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

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Raleigh Housing Market
September 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
932
$235,575
125
7,995

Year
2012
1,115
$241,326
106
5,661

Annual
Change
+19.6%
+2.4%
-15.5%
-29.2%

Home Sales Continue to Rise (Skyrocket!!)

• Raleigh home sales are up by almost 20% over last September!
• Average Raleigh home prices increased again by 2.4% over last September.
• It took 15.5% less time to sell a home in Raleigh than last year.
• While the number of homes for sale is still much lower than last year, the rate of loss is now about 29% instead of 35%. (We should be happy with even limited achievements in this area.)

What Does All this Mean?

The Raleigh housing market is continuing to move upwards. We have now reached an impressive mile marker of 15 months in a row of increased Raleigh home sales. Yes, that's right, 15 months of home sales increases. That's remarkable!

Something else is moving upward. That would be the average Raleigh home price, up by 2.4%. In addition, sellers are receiving, on average around 97% of asking price.

Why is this happening? Even though home inventory began to pick up last month, we are still down from last year's levels by 29%. That's significant and leads right back to the law of supply and demand. Raleigh home sales surged by 20% and the number of homes available were down by 29%. Things are not in balance yet.

This set of circumstances is good for buyers except that he or she doesn't have a robust choice of homes. Raleigh sellers, it seems are now beginning to pick up on this. The market is ripe. There are a considerable number of buyers out there who are looking for a Raleigh home.

Additional Noteworthy Information.

• For the first quarter of 2012, the Federal Housing Finance Agency reported that property values rose 0.3% month-over-month and 0.4% year-over-year. That's the first positive reading since 2007.

• On May 15, the NAR reported its Housing Affordability Index hit a record high.

• In the first quarter, foreclosure filings in the United States fell to the lowest level since 2007, according to RealtyTrac Inc. And, resale of foreclosures by Fannie Mae and Freddie Mac dropped 18%.

We feel this trend will continue through into the fall and expect a stronger winter selling season than last year.

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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