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, February 2011

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

February
2010
625
$234,638
101
8243

February
2011
600
$233,361
117
7479

Annual
Change
4.0%
-0.54%
+15.84%
-9.27%

Data from Triangle Area Residential Real Estate Report SMA Publications, Inc.

February Brought a Spring To Our Step

Oh, by the way, as a quick aside - how did February get its name? It was named after an ancient ceremony: februarius mensis "month of purification", to purify new life in the Spring. This festival's origins are older than the founding of Rome.

Now, leaving ancient Rome and jumping to Wake County, 2011

• The number of Raleigh home sales fell by 4% from February 2010.
• The average Raleigh sales price was down by 0.54%.
• The average time it took a home to sell increased by 15.84%.
• The number of homes listed for sale fell by 9.27%.

What Does All this Mean?

What happened last month is really interesting. Overall home sales really jumped fairly considerably from those in January. The increase from 529 in January to 600 was impressive even though there was a somewhat modest decrease from February 2010 of only 4%.

The next figure, sales price, can be looked at in two ways.

1. The average sales price from last year only dipped less than 1%! (.054% to be entirely accurate). That is very good news.

2. On the other hand, the average sale price did fall by about $16,000. We think this has more to do with renters who began to move out of apartments into affordable homes than a big drop in overall home values.

The next figure, average selling time, shows an increase of 15.84% in the days which a home is on the market until it is sold. That is only an increase of about two weeks.

But, if you compare this to January's 125 days, there was a decrease of just over a week.

So, take your pick. Personally, we think that it's a draw. What do you think?

The last figure, homes for sale, does show a rather significant drop in homes being listed as compared to last year: 8243 down to 7479. But, here again, there was an increase over January's 7376 homes.

So, February was not bad, not bad at all. Yes, small steps for sure but steps in the right direction - which is what gives us a little spring in our steps.

Big Story

• First Big Story: Raleigh is on the list of the top 10 fastest growing cities in the US.
• Next Big Story: The Rent or Own ratio is finally at a relatively even keel.
• Third Big Story: Interest rates are still at an almost historical low (but creeping up)

What do those three top stories mean?

1. This is the time to buy.
2. This is the time to list a home for sale.

See you next month!

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 market your home to the buying public.

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 personalized 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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