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

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Raleigh Housing Market
October 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

October
2015
1,616
$284,649
43
4,385

October
2016
1,607
$297,342
36
3,862

Annual
Change
-0.6%
+4.5%
-16.3%
-11.9%

Fall Colors are Beautiful

• Raleigh Closed Sales: October sales took a small dip from last year's sales. This month's sales were down 0.6% from last year.

• Average Raleigh Sales Price: October average sale price increased this month. The average price of sold homes in October was $297,342. That's an increase of 4.5% over last year.

• Days On Market: The average days on market before a sale continues to fall. It now stands at 36 days. That's down 16.3% from last October.

• Raleigh Active Listings: Active listings are down again this month. Listings are down 11.9% from last year.

October Sales were Slightly Down

October sales were slightly down by 0.6%. This is not too surprising as the nation was focused on the upcoming election. We've see a relatively comfortable pace of activity which has been maintained thanks to continuing low unemployment and mortgage rates. The one continual drag on the market is inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.

The number of homes for sale is a constant issue. This month both resale and new construction inventory decreased. A startling static for the month is 51%. Of all the homes that came on the market in October - 51% went under contract! That's huge and tells you there are buyers out there that are looking for homes now!

Coupled to the low inventory is the downward trend for Days on Market. Days on Market until a sale now stands at 36. That's a 16% drop from last year. However, if you take a longer view, it's even more dramatic. In October of 2012 (just 4 short years ago) the Days on Market stood at 114 - now its 36. Wow!

So, if you've been thinking about selling your home, Now is the Time. Don't wait until "after the holidays." We're in need of good homes that are prepared for strong buyers. People are out there and They're Buying Now. 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 :-)

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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