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Raleigh Housing Market Report
November 2011

Homes in Wake County

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

November
2010
707
$279,313
105
8,788

November
2011
800
$247,948
116
6,576

Annual
Change
+13.2%
-11.2%
+10.6%
-25.2%

Data from Triangle Multiple Listing Service

Home Sales Continue To Rise

• The number of Raleigh home sales in November rose over last year and were up 13.2%
• On average, prices for a Raleigh home were down by 11.2% from November 2010.
• It took about eleven days longer to sell a home in Raleigh this November compared to 2010.
• There were 2,212 fewer homes for sale in Raleigh this November than last November

What Does All this Mean?

Our home sales were up again this month. That's the fifth month in a row that has exceeded its last year's figures. Sales were up 13.2% over last November and the months of July, August, September, October showed an increase in monthly sales before that! The trend we spoke of last month continues to flourish.

And, this leads us to the home prices in November. The average sale price fell in November by 11.2% from last year's November average sale price.

What caused this rather significant dip in average home prices? Primarily, it was caused by a lower number of sales of high to very high cost homes. The sales of homes starting around $500,000 and up to well over a million dollars dropped in November when compared to sales in October. This, obviously, lowered the total dollar sales volume. However, the total number of home sales increased. That increase was in homes which were sold in the $100,000 to $300,000 ranges. The overall lower dollar sales volume in November was divided by a somewhat higher number of home sales than was the case in October. This was what produced a decrease in the overall averages

While it took around eleven days longer to sell a home this year as compared to 2010 November sales this falls in line with what we are seeing across the nation. An additional week and a half to sell a home should not be considered to be a large problem.

There is another area which needs to be looked at. That is the overall number of Raleigh homes which are currently on the market. There has been a very deep drop in the number of homes currently for sale as compared to November 2010. The numbers have decreased from 8,788 down to 6,576 in available homes on the Multiple Listing Service (MLS). Actually, for homeowners who are on the fence as far as making a decision as to whether they should put their homes on the market; this is the time! They will have less competition than they have had in recent years. Yet, as you can from the increased home sales see there are buyers out there. Like any supply and demand situation your home will get more attention from the buyers because there are fewer to look at. For Raleigh home buyers, the time to buy is now because prices have not yet begun to rise but they will. Add to this is the incredibly low continued low interest rates make such a huge difference in a home owner's monthly mortgage payment. We are finding that home buyers are shocked at the prices they are able to qualify for because of these 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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