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

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Raleigh Housing Market
February 2018

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

February
2017
1,184
$307,953
36
3,410

February
2018
1,168
$325,602
34
2,072

Annual
Change
-1.4%
+5.7%
-5.6%
-9.9%

February Gives Hints of Spring

• Raleigh Closed Sales: February sales were down from last year by by a 1.4%.

• Average Raleigh Sales Price: The average sale price rose again this month. The average price of homes sold in February was $325,602. That's a strong increase of 5.7% over last year.

• Days On Market: The average days on market before a sale dropped this month. Days on market now stands at 34 days. That's down 5.6% from last February.

• Raleigh Active Listings: Active listings are down again this month. Listings fell 9.9% from last year in February.

February was up and down in weather and metrics.

Sales are down slightly over last February of last year. One factor of this is the fact that sales are the result of showings the month or so before. This January was unusually cold for us - plus the snow. This kept many buyers from venturing out until the ice and snow were gone.

Also, a dip in sales is the natural result of there being fewer homes for sale. Listings are down this month, however, they are down only in the single-digit range! Prior to this they have been down in the double-digit range. Perhaps a light at the end of the tunnel.

One of the results of low inventory is higher prices. This often indicates higher demand often leading to competitive bidding. We are estimating that in home sales under $300,000, multiple offers are in the 60% range and higher.

Low inventory and, as we saw in February, mortgage rates on the rise, do have an impact on housing affordability. This combination can leave some home buyers choosing between higher payments or lower priced homes.

This slight dip was just that - slight! Resale homes sales are going strong. Metrics were very strong with 62% selling in 1-30 days and 22% sold above list price which is the largest percentage on record.

Given all our numbers this month, this Spring selling season is predicted to be a very strong one continuing on throughout the rest of the year.

There is always a plethora of information out there about Real Estate. It is very important, now more than ever, to have a strong Realtor that 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 that 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 in this high demand/low inventory situation. 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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