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

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Raleigh Housing Market
August 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
1,566
$254,714
119
8,340

Year
2012
1,682
$261,500
106
5,736

Annual
Change
+7.4%
+2.7%
-10.9%
-31.2%

Home Sales Continue to Rise

• Raleigh home sales continue to rise, up by 7.4% over last August.
• Average Raleigh home prices increased by 2.7% over last August and jumped up 3.2% compared to last month.
• It took 10.9% less time to sell a home in Raleigh than last year.
• The number of homes for sales is still down almost a third from last year.

What Does All this Mean?

We are still at the point of the two escalator analogy for the Raleigh housing market. Let's expand on that scenario.

Pretend we have a department store with two escalators. One is going up with customers ready, willing, and able to buy. They have been, month after month (for over 12 months), buying whatever they can wherever they can, throughout the store.

Now let's view the other escalator. It's the one going down. It's carrying the diminishing stock of inventory. Less and less inventory, month after month after month.

This department store scenario is the Raleigh Housing Market. More home buyers have been buying with less for them to choose from. In fact, inventory is now down by approximately one-third from the levels of last year! Yet, sales are up almost 25% over last year.

So here is where we stand.

• Prices on the current inventory of homes has been creeping up and they will continue in that direction. The laws of supply and demand cannot be repealed anymore than the law of gravity!

• Current sellers have a whole lot less competition now. Last year there were 8,340 homes for sale in the Raleigh area. Right now, there are only 5,736. And, in August a whopping 1,682 homes were sold! When potential sellers to do the math they will see the tapping sounds on their front doors may well be the sounds of opportunity.

In addition there's wonderful news from the U.S. Census Bureau. The statistics show that during a period from April 1, 2010 through July 1, 2011, Raleigh and Cary were among the 15 fastest growing cities in the U.S.! Raleigh ranked 9th and Cary ranked 8th. Yeah!

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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