Closed sales are up and the average days on the market is down – the October 2013 snapshot of Triangle area real estate activity reveals good news for home buyers and sellers in the area. Here are some quick stats representing the entire Triangle MLS area (before we dive into performance details for Wake County homes).
- Homes sold in October 2013 vs October 2012 = 2,320 vs 1,988 representing an increase of 16.7%
- At the end of October 2013 the inventory of homes for sale was 13,281 vs 14,378 in October 2012, a decrease of 7.6%
- The Days on Market until sale decreased by 20.3% for the same period with an average of 93 in October 2013 vs 117 in October 2012
Oddly we couldn’t find released numbers for the Triangle unemployment rate in September (possibly due to the government shut down?)… the previous month however dropped sharply to its lowest point in nearly 5 years, reaching 6.6% in August, down from 7.2% in July.
Alongside our monthly market report we wanted to share a terrific monthly market update featuring the following counties: Orange, Durham, Johnston and Wake County. Presenting the Triangle MLS (multiple listing service) October market update with Stacey Anfindsen:
Wake County Real Estate Statistics
Our goal for the Triangle real estate market reports is to offer a solid overview of how real estate in our areas of NC perform month over month.
Specifically this is information covering single family detached homes, indicating fluctuation in home sales, inventory, and days on market until sale.
For great information more specific to each area of the Triangle, see the links below to our blog where we’ve posted individual area market reports for last month:
- Wake County NC Real Estate Recap
- Raleigh Real Estate Recap
- Cary NC Real Estate Recap
- Holly Springs NC Real Estate Recap
- Morrisville NC Real Estate Recap
- Apex NC Real Estate Recap
- Wake Forest NC Real Estate Recap
- Garner NC Real Estate Recap
- Fuquay-Varina NC Real Estate Recap
- Knightdale NC Real Estate Recap
To break down the information above, the tables below detail the October 2013 activity for Raleigh, Cary, Apex, Morrisville, Holly Springs, Wake Forest, Garner, Fuquay-Varina and Knightdale by the number of:
- New active homes that entered the real estate market
- Total active homes listed (excludes the # of new active homes as not to be redundant and skew the percentages)
- Homes closed last month
- Homes that went under contract (pending)
- Average number of days on the market before closing
AVERAGE NUMBER OF DAYS ON THE MARKET BEFORE CLOSING
This graph indicates the average number of days a single family detached home remained on the market for those homes that closed in October.
Wonder how your Triangle area home stacks up against the competition? We offer a free Comparative Market Analysis (CMA).
If you would like to know how we can market your home to get the best deal possible in the shortest amount of time, browse our Triangle home selling section, request a free pamphlet on how to get your home sold fast or contact us and we’ll work together to get your home sold.
Buying a home? The information below will give an idea of what your options look like for each area.
Wake County Real Estate that Sold in October 2013
Just some highlights:
Average Days on Market in the Triangle
The average days on the market for homes in the entire Triangle area last month was 93 days (just over 3 months). Something to keep in mind with the average days on market is that currently there is an under supply of homes in the lower price ranges and an over supply of homes in the higher price ranges. 93 days is a good indication for Triangle home sellers who are selling their homes for less than around $200,000. For those home sellers with homes in the upwards of $800,000 and higher those average days on market is closer to 10 months. What to expect in terms of length of time on the market before selling depends greatly on specific location, desirability, and price bracket.
The low and high per area for days on market before closing in October were Holly Springs averaging (an incredibly impressive) 73 days, and Garner with an average of 138 days (note: the “Triangle area” includes other areas outside of the specific areas we cover above); the other Triangle areas noted above fall between the two (see chart outlining the average days on market above for the breakdown).
If you would like to discover what is on the market now that matches your unique criteria sign up for your own gateway and receive new listings directly to your e-mail as they enter the Triangle real estate market.
Questions or a hankering for more information? Please don’t hesitate to contact us.
Disclaimer: Any reference to TMLS data is based on information from Triangle MLS, which neither guarantees nor is in any way responsible for its accuracy. All data is provided ‘AS IS’ and with all faults. Data maintained by Triangle MLS may not reflect all real estate activity in the market. Realtor is a registered trademark of the National Association of Realtors.