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

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Raleigh Housing Market
March 2013

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

Year
2012
1,012
$243,692
129
7,210

Year
2013
1,314
$249,011
103
5,917

Annual
Change
+29.8%
+2.2%
-20.2%
-17.9%

Market Recovery in Full Swing

• Raleigh home sales continue to rise - again! 21 months in a row.
• Average sales prices increased by about 2% from this time last year.
• The average time to sell a home in Raleigh is down compared to last March. Homes are selling faster.
• The number of homes remains low. There were 17.9% fewer homes in Raleigh for sale now than last March.

Strong Demand for homes Puts Sellers Out Front

Market Recovery is in the air this Spring and Sellers are definitely feeling a spring in their step. March was a strong month with the number of closed sales up again. Our listing are getting strong showings and selling at a good clip. We do need more listing as we have buyers waiting in the wings but lack of inventory is holding some back.

The low inventory, combined with a strong seasonal demand is not only pushing sales up but prices are also creeping up. The home buyers we are seeing now are shifting away from the distressed homes and looking predominantly in the conventional market. We are seeing multiple offers on home become a common occurrence. We see this in both the resale and new construction sales. If you're a buyer, make your offer a strong, good one or you are out of luck.

Other factors bolstering the Raleigh Home sales are the higher rent rates and the low interest rates. While it is probable that rents will remain high - interest rates will not remain low. All talking heads on TV, buzz in the mortgage arenas, and outward projections are pointing toward an increase in interest across the board. We are expecting higher mortgage rates in the 3rd and 4th quarters of this year.

Summer can't come too soon after this cold spring. With the warm weather comes the open house season and that will put buyers in homes looking to buy. People are moving to Raleigh and they are looking for that home that will get them in and settled by fall.

Sellers still need to make their home attractive and marketable. We are finding buyers that are willing to "rent for a year" until the home they want comes on the market. Buyers today are smart, savvy, educated and picky. They will buy homes that are attractive, clean, priced well, and maintained well. The demands of buyers are meeting the best of sellers and it is an interesting time.

Raleigh Home Buyers and Sellers

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

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