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

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Raleigh Housing Market
January 2019

Homes in Wake County
Data from Triangle Multiple Listing Service

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

January
2018
1,126
$324,597
34
3,245

January
2019
1,027
$340,652
35
3,459

Annual
Change
-8.8%
+4.9%
+2.9%
+6.6%

A New Year Starts

• Raleigh Closed Sales: Home sales fell this month compared to last January. January sales were down by 8.8%.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last January. The average price of homes sold in January was $340,652. That's an increase of 4.9% over last year.

• Days On Market: The average days on market before a sale rose this month compared to last January. Average days on market for January was 35 days.

• Raleigh Active Listings: Active listings are UP this month! Listings rose 6.6% from last year in January.

December to January Stats Shows Astounding Numbers.

Usually in our analysis, we look at the current month compared to the same month the previous year. However, the big news this month is the astonishing numbers from December of 2018 to January 2019. In this one month period the numbers are staggeringly good and way above normal.

• Home Showings: Home showings in January were up 72% over showings in December. WOW! Nobody looked at houses in December but buyers were out in force in January.

• New Listings: New Listings were up during the month from December by 60% - and that is a record!.

• Resales: Resale homes (not new construction) were up 88% compared to December.

• Pending Sales Pending Sale were up 46% compared to December!

Why this all happened in one month? One thing is mortgage rates. Last year or most of last year, rates were on a slow steady increase and leveled off in December. In January the rates were about the same as in December, but, buyers are aware of predicted movement upwards. Buyers felt that perhaps January rates were going to be the lowest of the year. Buyers were looking at the probability that January house prices and January mortgage rates were at the lowest of the year.

Now back to year-to year comparisons. One final thing I want to bring up is Days On Market. They can be a bit deceiving. Although the average days-on-market are currently at 35 there is a definite split in that number.

If you look at the stats closely, homes below $400,000 can sometimes sell in a matter of hours, particularly homes in the $250,000 range and below. But, with homes over $400,000 we are looking more like 90-100 days. The average is so far below that because of the quick selling lower prices homes. So, for both buyers and sellers, if a home in the higher bracket has been on the market for 80-90 days that is not at all a sign that there is an issue with the home.

One important thing we do have going when selling anything is demand. People are moving to the triangle to the tune of 50-60 people a day. With our strong economy, many of these people are investing in homes. The NC Triangle is strong.

There is always a plethora of information out there about Real Estate. It's very important, now more than ever, to have a strong Realtor who knows the market and all areas of the market. It is still a fantastic time to both buy and sell!

If you've been thinking about selling your home, Now is the Time. We're always in need of good homes which are prepared for strong buyers. People are out there and They're Buying Now and both buyers and sellers are doing well. Don't delay getting your home in front of them. With this current shortage, you will be in prime position. If you're looking for a strong Seller agent, Please Contact us, we'd love to help you sell your home!

If you're looking for an Experienced, Knowledgeable Buyer Realtor to show you around we'd love to help. We specialize in the Triangle communities and surrounding areas. We sell a lot of homes so we know what we're doing to market and draw people to sellers homes here. We love meeting people and helping them find their Dream Home. Contact us and we can help you too :-)

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,
or what your Raleigh home is worth Email Us or Call us Today at 919-280-2726

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