According to the statistics recorded in the Triangle Multiple Listing Service there’s good news and there’s really bad news for the Raleigh Real Estate Market. I prefer the bad news first because it always make the good news sound just a little bit better so here’s the bad news;
Median & Average Sales Price Declines in Raleigh by double digits
If you have to sell your home in Wake County North Carolina where 100% of Raleigh is located, the value of your home may be falling faster than the presidents job approval ratings!
According to this Raleigh real estate expert, the region is officially in the second dip of the dreaded double-dip recession having seen month over month declines… all year (see the graph below).
Both the median and average price of a home in this county have declined more than 10% when compared to the same period one year ago to where they are today at $195m and $235m. The Average Days on Market has increased by more than 20% rising from 100 to 122 days.
Closed Sales in Raleigh increased year over year by more than 20%!
The actual number of closed sales in September were up more than 20% from the same period last year. But to be candid that was probably one of the worst sales figures in a decade so let’s not jump for joy just yet.
Number of New Listings Decline
Here is the really good news – New Listings (the number of sellers who decided to market their homes) in September declined by nearly as much as sales increased a whopping 17.48% and this has caused the Months Supply of inventory (MSI) to drop more than a full percentage point from 9.7 months to 8.6 month. The MSI this is the expected number of months it will take to exhaust the current inventory of homes at the current absorption rate or demand.
What does this mean of you are a seller? It means if you aren’t realistic about what you have to price your home to sell it for in today’s market, then you shouldn’t try to list your home for sale because there is still nearly 9 MSI and yours will sit well beyond the average days on market and will eventually sell for less.
If you are a buyer and are buying under $300,000 don’t think that Raleigh is a buyers market because it isn’t – the under $300m is where nearly ALL activity is so you are competing in a market that looks just like it did in 2007. Take advantage of the low rates and be prepared to make your best offer because as you can see from this graph, there is a LOT of competition.
If you would like a complimentary copy of the market report for Wake County or any Raleigh Sub-division click here to have it emailed to you.
- Raleigh Real Estate – It’s NOT a Buyers Market (theraleighmortgageguy.com)
- Raleigh Attracts Brains and Remains One of the Best Cities for Jobs in the US (prweb.com)
- Housing; is it still the best Investment for Americans? (theraleighmortgageguy.com)
- Real Estate Double Dip: Why Buyers Love It and Sellers Hate It (via Triangle Real Estate Blog) (theraleighmortgageguy.com)
- Expanded Income limits for $8,000 Down Payment Assistance for Raleigh / Wake County Home Buyers (theraleighmortgageguy.com)
- Once again Forbes names Raleigh #1 Place for Business! (theraleighmortgageguy.com)