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

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Raleigh Housing Market
September 2018

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

September
2017
1,735
$318,281
25
4,239

September
2018
1,447
$333,341
26
3,949

Annual
Change
-16.6%
+4.7%
+4.0%
-6.8%

Hurricane Florence Blew In

• Raleigh Closed Sales: Home sales fell this month compared to last year in September. September sales were down by 16.6%.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last September. The average price of homes sold in September was $333,341. That's an increase of 4.7% over last year.

• Days On Market: The average days on market before a sale rose this month. Average days on market this September was 26 days. That's an increase of 4% over last year.

• Raleigh Active Listings: Active listings are down this month. Listings fell 6.8% from last year in September.

Metrics show the Effects of Hurricane Florence

Before we talk about the metrics - a little warning. You need to sit down and go to a happy place. Alot of the metrics are not good. Normally in September of each year, there is a seasonal dip that is expected. People are getting their last grab at the beach, focused on the start of school, and their minds are not on Real Estate. This is very normal and typical.

However this year, Hurricane Florence came to NC and the results for Real Estate were as strong and her winds. The hurricane effected listing, showing, homes under contract, and closed sales. So here we go.

• Listings: Normally we see a drop of 5-10% in listings comparing August to September. This September there was a 25% drop.
• Showings: When looking at showing in September of last year compared to September of this year, showing were down 15%. When we compare showing from August to September, showings were down 25%.
• Homes going under contract: When looking at a yearly comparison between last year and this year, pending sales were down 17%. That's sizeable. However when you look at August to September, pending sales were down 28%! Looking at the seasonal metrics on pending sales back to 2015, pending sales were up in September in each of the yearly comparisons. The fact that they dropped so severely this year can only be attributed to Florence.
• Closed sales: Overall, the yearly comparison for closed sales were down over 16%. When we look at the comparison between August and September sales were down 28%. If we just look at resales and don't include new construction, sales were down 29%. That is squarely a result of Florence.

Whew! Sounds all bad - but no. There was some good news! Home prices and days on market were not effected. The average sale price rose 4.7%. Also, days on market were really pretty much the same as last year. Last year days on market averaged 25 days, this year it's 26 days.

We will be watching to see what happens over the next few months as the year draws down to see the overall effects of the NC storms this year.

There is always a plethora of information out there about Real Estate. It's very important, now more than ever, to have a strong Realtor who knows the market and all areas of the market. It is still a fantastic time to both buy and sell!

If you've been thinking about selling your home, Now is the Time. We're always in need of good homes which are prepared for strong buyers. People are out there and They're Buying Now and both buyers and sellers are doing well. Don't delay getting your home in front of them. With this current shortage, you will be in prime position. If you're looking for a strong Seller agent, Please Contact us, we'd love to help you sell your home!

If you're looking for an Experienced, Knowledgeable Buyer Realtor to show you around we'd love to help. We specialize in the Triangle communities and surrounding areas. We sell a lot of homes so we know what we're doing in this high demand/low inventory situation. We love meeting people and helping them find their Dream Home. Contact us and we can help you too :-)

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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