Raleigh Housing Market
February 2015
Homes in Wake County
Data from Triangle Multiple Listing Service
Closed Sales
Average Sales Price
Average Days On Market Until Sale
Number of Homes For Sale
|
February
2014
958
$254,678
71
5,554
|
February
2015
1,043
$266,744
67
4,457
|
Annual
Change
+8.9%
+4.7%
-5.6%
-19.8%
|
February Was Interesting - Yowza It Was Cold!
• Raleigh Closed Sales:February sales were up almost 9% over last February's sales. We had people from NY looking at homes in tee-shirts! People were out and buying. Sales in February 2014 totaled 958 and sales this year during February totaled 1,043.
• Average Raleigh Sales Price: The February average sales price rose 4.7% over last year's sales price. The average sale price for a home in Raleigh is now $266,744. That's up from last February's sale price of $254,678.
• Days On Market:The average days on the market until a home is sold decreased to 67 day in Wake County. That's good news. It now takes 5.6% less time, on average, to sell a home in Raleigh than it did in February of 2014.
• Raleigh Active Listings:The total active listings is WAY DOWN. Listings are down by a 19.8% from last year at this time - ouch! The number of homes for sale in February of 2015 now stand at 4,457 in Wake County.
February was cold but homes were moving fast - many of us had closings in the snow!
February was COLD and our 2" or so of snow set us all in a tizzy - and rightly so! We are not used to that Arctic thing - so good riddance. March is just around the corner and Raleigh will unfreeze. Inventory is expected to rise and home sales are widely expected to increase.
February 2015 was an interesting month for the real estate market in Raleigh. With the unusual weather we expected things to be down but instead they were rolling strong. All market indicators improved on strong sales activity and steadily increasing prices.
Total Unit sales were up 8.9% from last year and the Average sale price was up 4.7% over same period last year. As you can see above the average sale prices are on a definite upward trend. We have had some peaks and valleys but we continue to march upward.
Our crunch place is homes for sale or "inventory." The inventory of homes for sale is falling and falling dramatically. We are down 19.8% from last year's inventory. We have referred to the decreasing inventory continually so we thought a graphic would help demonstrate where we are.
Wake County currently has about a 3 month supply of homes for sale. Now that's great news if you are thinking of selling your home - get it on the market now because you will have the most exposure. It's the perfect time and we need your home.
Buyers, there are great homes out there and they sell fast. Make sure you are ready to make an offer when you see one you love - wait and you may loose it. Also, buyers - make sure you are with a good Realtor who can guide you through a multiple offer situation. Multiple offers on good homes are becoming more and more common.
We are now at the start of our traditionally strong spring selling season. February numbers were virtually all on the positive side and March is looking good too. We expect March to be another strong month.
The National Economy continues to improve, particularly on the jobs front. Unemployment now stands at 5.5% which is the lowest rate is several years. Personal spending is increasing and we continue the slow grind up out of the "Great Recession" according to most market pundits. All these positive signs provide support to improving real estate markets across the nation.
Raleigh and Wake County is a solid market with much more room to run and rates are still low so now's the time to look. We are averaging 60 people a day moving to Wake County. That is wonderful news! For home sellers many of the people moving in are looking for homes. If you are one of our new residents and want a quick real estate tour, Contact us, we'd love to show you around!
If you're looking for a No Hassle-No Pressure Realtor to show you around we'd love to help. We specialize in the Triangle communities and surrounding areas. We sell a lot of homes so we know what we're doing. We love meeting people and helping them find their Dream Home. Contact us and we can help you too :-)
Raleigh Home Buyers and Sellers
Feel free to contact us with your questions. We're easy to talk to and we can answer any questions you might have about current market conditions, interest rates or where Raleigh home prices are headed. If you're interested in talking about listing your home we'd be happy to provide our recommendations on how best to proceed to market your home.
We'll also provide you with a Raleigh Neighborhood Report that will let you know what has been happening with home sales in your individual neighborhood.
The Raleigh Housing Market Reports below will give you a detailed look inside the current and past Raleigh Area Housing Market.
If you have questions about the Raleigh Real Estate Market,
or what your Raleigh home is worth Email Us or Call Us Today at 919-280-2726
If you have questions about any homes in Raleigh or any North Raleigh Homes
Email Us or Call Us Today at 919-280-2726
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Content By Erin Bohner
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