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, May 2011

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

May
2010
1,379
$245,407
98
9,765

May
2011
974
$243,950
120
8,508

Annual
Change
-20.0%
-0.6%
+21.9%
-12.9%

Data from Triangle Multiple Listing Service

Raleigh Home Prices Stabilize in May

May data shows:

• The number of Raleigh home sales fell by 20% from May 2010.
• The average Raleigh home sale price was down by a slim 0.6%.
• The number of homes listed for sale fell by 12.9%.
• The average time it took a home to sell a home in Raleigh increased by 21.9%

What Does All this Mean?

At a first glance, the May Raleigh home sales figures could be disconcerting. Let's face it, a decrease in home sales of 20% is not great news for folks thinking about selling their homes.

But, let's look below the surface. There is some extraordinary good news for Raleigh home owners - The average sales price for Raleigh homes only fell a razor thin 0.6%!

That's only $1,500 on a $250,000 home!

Last month, the drop was 0.9%. The May results represent a marvelous continuation in sales price improvement. Sometimes, it takes a bit for really good news like this to get around. We're all for doing our best to "get it around".

Once potential Raleigh home sellers realize this current stabilization, they may decide that now is a good time to sell their homes and they may not be expected to offer deep discounts. Once that happens, the new listing figures will rise.

There is some other moderately good news. The time it takes to sell a home (Days on Market) has increased in percentages but, the actual time it takes to sell a Raleigh home has only increased by 3 weeks. Percentages are important but can sometimes overstate a case.

For sellers, there is another factor which has just come into play. Foreclosures are dramatically down. They have been a thorn because they created an unfair competitive pricing structure for sellers of non-foreclosed homes.

Will this respite last? Probably not. It occurred because banks have an extraordinary backlog of foreclosed homes to work through. What this lull means is that potential sellers need to make a decision to enter their homes on the Raleigh market while this foreclosure slowdown is in effect. Time is of the essence.

What's the good news for home buyers? It boils down to one overriding truism. This is still a buyers' market. Prices and Interest rates remain historically low.

For a Raleigh home buyer, there are two things to keep in mind:

1. If you are renting, buying a home in Raleigh offers extraordinary ownership values. Your monthly payments will probably be very similar to your monthly rent. FHA, VA, and other available programs allow low down-payments. Negotiations often result in sellers paying substantial closing costs for a buyer.

2. If you are trading up, some major savings in the more expensive home will offset much lesser losses in a present home.

Take care and we will be back next month.

Ed and Erin

Triangle Multiple Listing Service Local Market Updates - May 2011

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 a 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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