Raleigh Housing Market
October 2013

Homes in Wake County
Data from Triangle Multiple Listing Service

• Raleigh Closed Sales continue to beat last year's sale every month! Closed sales are up 12.6% over last October.

• The October average sales price was $272,810, up 7.9% from $252,884 in October of 2012. Another month of year over year price increases. We remain positive and expect this trend will continue throughout the rest of 2013.

• The Days on Market dropped a chunk from last year. In September of 2012 it took an average of 105 days until sale - this September - down to 84 days! Make good offers, homes are currently selling on average for 97.9% of asking price.

• The Days on Market is now standing at 82! That means it taking 21 days less to sell a home in Raleigh than it did in October of last year. Homes are currently selling on average for 98.1% of asking price.

More Buyers are arriving every day from the chilly Northeast, We Need More Listings! Call Us!

October was a very good month compared to last October. We expect strong sales numbers for November the number of contracts being written. Fall and winter buyers are serious buyers. We are finding buyers deciding on a home faster during this time of year in both resale and new construction.

With the low inventory of homes - something else is showing up and becoming statistically important - homes selling above list price. In October 10% of the homes sold for above list price. Well marketed and well priced homes are selling fast and often with competing bids. Make good offers and don't mess around or somebody else will be living in your dream home and you don't want that. We can help you with all the data you need to make a good informed decision on what to offer for that home you want.

As we head into fall, we still remain low on listings. We have lots of buyers and we need more listings. If you're a seller, now is the time to sell! Right Now! Late fall is always good for us and this year should be no different. Folks visiting here - primarily from the Northeast - realize how wonderful it is here with great weather and lots to do. One buyer from New Jersey told us he was here home shopping after "winterizing" up North - for the last time! Our market is in an upward trend and we see nothing to change that.

If you're a potential seller and want to catch the fall season, Now is the time! Remember, the fall season is Short, October and November and the 1st week or so of December. After that December slows way down as the holidays come into play. The market does not really pick up again until the second week of January. If you want to sell this fall, you need to list Real Quick!

If you are a buyer, there are 1,679 New Listings in October so there's lots of interesting new homes to look at. We expect new listings to decrease in November as most fall sellers are already listed.

One thing to factor in as both buyers and sellers is interest rates. Interest rates continue to climb on strong jobs numbers out of Washington. The better the economy - the higher interest rates will go. Expect rates to continue to climb for the foreseeable future.

As we look toward the rest of the fall and winter season, we expect activity to continue building throughout November and into early December before slumping the last half of December due to the holidays. Mid January should ramp up very quickly and we should be rocking and rolling through the spring and sizzling in the summer. If you live up north are dusting off that snow shovel, Come On Down. A Carolina fall cannot be beat!

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.

Wake County Housing Market Updates - October 2013

Raleigh Housing Market Updates - October 2013

North Raleigh Housing Market Updates - October 2013

Inside The Beltline Housing Market Updates - October 2013

Wake Forest Housing Market Updates - October 2013

Raleigh Housing Market Report Archives

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