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

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Raleigh Housing Market
May 2016

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

May
2015
1,891
$290,753
48
4,187

May
2016
2,044
$303,591
39
3,462

Annual
Change
+8.1%
+4.4%
-18.8%
-17.3%

May Weather Perfect - Sales Up

• Raleigh Closed Sales: May sales were up from last year's sales. This month's sales were up 8.1% from last year.

• Average Raleigh Sales Price: May's average sale price increased - again. The average price of sold homes in May was of $303,591. That's an increase of 4.4% over last year.

• Days On Market: The average days on market before a sale continues to drop. It now stands at an average of 39. That's down over 18.8% from last May.

• Raleigh Active Listings: Active listings are low - still. Listings are down 17.3% from last year.

Summer selling season in Full Bloom.

May has given us a nice start to the selling season - for the most part. Of course we are still begging for listings with the inventory continuing to be snatched up quickly. We have had 15 straight months of dropping inventory.

Average home prices have gone up however we need to look a bit closer at the "average." There is difference between homes with listing prices below $400,000 and those with listing prices above $400,000. We really have two markets here.

Homes with listing prices below $400,000 are in high demand. The good ones often go under contract within hours and multiple offers are common with contract prices at or even above asking price. There is a larger demand than there are homes for sale. It is not the same situation with homes listed over $400,000. The homes in the higher bracket are in less demand - often taking more than 6 months to sell. In this group we are seeing and increase in "expired or failed listings." These are homes that did not sell and were taken off the market. There is an 18% increase in failed listings with homes listed for over $400,000. There is also a much larger inventory to select from in this group. If you are thinking of listing your home in this price bracket make sure you get a Realtor with strong skills. Your home needs to shine and be marketed to the hilt.

Although inventory is still severely low in many areas, low mortgage rates and higher wages have brought us a relatively sturdy housing marketplace. The question now is how long this can last with continually dropping inventory. New Construction seems to be going up everywhere in response however building takes time leaving a lag in sales. The road ahead could be tricky if demand remains high. Again, a Realtor who knows and watches the inventory closely will be critical in finding the best homes quickly and getting you ready to make an offer when you see it.

If you've been thinking about selling your home, Now is the Time. We're in need of good homes that are prepared for strong but picky buyers.

People are out there and They're Buying Now so don't delay to get your home in front of them. With this current shortage, you will be in prime position. If you're looking for a strong Seller agent, Please Contact us, we'd love to help you sell your home!

If you're looking for a No Hassle-No Pressure Buyer 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 in this high demand/low inventory situation. 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.

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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