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Raleigh Housing Market Report
October 2011

Homes in Wake County

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

October
2010
698
$249,475
107
9,269

October
2011
836
$243,517
124
6,994

Annual
Change
+19.8%
-2.4%
+15.7%
-24.5%

Data from Triangle Multiple Listing Service

Another Interesting Month

Synonyms for interesting: absorbing, arresting, consuming, engaging, engrossing, enthralling, fascinating, gripping, immersing, intriguing, riveting
(Perhaps we can go with engaging and fascinating. Others are a bit of overstatement.)

• The number of Raleigh home sales in October were up again over last year at 19.8%
• On average, prices for a Raleigh home were down by only 2.4%
• It took about two weeks longer to sell a home in Raleigh this year compared to 2010.
• There were almost 2,300 fewer homes for sale in Raleigh than last October.

What Does All this Mean?

First and foremost, home sales were up again this month. In fact, there is evidence of a pattern of increased sales during the last four (4) months. How do we know this? Let's take a look at closed sales by month as compared to 2010 since January of this year:

• January	-11.5 %
• February	+4.0%
• March	-15.1%
• April	-27.8%
• May	-20.0%
• June	-17.5%
• July	+10.8%
• August	+22.3%
• September	+20.4%
• October	+20.5%

Except for the rather anemic sales increase in February, the last four (4) months have shown an amazing upward trend. Sales are definitely increasing!

And, added to that extraordinary news, home prices only dipped 2.4%. That means that homes with listing prices of from $200,000 to $300,000, as examples, sold for about $5,000 to $7,000 less than the prices asked. This reduction was about a third of the price reduction in July, as an example. That's good news.

While it took roughly two weeks longer to sell a home this year as compared to 2010, this time span of four months (124 days) has actually held steady for the last few months this year. On average, it's taken, within a day or two, the same amount of time since January. That's good news too.

Now we get to a really "interesting" set of facts. This has to do with the supply of available homes actually on the market. Since January and during every single month this year, there has been a substantial decrease in the number of homes for sale as compared to 2010. When coupled with a surge in sales over the last four months, this suggests that we are about to have the age old laws of supply and demand take hold.

It's very simple. When demand increases in comparison to a reduction in whatever is being demanded (as in the inventory of homes), prices begin to stabilize and to increase.

For Raleigh home sellers, this is the time to list your home because the inventory of homes for sale in Raleigh is low right now. Your home will get more attention from the buyers who are out there. For Raleigh home buyers, the time to buy is now because prices have not yet begun to rise (they will) coupled with the continued low interest rates.

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 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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