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

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Raleigh Housing Market
June 2013

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

Year
2012
1,440
$259,451
112
7,259

Year
2013
1,639
$264,547
89
6,295

Annual
Change
+13.8%
+2.0%
-20.9%
-13.3%

Summer's Here - It's Hot and so Is The Market

• Raleigh home sales are up almost 14% from last year.

• The June average sales price was $264,547, up 2% from $259,450 in June of 2012. We expect this trend will continue throughout 2013.

• Days on market before a home sold remains at an average of 89 days this month. This time last year it took an average of 112 days to sell a home here.

• Active listings now stand at 6,295. That's down over 13% from last year. Unfortunately we continue to expect active listings to drift lower over the next few months.

We Need More Listings! - Sales are as Hot as the Weather - Call Us!

June was another very busy month with average prices up 2% over same period last year. We remain desperately low on good listings so if you are thinking about selling now would be a great time! Don't think "Oh, it's summer, we'll wait till fall." Homes are selling today! We need more listings Right Now because all are we have selling!

Last month we said, "Interest rates are on the front burner and we expect an uptick very soon." Well, here it is! Interest Rates are the big story these days above almost all else, so we won't belabor that issue. So if you can buy now, best to do so. Your buying power is stronger with the lower interest you pay. We have some clients who were pre-qualified for the home they loved but they waited to buy. Two months later they no longer can qualify for that home.

Raleigh continues with low housing inventory conditions. It's a "Sellers Market" over most of parts of the Raleigh area and we are seeing competing offers on the prime properties. Make good offers, or you'll be out of luck. Make good offers, There's lots of competition for the nicer listings, especially in the lower price points. Homes in Raleigh are now selling, on average, for almost 98% of list price according to the Triangle Multiple Listing Service.

Almost all statistical indicators remain positive. This continues to be a steadily improving market and that trend should remain in place for the rest of the year.

Interest rates have spiked up since our last report as we mentioned. However we do not think that will dampen our market here much. Demand is strong both locally and for people moving to this area. The number of our out of state buyers has dramatically increased. The increase in interest rates will probably have more of an impact on first time buyers who are just starting out.

Interest rates are starting to climb, getting a loan can be a real hassle and that's not going to change any time soon. If you're waiting for interest rates to drop back down, DON'T. That's not what's going to happen. Interest rates will continue to climb from here.

Industry experts are now saying "If you can afford to buy now, Don't Wait!"

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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