39%.
• The average time it took a home to sell increased by 14.68%.

Janus was, evidently, snoozing.

Is there any good news? Well, frankly, yes.

Manufacturing, nationwide, has moved at its fastest pace in seven years. Warren Buffett is absolutely bullish when it comes to looking toward the future.

His recent letter to his investors (Don't you wish that you had been one of them.) spells out plans to invest big, big, big dollars. He says that his "elephant gun is ready and cocked."

There is definitely daylight at the end of this tunnel. Manufacturing, investing, and folks purchasing things must always come before employment begins to make steady increases.

What Does All this Mean?

It means that the Real Estate market will make some people very happy.

For buyers, there were and are some truly remarkable deals in this market. People have been able to purchase homes which might have been out of reach just a few years back.

Interest rates are still, historically, at a low, low point (But, they are creeping up a little.)

The fact that both home prices and interest rates are creeping up should catch the attention of folks who have been "waiting to see" what would happen. Both these increases are important.

The current interest rate, set by the Federal Reserve, is nearly at zero. But it's will rise once the job market improves. When that happens, interest for home loans will also rise.

There are, perhaps, three types of buyers. Each has a fence of sort between making a decision to purchase or not to purchase.

• The first says: "I don't think I can qualify. I'll just continue to rent."

• The second climbs on the fence and sits there saying: "I'm going to wait until prices go down a little bit more" or, "I will buy but, I'm not quite ready yet."

• The third doesn't say much, just leaps over the fence and absolutely nails an incredible deal.

So, as we look forward in 2011, how will most buyers be handling that fence?

We feel buyers will be experiencing a renewed urgency to secure low interest loans. We are expecting lots of buyers hopping over the fence to get the remaining great deals.

We also expect to see home sellers putting their homes on market earlier than usual so as to catch the resurging interest.

We are expecting a busy Spring in the Raleigh Housing Market!

Feel free to contact us with your questions about the Raleigh housing market. We're easy to talk to and can answer questions you may have about current Wake County market conditions, interest rates or what we see happening on the ground.

If you're interested in selling your home we'd be happy to provide our recommendations and input on how best to proceed to catch the wave of buyers.

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