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Raleigh Housing Market Report
December 2011

Homes in Wake County

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

December
2010
835
$260,086
105
7,986

December
2011
855
$216,993
118
5,897

Annual
Change
+2.4%
-0.9%
+13.0%
-26.2%

Data from Triangle Multiple Listing Service

Raleigh Home Sales Have Increased Every Month for Six Months!

• Raleigh home sales continue to rise and in December were up again over last year.
• On average, prices for Raleigh home were down less than 1% from December 2010.
• It took slightly less than two weeks longer to sell a home in Raleigh compared to 2010.
• There were 2,089 fewer homes for sale in Raleigh this December than last December.

What Does All this Mean?

Raleigh home sales were up again this month when compared to last year. This completes a string of six consecutive months of increases over sales in 2010. This definitely should be considered a welcome trend.

The next set of numbers is extremely welcome. These numbers show that there was a recovery in average sales prices over the previous month of November. In December, average sale prices for a home in Raleigh fell less than 1%. When compared with the average sales price in November which came in at a drop of 11.2%, this is more good news.

It appears that there were fewer foreclosed and short sale properties sold in December than in some previous months. This is good news for sellers who have their homes on the market today. It should send a signal to other homeowners who may be on the fence as to whether to place their homes on the market. The months leading up to December showed that the Raleigh real estate market was much stronger than in 2010.

How much longer, on average, did it take to sell a home in the Raleigh market compared to December of 2010? Actually, it was less than two weeks longer. And, even if we look at the total average time of just four months and remember than it usually takes about 45 days from the time a contract is agreed to until the closing occurs, this means that a home was only on the market for a bit more than two months.

The final figure is one which should really grab the attention of potential sellers. The inventory of Raleigh homes for sale dropped a staggering 26.2%. There were only 5,897 homes on the market in December. In December of 2010, there were about 8,000 homes on the market. This is the time for potential sellers to enter their homes on the Raleigh market. Is it better to enter a home on the market when there is a great amount of competition or, when there is a great deal less competition? The question answers itself. And, coupled with the added advantage that buyers have today when it comes to rock bottom interest rates, there has no better time than now to get a home on the market and to sell it.

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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