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Raleigh Housing Market
2011 Year In Review

Homes in Wake County

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

Year
2010
11,077
$255,762
101
7,986

Year
2011
10,608
$247,090
121
5,897

Annual
Change
-4.2%
-3.4%
+19.7%
-26.2%

Data from Triangle Multiple Listing Service

We had a Half n' Half Year
(And the cream began to rise during the second half)

• The number of Raleigh home sales decreased by 469 compared to 2010.
• On average, prices for Raleigh homes were down by only 3.4% from 2010.
• It took about 3 weeks longer to sell a home in 2011 than in 2010.
• There were 26.2% fewer homes placed on the market than in 2010.

What Does All this Mean? Why the half n' half description?

This has been an extraordinary year. If the second half of the 2011 had been a replay of the first half, any thoughts of optimism would not be in order. As it turned out, the second half of last year brought some profoundly hopeful year end results.

Let's do an instant replay of the first half. From the beginning of January through all of June, home sales in the Raleigh real estate market were much lower than in 2010. How much lower? Home sales were off by 19.2%. And, the overall total dollar volume was over a third of a billion dollars less than in the same time period of 2010. There really was no way to gloss over that kind of loss.

But, the second half of 2011 came to the rescue. Starting at the first of July and continuing for each and every month through the end of December, Raleigh home sales increased substantially. In addition, the total dollar sales volume also increased very significantly.

By year's end, the average selling price of a home in Raleigh had only dropped by 3.4% as compared to 2010. In addition, because of the strong increase in home sales during the second half of 2011, the dismal decrease of 20.6% shown in the first half was reversed.

The overall decrease in home sales in 2011 was only 4.2% from the 2010 level. That was an outstanding improvement. Added to that was the huge decrease, percentage wise, in overall sales dollar volume. At the end of June it stood at 19.2% less than 2010. By the end of the year, it stood at only 7.5% less.

All in all, 2011 offered much to be thankful for. We assume that these positive trends will continue. Just since the holidays, we have noticed a considerable increase in interest among potential buyers.

In looking at the total picture and taking into consideration what we have witnessed in the trends during the second half of this last year, this should be an exciting and rewarding time for sellers and buyers.

Feel free to contact us with your questions. We're easy to talk to and we can answer any questions you might have about current market conditions, interest rates or where Raleigh home prices are headed. If you're interested in talking about listing your home we'd be happy to provide our recommendations on how best to proceed to market your home.

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

The Raleigh Housing Market Reports below will give you a detailed look inside the current and past Raleigh Area Housing Market.

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

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