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

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Raleigh Housing Market
May 2012

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
2011
983
$244,314
119
9,281

Year
2012
1,264
$255,314
108
6,128

Annual
Change
+28.6%
+4.5%
-9.5%
-34.0%

Great Month for Sales Again! The good just gets better!

• Raleigh home sales were, again, up - by 28.6% over last May.
• Average Raleigh home prices were up again by 3.1% over last month.
• It took 9.5% less time to sell a home in Raleigh than last year.
• Sellers, however, are holding back - there was a 0.96% decrease in homes for sale compared to last month.

What Does All this Mean?

May is beautiful in Raleigh! The whole place seems to just burst forth with flowers and color is everywhere. Raleigh is gorgeous in the spring and we are thrilled to live here. If you're thinking of moving to Raleigh, this is the perfect time! Homes are selling, interests rates are at historic lows and the birds are chirping.

Home sale are incredibly strong again this month. We had a fantastic May. Buyers are out there and they are snatching up the homes they can find. We are anticipating this upward trend of Raleigh home sales to continue throughout the summer selling season.

The number of homes for sale in Raleigh is severely down from last year. Although we saw a slight increase last month in homes being placed on the market - it went back down again this month. The inventory is incredibly low. This could start to bring us into a "sellers market" if this shortfall continues and we think there is a strong possibly that it will.

Sellers, don't get too excited. Prices are starting to rise but they are not shooting up. Now, as always and forever, you must price your home appropriately or it will not sell - period.

As the buyers come out and the inventory is low - the law of supply and demand kicks in. This shows in the Days on Market. The time it takes to sell a home in Raleigh is dropping.

However this brings up an interesting thing - "Buyer Urgency." Buyers are now often missing out on their first offers and multiple offer situations are becoming more common. Buyers will have to make better offers to get the homes they like best. The days of the "Deal of the Century" are over.

May has been a good start to summer selling season and will most likely continue, even with this incredibly low inventory.

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 Email Us or Call Us Today at 919-280-2726

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