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Raleigh Housing Market Report

Homes in Wake County, June 2011

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

June
2010
1,409
$263,517
98
9,805

June
2011
1,163
$260,313
114
8,287

Annual
Change
-17.5%
-1.2%
+16.2%
-15.5%

Data from Triangle Multiple Listing Service

Raleigh Home Prices Continue to Stabilize in June

• The number of Raleigh home sales were down by a little over 200 homes or 17.5% without last year's stimulus package.
• The average Raleigh home sale price fell by a negligible $3,000 (1.2%) from 2010.
• The average time it takes to sell a home in Raleigh increased by 16.2% but, that's only two weeks longer than last year.
• The number of Raleigh homes listed for sale is only 15.5% less than last year, with no stimulus incentive this year.

What Does All this Mean?

There is a continuation of some degree of stabilization in the Raleigh Housing Market.

When we take into account that there was no stimulus incentive as there was last June, you almost want to say. "Strike up the Band!" It appears that folks who plan to sell a Raleigh home are not quite as uncertain about taking this step as they have been recently. What great news!

Then, coupled with the almost equal sales prices as those of last year, we have yet another reason to celebrate. If that's not enough, it only took two weeks longer to sell a Raleigh home this June than it did last June.

Forbes Magazine Lauds Raleigh!

The financial magazine, Forbes, last week ranked Raleigh No. 1 on its list of the 50 Best Places for Business and Careers. Raleigh came in as No. 2 on its list of the Next Big Boom Towns in the United States. Forbes also ranks Raleigh as the No. 1 city for families with young children.

In its latest accolade, Forbes notes the Raleigh metro area's population growth, job growth, jump in new immigrants and other factors.

"The area is a magnet for technology companies fleeing the more expensive, congested and highly regulated northeast corridor," Forbes' "New Geographer" Joel Kotkin writes. "Affordable housing and short commute times are no doubt highly attractive to recent college graduates and millennials looking to start families."

In Conclusion

Keep in mind that the Raleigh housing market does, currently, remain a buyer's market. But, also keep in mind, that while there are some great values out there for distressed homes (short sales and foreclosures), it is not a "fire-sale". Contact us with any questions about buying foreclosed homes in Raleigh.

This is also a time for specialized marketing to sell a home. There is a difference between choosing to sell your home and having to sell a home in Raleigh. Contact us to discuss these very different by critically important marketing strategies.

Triangle Multiple Listing Service Local Market Updates - June 2011

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 recommendations on how to best market your home to the buying public.

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.

If you have questions about the Raleigh Real Estate Market Email Us or Call Us Today at 919-280-2726

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