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Raleigh Housing Market Report

Homes in Wake County, November 2010

Wake County MLS Statistics

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

November 2009
1,190
$236,550
92
8,946

November 2010
690
$249,321
109
8,842

Annual Change
- 42.0%
+ 5.4%
+ 18.5%
- 1.2%

Data from Triangle Area Residential Real Estate Report SMA Publications, Inc.

November Raleigh Home Sales is a Mixed Bag

As we look back over this year's housing market, so far, we can say without hesitation - it has been interesting!

Let's look at the figures and see if we can get a bit more clarity on how we are faring in the Raleigh Housing Market (Wake County) compared to where we were at this time last year.

Raleigh Homes Sales
Last year, in November, there were 1,190 homes sold. This year there were 690. This is a decrease of around 42%. Fewer homes were sold - there is no way to sugar coat that. However, this next set of numbers is important.

Average Selling Price of Raleigh Homes
The average Sales Price of Raleigh homes sold in November of last year was $236,550. This November the average Raleigh Sales Price is $249,321. So, although fewer homes are being sold - the average price that they are selling at is up a little over 5% from last year.

A word of caution here - it is human nature to say - oh my - the value of my home should be 5% more than it was last year. Not so! These numbers are an average - from homes selling at $50,000 to homes selling for $5 million. Just like a national weather forecast does not tell you if it will rain at 123 Main St., Raleigh, NC, these numbers do not talk to the potential selling price of any one home.

Average Length of Time to Sell a Raleigh Home
How long, on average, does it take to sell a home in Raleigh as compared to last November? Last November, on average, it took 92 days. This November it took 109 days. The average time it takes to sell a home in Raleigh has increase at least 18% from last year.

What Does All this Mean?

Recovery Stepping Stones:
What this country needs is Jobs! There is, unfortunately, always a jobs creation lag-time following a recession. Job growth was stagnant after the recessions of 1980 and 2000. This recession was far worse.

Jobs are dependent upon businesses increasing their market and businesses must have access to cash to fund their market development. Banks and lenders nationwide need to open the flow of money for businesses to enable them to expand their markets. This will result in the hiring of more workers who in turn will spend money and purchase homes.

It's Time to Buy:
As the recovery takes a stronger foothold, the pace of home sales will quicken. We hear a lot of people trying to "time the market."

The time is now. Home affordability is better than it's been for years and interest rates are near lifetime lows. Recently, there have actually been some small increases in interest rates.

As the end of 2010 looms and people begin looking for movement - we are anticipating that the log jam will begin to loosen and both prices and interest rates will continue to rise.

If you you'd like to chat about listing your home we'd be happy to provide our recommendations for the best way to position your home in the current market.

We'll also provide you with a neighborhood report that will let you know what has been happening with home sales in your personal neighborhood.

Email Us to request your own Raleigh Neighborhood Report Sample

If you have questions about the Raleigh Housing Market Email Us or Call Us Today at 919-280-2726

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