Wake County (Raleigh NC area) Market Report for June 2009

This month let’s look at the Real Estate statistics for all of Wake County for the month of June

Below are the final numbers for detached homes as reported in our Triangle Multiple Listing Service which includes Apex, Cary, Fuquay Varina, Garner, Holly Springs, Raleigh, Wake Forest areas. 

 

Remember these reports are for ALL detached homes (only) in Wake County… 

 

Active Detached homes during the month of June

detached homes for sale in Wake (Raleigh NC) County NC

Total detached homes under contract in June

homes under contract in Wake (Raleigh NC) County NC

Total homes closed in June

Homes that closed/sold in Wake County (Raleigh NC) June 2009

Here’s a map to get a good idea of where places are in Wake County;

 

 

One Solid Rock!About the author:  Pamela is a Raleigh Realtor with The St. Peter HomeSelling Team at Prudential YSU Realty in the Triangle. 
A team of passionate North Carolina Brokers dedicated to connecting their clients to success in home buying and home selling in the Triangle. Pamela can be reached via email at Pamela@RaleighHomesOnline.com or by calling (919) 645-2522.

For your real estate needs The St. Peter HomeSelling Team serves the following areas; Raleigh, Cary, Apex, Morrisville, Holly Springs, Fuquay Varina, Garner, Wake Forest
                                                 

search the Raleigh TMLS

Wake County (Raleigh NC) Final Market Report for May 2009

Time to look at the Real Estate statistics for Wake County for the month of May.  Below are the final numbers for detached homes as reported in our Triangle Multiple Listing Service.

 

Active Detached homes

Wake detached

 

Total detachted homes under contract in May

Wake pending sales in May

 

Total homes closed in May

Wake County closed in may

 

These numbers actually improved since our last Wake County Market report we did earlier in the month (3rd week in May).  But the real improvement is over last month – April Wake County Market Report with inventory down, and pendings and sales up.

 

Here’s a map to better understand exactly what Wake County includes; towns like Cary, Apex, Morrisville ( or CAM as they are sometimes referred to), as well as Raleigh, Wake Forest, and south to Holly Springs, Fuquay Varina, and even some parts of Clayton.

 

Wake County area

 

So if you’re considering buying or selling in Wake County – give us a call.  We’d love to chat.

 

Raleigh NC (Wake County) February Market Report

Raleigh NC (Wake County) January Market Report

 

 

Raleigh, NC (Wake County) May Market Report

I know we’re a bit early but I was getting anxious to see how we are doing in the Raleigh area real estate market.  It’s exciting to be tagged as the #2 city in the nation  for a real estate rebound but I want to see the numbers start to uptick and couldn’t wait till next week… 

So here goes – my good, bad and ugly for this month. 

The tables below remember are for single family detached homes in Wake County and the information taken from the Triangle Multile Listing Service (our MLS).  It includes places like Raleigh, N. Raleigh, Cary, Apex, Morrisville, Fuguay Varina, Holly Springs, and Wake Forest. 

We’ve started to bring you some of those individual area market reports like earlier this month (Cary NC April Market Report) and will continue with those next week.

But for now let’s review what’s going on in Wake county…

First let’s look at all Active Detached homes for sale in the Triangle MLS for Wake County

Wake county active listings

Of all the actives listings above – below are the new listings to come on the market in Wake county so far this month:

Wake county

Total properties pending or under contract:

Under contract this month

Total properties sold and closed so far this month:

Wake county detached solds

I thought you would like to see the High, Low, and Average prices on these charts as well as the Average Days on Market.

Now if you’ve followed my previous reports you know that I like to also know what’s going on as far as showings go.  After all if nobody’s looking nobody’s buying…  So here’s the showings activity so far this year from our CSS.  The report indicates an upswing in showing activity – which is a good indicator.

 

All areas around Raleigh

I find it interesting to see what price level is getting the most showings or activity in our Raleigh Market.  Below you’ll see that not much condo activity but it certainly swells around the $300K price point and then trickles down from there. 

showings by price point

 

So there’s what we have – looks like active listings are down, as well as the average price per square foot from last year.  Days on the market are higher, but  the average sales price for Wake county has actually increased a little over 4%.   We’ll be keeping a close eye on the market in the days and week ahead.  We want to make sure we prove Ms. Corcoran right!

 

 

One Solid Rock!About the author:  Pamela is a Raleigh Realtor with  The St. Peter HomeSelling Team at Prudential YSU Realty in the Triangle.

A team of passionate North Carolina Brokers dedicated to connecting their clients to success in home buying and home selling in the Triangle. 

Pamela can be reached via email at Pamela@RaleighHomesOnline.com or by calling (919) 645-2522.

 

For your real estate needs The St. Peter HomeSelling Team serves the following areas; Raleigh, Cary, Apex, Morrisville, Holly Springs, Fuquay Varina, Garner, Wake Forest
                                                 

search the Raleigh TMLS

 

Raleigh NC Real Estate Market Report January 2009

                                                         Raleigh Market Report

It’s time to gather the statistics to compare January 2008 to January 2009.  Unfortunately there’s no sugar coating the stats this time – our market took a punch.  Below you’ll see where our strength and weaknesses are in the Triangle (Wake County).    

Notice what happened to new construction.  It tanked 55%!  No wonder the builders have backed off new construction around here.  But in comparison take a look at the average price of a resale home – it’s up 3%.  Our average sale price for the entire area did drop by  2 ½ %.

 

Description

January 08

January 09

% Change

Wake County

Number of detached sales

 781

 447

 -42.77 %

Number of condo sales

 217

 89

 -58.99 %

Number of townhouse sales

 61

 41

 -32.79 %

Number of new construction sales

 436

 194

 -55.50 %

Number of re-sales

 623

 383

 -38.52 %

Average detached sales price

 $285,408

 $264,569

 -7.30 %

Average condo sales price

 $182,401

 $184,478

 1.14 %

Average townhouse sales price

 $153,951

 $234,524

 52.34 %

Average new construction sales price

 $319,880

 $311,526

 -2.61 %

Average re-sales price

 $212,533

 $218,957

 3.02 %

High Sale price detached

 $1,985,000

 $1,565,000

 -21.16 %

High Sale price condo

 $756,000

 $565,000

 -25.26 %

High Sale price townhouse

 $393,500

 $765,000

 94.41 %

High Sale price new construction

 $1,985,000

 $1,565,000

 -21.16 %

High Sale price re-sale

 $1,022,000

 $1,175,000

 14.97 %

Average Sales Price for the entire area

 $256,729

 $250,081

 -2.59 %

Number of Listings for the entire area

 7909

 8103

 2.45 %

Average List price for New Construction for the entire area

 $419,564

 $445,663

 6.22 %

Average List price for Re-sale for the entire area

 $319,906

 $320,151

 0.08 %

Average List price for the entire area

 $362,811

 $361,158

 -0.46 %

So just which subdivision’s did the best during the month of January 2009?  Some of these are our favorites too…

 Top Selling Subdivisions

Graphic statistics courtesy of Stacey Anfindson – T.A.R.R  Report

I also wanted to check on how the showings compared for the two months as well.  As you’ll see they were way down too – over 12%.  There were 14,504 total listings in January 2009 and 12,688 in January 2008...

   January 2009 Showings

  

So where have all the buyers gone?  My gut tells me they are waiting to see what the market will do next.  Except of course 1st time home buyers.  We’re seeing more of them with the $8,000 tax credit on the table until later this year.

I’ll be anxious to get my hands on the stats for February.  But for now with mortgage money available and very good, things will start to unclog around here.  This weekend FHA loans are around 5% and with  a 3 ½ % down payment requirement. 

There’s also USDA loans available  (Read Eleanor Thorne’s info) and a lot of the area in Wake county surprisingly qualifies.  Then top it all of with Conventional 30 year fixed rates at an all time low hovering around 4.62% and inventory flush it is a great time to buy that dream home!

In the meantime should you have any questions about buying or selling a home in the Raleigh Area call us – we’re your connection to Raleigh Real Estate!

Just the Facts Please! What really is happening with the Raleigh Real Estate Market?

OK – time to regroup and look at just what the Raleigh Real Estate Market in Wake County is doing…  Let’s take a good look at the Good, the Bad, and The Ugly;

The Good

•  3rd quarter closings were the 6th highest in history

• Current supply of 8 months is lower than national current supply of 11 months

• Average house price appreciation in the Triangle Multiple Listing Service has been 4%. National rate is a negative -4.8%

• Average re-sale sales price +4%, average overall sales price +8%, average list price +2%

• Houses priced correctly sell in an average of 55 days

The Bad

• Overall inventory grew 7%, making 2 consecutive months of <10% growth

• Withdrawn listings increased 2% compared to 9/07

  The Ugly

• 29 consecutive months of inventory growth, 20 consecutive months of lower pending sales

• 63% of all price points have an oversupply of housing product

• 9/08 expired listings were 227% higher than 9/07 expired listings

• 8/08 employed workforce was lower than the 8/07 workforce for the first time since ‘01 v. ‘00

 

The chart below (courtesy of Stacey Anfindson – T.A.R.R  Report) highlights the difference between December 2007 and December of 2008..   

Description

December 07

December 08

% Change

Wake County Stats

Number of detached sales

 885

 786

 -11.19 %

Number of condo sales

 305

 210

 -31.15 %

Number of townhouse sales

 52

 102

 96.15 %

Number of new construction sales

 587

 477

 -18.74 %

Number of re-sales

 655

 621

 -5.19 %

Average detached sales price

 $280,039

 $292,358

 4.40 %

Average condo sales price

 $182,790

 $187,767

 2.72 %

Average townhouse sales price

 $123,337

 $303,172

 145.81 %

Average new construction sales price

 $288,470

 $333,453

 15.59 %

Average re-sales price

 $214,759

 $227,200

 5.79 %

High Sale price detached

 $1,195,000

 $3,100,000

 159.41 %

High Sale price condo

 $505,000

 $1,243,500

 146.24 %

High Sale price townhouse

 $274,500

 $847,500

 208.74 %

High Sale price new construction

 $947,500

 $3,100,000

 227.18 %

High Sale price re-sale

 $1,195,000

 $1,394,000

 16.65 %

Average Sales Price for the entire area

 $249,597

 $273,359

 9.52 %

Number of Listings for the entire area

 7909

 8103

 2.45 %

Average List price for New Construction for the entire area

 $419,564

 $445,663

 6.22 %

Average List price for Re-sale for the entire area

 $319,906

 $320,151

 0.08 %

Average List price for the entire area

 $362,811

 $361,158

 -0.46 %

There you have it – the facts.  Is our market down?  Yes the number of detached sales was down 11.19%.  But take a look at the average detached sales price – it was up 4.40%

We will be watching the NC Employment Security Commission closely as they reveal Wake Counties workforce numbers for January.  We’ll also be watching pending sales and showing reports for this month as well.  Those lower figures are troubling. 

There’s no denying that the market is adjusting itself.  That is one part of the news out there that is factual.  But I can’t help but wonder what would happen if everyone stopped listening to the gloom and doom reported nightly and just went about their daily business?   Remember people buy and sell homes based on their personal needs not what the market is doing. 

I am sure that with interest rates as low as they are and inventory as ripe as it is we will see an upswing as we head into the spring market.  Especially from the wise and well counseled 1st time home buyers.  Don’t forget that the government has up to $7,500 tax credit waiting for those that qualify. 

Happy House Hunting,

 

Signs Raleigh NC real estate market picking up?

Things are starting to pick up here in the Raleigh NC real estate market!  Take a look at these stats from our realtor.com site!  As you can see from this graph interest activity had been pretty flat since all the September credit crises hit the news.  But look at the spike of activity just a few days after the elections.

 

Raleigh NC Real estate activty

*monthly REALTOR.com® Property Marketing Report for www.RaleighHomesOnline.com

We’ve been chanting for the last little while that NOW IS THE TIME TO BUY!  If you’re a 1st time home buyer or an investor…  please don’t wait.  It is time to consider how the changes in the economy and the market are effecting us personally.  If you’re a home owner; wouldn’t you love to know what your home is worth?  

 

If you live in the Triangle and surrounding areas – we are extending an offer to use our simple, automated tool, MLS Market Snapshot, to find out where your home stacks up in the market.  Just type in your address and you’ll receive updates with information about homes listed and recently sold on your street and in your neighborhood.  Answer questions like:

·         How do actual selling prices compare to listing prices in my area?

·         How are homes within a 5 mile radius selling?

·         What about unsold homes in my area?

·         Where can I get answers to any pressing questions I may have?

While Market Snapshot only works for areas that would be included within our Raleigh/Cary & Triangle MLS, if you live outside of the Triangle and are considering moving to our area… don’t feel left out!  We would be delighted to connect you to a professional Realtor in your area. 

 

If you are like many home buyers, you have been doing your preliminary searching for homes via time to start looking for a home in Raleigh NCthe internet.  If you’re beginning to narrow down the areas or neighborhoods you want to consider for your next home, you can use our MLS Market Snapshot  just by entering in an address or zip code to get the real deal on what homes are going for.  Market Snapshot does all the research for you! And it’s FREE.

 

As always, we’re here to answer questions and be your #1 source for real estate information here in the Triangle.  To provide a more detailed CMA (Comparative Market Analysis), we would be more than happy to assess your home in person. Please feel free to contact us at anytime.

 

Your Raleigh Realtors