Raleigh’s “Weak and Declining” Real Estate Market

Raleigh’s “Weak and Declining” Real Estate Market
Wake County real estate average prices have had an overall upward trend since December rising a healthy 3.5% while the Median is nearly flat with only a modest gain of .375%.

The imbalance of supply towards the end of last year caused a spate of homeowners who had been waiting for demand to return to the market to list their home for sale in spring which is why we have seen the month over month increases of inventory.

Inventory finally plateaued in June at 6,300 units or what amounts to a 4 ½ month supply of inventory (MSI).

This is an important number to look at because anything less than 3 MSI is reflective of a market demand that exceeds the supply and is what causes spikes in real estate prices. While it is good for sellers, it is not good for buyers and face it, most sellers are just waiting to become  buyers themselves.

 

Wake County Inventory of Available Homes For Sale finally plateaued in June at 6,300
Wake County Inventory of Available Homes For Sale finally plateaued in June at 6,300

Since relocating from Northern Michigan in 2007 I have lived in Garner (27529) with my wife Melanie and our four children. With personal production of 8MM in real estate sales across Southern Wake County I am considered to be a local market expert in the following communities: Garner (27529), Fuquay-Varina (27526), Holly-Springs (27540), Apex (27502), and Raleigh (27603, 27604, 27606, 27609, 27610)) which spans from downtown Raleigh to Willow Spring including Lake Wheeler. Call or email me, I’m here to help! Ricardo Cobos (919) 526-0183

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