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

Home North Raleigh Homes Midtown Raleigh Homes Raleigh Luxury Homes Wake Forest Homes Cary Homes North Carolina Triangle

Raleigh Housing Market
August 2018

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

August
2017
2,092
$329,724
23
4,200

August
2018
2,054
$342,064
23
3,818

Annual
Change
-1.8%
+3.7%
0.0%
-9.1%

It's August. It's still hot!

• Raleigh Closed Sales: Home sales dipped this month compared to last year in August. August sales were down by 1.8%.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last August. The average price of homes sold in August was $342,064. That's an increase of 3.7% over last year.

• Days On Market: The average days on market before a sale are exactly the same as they were last August. Average days on market this August and last August is 23 days. Interesting!

• Raleigh Active Listings: Active listings are down this month. Listings fell 9.1% from last year in August.

Fall is Around the Corner

Home sales dipped a bit this month and we may be seeing the result of ongoing low inventory and strong sales. When there is a lack of something and people are buying that something at a strong pace, sales will eventually dip due to the lack of that thing. That "thing" is available homes. Primarily available homes under $310,000. Homes in this price range are the ones that seem to sell as soon (or before) they come on the market.

This is where the discussion of "Months of Supply of Inventory" takes place. What does that mean? Months of Supply of Inventory means that if no more homes came on the market, how many months would it take to sell all available homes. We can give an average of Months of Supply for all homes - for example, the Wake County months of supply of homes in August is 2.2 months. However, within that average the breakdown of price ranges gives a clearer picture. Let's look closer for the month of August.

Months of Supply
• $136,999 or Less: 1.8 months. Down -18.2% from last August.
• $137,000 to $198,999: 1.1 months. Down -21.4% from last August.
• $199,000 to $308,999: 1.8. months. Down -14.3% from last August.
• $309,999 or More: 3.9. months. Down -13.3% from last August.

All of the price points have dropped as far as Months of Supply. So, for all buyers there are fewer homes. Each price point is down dramatically from last year. However, the biggest hits are under the $309,000 price line. This leads to the affordability of homes and we may be seeing some buyers being priced out of the market. This may be the reason behind the dip we have seen in overall sales.

We are watching this carefully as we come into our seasonally lower sales period of Fall and Winter. The positive marker is that we did see a 0.8% increase in new listings this month. That's a big YAHOO! It may sound small but it is mighty in the overall picture. After months of begging for more homes to come on market - perhaps we will see an up-turn and that could make all the difference.

There is always a plethora of information out there about Real Estate. It's very important, now more than ever, to have a strong Realtor who knows the market and all areas of the market. It is still a fantastic time to both buy and sell!

If you've been thinking about selling your home, Now is the Time. We're always in need of good homes which are prepared for strong buyers. People are out there and They're Buying Now and both buyers and sellers are doing well. Don't delay getting 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 an Experienced, Knowledgeable 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 :-)

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

Raleigh Homes For Sale	Raleigh Luxury Homes	North Raleigh Homes	Midtown Raleigh Homes	Raleigh Inside The Beltline	Raleigh New Homes
Raleigh Townhomes & Condos	Raleigh Golf Homes	Cary Homes For Sale	Durham Homes For Sale	Wake Forest Homes	North Carolina Triangle
Raleigh Home Buyers	Raleigh Home Sellers	Raleigh Community Information	Raleigh Fun Stuff	Raleigh Triangle Schools	All About Ed & Erin