6020 Creedmoor Road, Raleigh, NC 27612 ~ Cell: (919) 280-2726 ~ Erin@HomesInRaleigh.org

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Raleigh Housing Market
April 2014

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

April
2013
1,557
$254,981
97
6,521

April
2014
1,518
$266,933
89
6,159

Annual
Change
-2.5%
+4.7%
-8.2%
-5.6%

Finely Shaking off Winter - Bring on Spring

• Raleigh Closed Sales: This April reflected the chilly February and March that kept both buyers and sellers hunkered down. Sales were down this month by almost 2.5% from last year at this time.

• Average Sales Price: The April average sales price was $266,933, up 4.7% from $254,981 in April of 2013. Another month of year over year price increases. We remain positive and expect this trend will continue throughout the spring and into summer.

• Days On Market: Dropped to 89 this month. Make good offers, lots of competition out there now. Homes are currently selling on average for close to 97% of asking price.

• Raleigh Active Listings: Active listings now stand at 6,159, down a bit over 300 units from last year. Part of that has been the weather holding people back from getting homes ready to sell. But so if you want to sell before Summer, you need to List Right Now or you'll be sitting still in July and August!

Spring is on the way - We Can't Wait

April was a busy month! Finally winter lost its grip and people were anxious to get out and look at homes. Lots of buyers out there and warmer weather for showing homes.

Along with local buyers, April brought people in full force heading down from the northern tier states. We had a cold winter - they had a brutal one and it's driving people south.

If you're a seller, the buyers are coming out so make sure your home shows well. The homes that show best always sell first! If you're a buyer, we're here to help and we ARE NOT pushy Realtors! Our business model says, first and foremost, Listen! Listen to your clients (many Realtors don't). Be helpful, answer all their questions and make sure they have a good time.

Real Estate is Local, you've all heard that a zillion times. But what does that really mean? The best analogy seems to be: "it's just like the weather". It might be warming up in North Carolina while it's cold and a mess in New York and Pennsylvania. So don't put too much store in National Real Estate trends - it's like a national weather report.

Real Estate is local! Each town has different things affecting its market, i.e. Climate, Jobs, Colleges or Recreational Opportunities which affect the market. The thing to remember is, that while you might fully understand the market in your home town, It's Not The Same in other towns.

We continue to feel quite strongly that if you're a buyer now is the time to pull the trigger. Interest rates are up slightly from the historically lows and we expect them to be higher by the end of this year. Frankly we're surprised rates are staying at these lower levels.

Pick a good Realtor wherever you're looking and look closely at the data he or she provides to you regarding price. They're the local experts and understand prices here. Every local market is different and Raleigh's housing market is totally different from Long Island NY or even Charlotte. Even in the Triangle area - Cary is different than Wake Forest or Chapel Hill. Remember, you can't become an expert on prices in a new town or area over the weekend. Good Realtors here have been doing this for years and know the market. Just pick a good Realtor and you'll be fine :-).

Inventory is always an important factor. Prices are slowly going up and that's good for sellers. Our market appears pretty well balanced right now and is well positioned in a slow steady uptrend which is a good time in the cycle to buy.

A couple of home types are sizzling hot - new construction homes and homes for people looking at retirement. They are flying of the shelves. A couple of important points here - get a good Realtor. Model new construction homes are fun to look with all the "stuff" they have but it is critical to know what is "standard" and what is an "upgrade". The agent in the model works for the seller so you need someone on your side to help you sort it all out and keep an eye on things for you.

For people retiring to North Carolina who want single story homes - they are hard to find. It's not our predominate home style and it's a lot of work to find the good ones. Get a Realtor who can ferret them out for you. If you have a good single story home and are looking to sell - call us! We have a lot of Northern buyers and know how to market to them.

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

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