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Raleigh Housing Market
November 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
813
$245,732
116
7,213

Year
2012
1,025
$257,130
106
5,076

Annual
Change
+26.1%
+4.6%
-8.4%
-29.6%

17 Months of Uninterrupted Raleigh Home Sales Increases!

• Raleigh home sales were up again by a whopping 26.1% over last November.
• Average Raleigh home prices were up by a very significant 4.6%.
• The time it took to sell a Raleigh home was only a bit more than 3 months.
• The fact that there are 2,000 fewer homes on the market than last November is a major problem for Raleigh home buyers.

What Does All this Mean?

That home sales and prices are up and that it takes less time than last year to sell a home, are extraordinary indications of improvement of the nation's economy. Raleigh home buyers are putting their money on the line and it shows they feel that financial conditions have improved and are improving enough for them to take that step.

However, the low inventory of homes is problematic for buyers. There are more buyers and fewer homes. This is not a balanced situation. Buyers don't have the all important selection of homes awaiting the money that they have to spend. When the amount of homes from which they can choose lessens and lessens each month, a problem begins to surface. It's a little like going into an ice cream store which, at one time had 50 flavors, and now finding a half-dozen presently available.

To add an even more startling bit of information, in November 2009, there were 8,946 Raleigh homes on the market. And in this November there were almost 4,000 fewer homes on the market! Then, in November 2010, there was a total of only 690 Raleigh homes sold. They sold for an average price of $236,550.

Compare those dismal figures with this November's results: 1,025 Raleigh homes sold at an average price of $257,130. The total sales figures for this November resulted in an almost 50% increase from two years ago. Average sales prices increased almost 9% since November 2010!

Once again, its the law of supply and demand - Big demand + Low supply = Higher prices.

What does that mean for Raleigh home buyers? You may want to consider buying that home before prices continue to go up.

What does it mean for Raleigh home owners who are sitting on the fence in terms of deciding to sell? Jump in. The water's fine - even in December. This water is competition, or the lack of it. Add to that, the historically low interest rates available at this time - it's why the buyers are out there. This is a good selling time.

With all of this we also wish you a holiday season which full of joy, peace and renewal.

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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