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

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Raleigh Housing Market
August 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
1,358
$261,341
106
6,911

Year
2013
1,629
$270,771
82
5,991

Annual
Change
+20%
+3.6%
-22%
-13.3%

Hot Summer Days Energizes Buyers

• Raleigh home sales are up 20% from last year!

• The August average sales price was up 3.6% from August of 2012. We expect this trend will continue throughout 2013.

• The Average Days on Market before a home sells is down to 82 days. In August of 2012 it took an average of 106 days to sell a home in Raleigh.

• Active listings now stand at 5,991. That's down over 13% from 2012.

• The new listings this month stands at 1,923. That is almost 13% higher than August of 2012.

We Need More Listings! - Do you know someone who wants to sell? Call us.

August, usually a month when people are grabbing the last days at the beach, was surprisingly busy. Average sales prices were up over 3.5% from the same period last year. Days on market continue to drop due to lack of inventory and, most importantly, the closed sales were up 20% over August in 2012. Inventory is tight and homes are selling. Our listings are selling almost as soon as we put them on and we need more listings Right Now!

Remember, it takes a little time to get your listing into the system. We don't just throw a listing up there. We do quite a bit of work before a listing goes active. There is taking photos, getting the flyers professionally printed, getting the advertising in place, setting up the internet profiles, staging and more. If you're thinking of selling your home and looking to catch the fall season, it's time to act.

Due to the low inventory, the percent of list price received is gaining importance. The listing price compared to the actual sale price tells us a lot. In August, the average percent of list price received stood at 98.2%. This is importing information for buyers. If you're trying to low ball a nice property you're out of luck, period. Remember that 98.2% is an average. Prime properties are selling closer to asking price and it's the less desirable homes that go for less than average.

When looking at the homes for sale we can define the market by the months of supply for sale. At 10 months supply or more we call that an oversupply. A 3 months supply or lower is called an undersupply. Between 3-10 months, is considered a balanced market. Right now overall we have an undersupply. However that is primarily driven by homes that are priced under $600,000. In the higher priced homes there is an oversupply and the days on market are much longer in that market.

New home builders are reacting to low inventory nationally and most certainly here in Raleigh. There were 1,923 new listing in August. That is up 12% from August last year. These are not all new homes but there is a real push by builders to get their product up and ready for sale. We anticipate the building to continue strong into the spring. Given that, it's a super great time to look for great deals from new home buyers. They want the 2013 models sold because their 2014 homes are the hot ones. Always, always have a buyer agent with you when you go to new homes sale centers. Remember they work for the seller and they are obligated to get the best deal for the seller that they can. You always need a buyer agent with you when looking at new construction. You need someone advocating for you - and negotiating the price and the upgrades for you.

Interest rates are climbing and will continue to so. Despite that, interest rates remain at historic low. However there are things coming that we need to watch for. On the horizon are New Lending Regulations, coming in January. These will make it both more expensive and more difficult to obtain a loan. We anticipate that this will affect the market. So, now is a very good time to act to either buy or sell.

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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