Raleigh Housing Market Report
July 2011
Homes in Wake County
Closed Sales
Average Sales Price
Average Days On Market Until Sale
Number of Homes For Sale
|
July
2010
886
$265,903
95
9,652
|
July
2011
982
$248,511
130
7,937
|
Annual
Change
+10.84%
-6.29%
+36.84%
-17.77%
|
Data from Triangle Multiple Listing Service
Slight Bump in the Road for Raleigh Home Prices in July
But, Homes Sales Increased!
• The number of Raleigh home sales increased by a significant 10.84%.
• However, prices for the average Raleigh home fell a bit by 6.29%.
• It took about 30 days longer to sell a home in Raleigh this July than in July of 2010.
• Fewer Raleigh homes were for sale this year in the absence of the 2010 stimulus incentive.
What Does All this Mean?
When you think about the information above, a couple of thoughts come to mind. There were more homes sold and there were fewer homes listed on the Raleigh market. This suggests that the overall inventory of homes decreased. When there are fewer homes in inventory and the demand has increased (as it has), normally prices should also increase. We're going to need to wait to see how this unfolds over the next few months. But, the indicators are there. This would be a good time for prospective Raleigh home sellers to plan to market their homes.
In the meantime, with interest rates at all time low rates, coupled with Raleigh home prices lower than last year, this is the time for buyers to get serious about buying a home in Raleigh.
Additional Notes and Thoughts
• There is a contributing factor which has influenced the sales price of Raleigh homes. It centers on current appraisal values. There have been many occasions recently in which lower than anticipated appraisal values have either stopped a sale or have caused sellers and buyers to reach a revised agreement as to lower pricing in order to make a sale work.
• This may well be an inverse pendulum-like response to what may have been inflated appraisal values of a couple of years ago. There is no certain way of knowing just what has caused this reversal. But, it does seem to have pushed homes sales prices downward, not only in the Raleigh home market but, across the nation.
• Builders have been especially hard hit because their life-line to loans for construction has been crimped severally, or severed completely, by the banks. Because of this, the prices that they are asking for their newly constructed homes have fallen. And, in addition, the number of newly built homes to be added to the Raleigh home market by these builders is reduced. These factors contribute to the overall reduction of listings for homes and has been a dominant fact in reducing the average sales price of a home in the Raleigh.
• To home sellers in Raleigh: When the market is a little tough, you must make certain that your product (your home) shines more brightly than your completion. There are three overriding and significant ways to do this:
1. Price your product competitively.
2. Present it with the best photography and number of Internet portals possible.
3. Stage, stage, stage. (This does not mean spending 1,000's of dollars. When you decide that the curtain goes up, be ready. Audiences can be fickle. They will either like and love what they see or, they will look elsewhere.)
Triangle Multiple Listing Service Local Market Updates - July 2011
Contact us with your questions about the Raleigh housing market. We're easy to talk to and can answer questions you may have about current Wake County market conditions, interest rates or what we see happening on the ground.
If you're interested in selling your home we'd be happy to provide recommendations on how to best market your home to the buying public.
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.
If you have questions about the Raleigh Real Estate Market 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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