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

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Raleigh Housing Market
November 2017

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

November
2016
1,476
$314,711
38
3,808

November
2017
1,604
$327,886
39
3,457

Annual
Change
+8.7%
+1.2%
+2.6%
-9.2%

Resale Inventory Remains Low

• Raleigh Closed Sales: November sales were up from last year by by a gigantic 8.7%.

• Average Raleigh Sales Price: The average sale price rose again this month. The average price of homes sold in November was $327,886. That's an increase of 1.2% over last year.

• Days On Market: The average days on market before a sale increased this month. Days on market now stands at 39 days. That's up 2.6% from last November.

• Raleigh Active Listings: Active listings are down again this month. Listings fell 9.2% (ouch) from last year in November.

New Construction Everywhere!

North Carolina is now becoming a "destination state." We are getting an influx from people all over country with high numbers coming from the Northeast corridor, California, and Florida. Wake County is averaging around 64 people a day moving here. Many of these people are home buyers and this is leading to our high demand for homes. The crunch comes when people here are happy in their homes and not jumping to put their homes up for sale.

With the dearth of resale homes available, buyers are turning to new construction homes. Builders are answering the pleas for homes at a fast and furious pace. New construction home sales are booming.

However, many people prefer resale homes in established neighborhoods. It's the perfect wave. Low inventory of homes up against high demand is resulting in multiple/competing offers becoming common place. These homes are selling very quickly. Over 60% of resale homes sold in November sold, within 30 days. November average sale price was over $300,000 for the first time ever and the Days on Market (DOM) were the lowest November DOM - ever!

We are also seeing a rise in cash sales. The question is always, how do cash offers affect a seller's decision in multiple offer situations? Is cash King? Data shows us that yes it is. When buyers are in a competing offer situation the question always is how to sweeten their offer. Cash is coming out as King, even if the amount offered for the home is exactly the same.

If we dig a bit deeper we can see why. On the surface it may look like it really doesn't matter if the sale is cash or a mortgage. Either way the seller still gets the money at closing. But, if you look at what's happening between cash and lender loans some interesting things show us why sellers are preferring cash offers.

• Financial Concessions: With cash offers, buyers are not asking for financial concessions (Closing Costs.) With lender involved sales, sellers are still often paying some form of financial concessions. The medium is about $3,000. That's money off the sellers' bottom line.

• Appraisals: Cash buyers often forgo an appraisal. I don't agree with this as I think an appraisal is very important, but, cash buyers often choose not to get one. With lender involved sales an appraisal is always required. Sellers are concerned that the "house will not appraise." If the home does not appraise, even though both parties have agreed on the price, it becomes complicated.

• Days on market or days until closing. Cash sales average half the time on market as do lender involved sales. Cash sellers can close quicker.

Buyers, if you have the ability to offer cash for a home it is a good way to go in multiple offer situation. However, if you are a strong buyer but are unable or don't want to go the cash route, there are still ways to be competitive against cash offers. Make sure you are with a strong agent that knows how to best position your offer for these challenging situations. Always ask your agent how they handle multiple offers! Or, call us:)

There is always a mixture of information in Real Estate. It is very important, now more than ever, to have a strong Realtor that 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 that 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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