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

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Raleigh Housing Market
May 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
1,275
$254,861
107
7,383

Year
2013
1,732
$264,118
89
6,302

Annual
Change
+35.8%
+3.6%
-16.7%
-14.6%

Heading into Summer - Rainy Weather Can't Damped the Market

• Raleigh home sales climb over 35% over last year.
• The average Raleigh home sale prices are up again - 3.6% higher than last year.
• The average time it takes to sell a home in Raleigh is down 16.7% from last May.
• Home inventory remains low. There were 14.6% fewer homes in Raleigh for sale now than last May.

We Need More Listings! - We're Selling Fast - Call Us!

May was a strong month with average prices up another 3.6% over last May. The Triangle area remain desperately low on good listings so if you are thinking about selling now would be a good time because home buyers are jumping on them! We need more listings Right Now!

Interest rates are on the front burner and we expect an uptick very soon. This will affect both a person's ability to buy and price point to qualify for.

The number of new listings is up 15% over last May - Yeah!! However, Raleigh's continued low housing inventory conditions. It's a "Sellers Market" in many of the Triangle area and we are seeing competing offers on the prime properties. Make good offers, or you'll be out of luck. The killer deal days are long gone. We expect active listings to continue drifting lower over the next few months.

However, the number of homes sold is up - over 35% over last May! People are out there buying and looking for homes. Raleigh is drawing people from all across the country. We are getting calls all the time from people moving here from the Northeast, Midwest, and the West Coast. The number of days on Market was down 16.7% over last May to 89 days.

Home prices are responding to the low inventory. The May average sales price was $264,118, up 3.6% from $254,861 in May of 2012. The median sales price was also up a strong 4.2% over last year. We expect this trend will continue well into 2013.

Bottom line for May is a strong demand for homes and not enough of them. This is our prime selling season and the Spring rain has brought a flood of buyers looking for homes.

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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