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Raleigh Housing Market Report
August 2011

Homes in Wake County

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

August
2010
836
$264,292
100
9,763

August
2011
1,027
$254,509
119
7,606

Annual
Change
+22.3%
-3.7%
+18.8%
-21.1%

Data from Triangle Multiple Listing Service

Oh Happy, Happy Day!
August Delivers ~ Homes Sales Increased!

• The number of Raleigh home sales in August shot up 22.8% over last year.
• However, prices for the average Raleigh home dropped by 3.7% from August of last year.
• It took about 19 days longer to sell a home in Raleigh this August than August 2010.
• About 2,000 fewer Raleigh homes were for sale this August than in August 2010.

What Does All this Mean?

The 22% increase in home sales is wonderful news! It's even made more impressive by following in the footsteps of July's increase of 11%. We are definitely optimistic that this signals a possible trend as we continue through the rest of the year.

Although prices for homes are down, the fact that the number of homes sold is way up means that basically there's lots more homes selling (at lower prices than last year) which brings the total dollars sold up for Wake County.

The length of time it took to sell a home rose again this month to 119. This is an increase of only a little over 2.5 weeks over last year. However, it is a drop of 10 days from last month's 130 days - which is movement in the right direction, again!

Some home owners may have not have gotten the memo about the upsurge in home sales because the inventory of homes for sale was down from last year with a little over 2,000 fewer homes for sale this year than last.

Raleigh Continues to Get Incredible Press

Some amazing data about our fair city, Raleigh, has just been published. This is what G. Scott Thomas of Portfolio.com had to say:

Step aside New York, Chicago, and Los Angeles. When it comes to living the good life, Raleigh has it all: from high-tech jobs to good education and economic stability. Raleigh earned first place, edging out two metros that are substantially larger, No. 2 Washington and No. 3 Minneapolis-St. Paul.

Several factors pushed Raleigh to the top of the list:

• It's growing at a rapid pace. No major market is expanding as rapidly as Raleigh, whose metropolitan population has increased by 37 percent since 2000.

• It has a vast inventory of new homes. More than half of all houses in the Raleigh area have been built since 1990. Las Vegas is the only other market above 50 percent for new homes.

• It has an impressive supply of high-level jobs. Forty-four percent of Raleigh's workers hold management or professional positions, surpassing all but three markets.

• It has a well-educated workforce. Raleigh, at 41 percent, ranks sixth in the share of adults holding bachelor's degrees.

Read more at Portfolio.com's That's The Life

We are absolutely inundated with bleak economic news which suggests that Raleigh must be just another casualty case. Folks, just because it's raining and storming someplace or a series of places, it doesn't mean that it's happening in Raleigh. This article suggests that we have a good deal of economic sunshine in our future.

Triangle Multiple Listing Service Local Market Updates - August 2011

Whether you are a home owner contemplating the selling of your home or a home buyer, please give us a call. We have some extremely interesting information to share with you about the Raleigh Housing Market.

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.

The Raleigh Housing Market Reports below will give you a detailed look inside the current and past Raleigh Housing Market.

Raleigh 2010 Year End Housing Market Report

Raleigh Housing Market Report Archives

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

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