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

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Raleigh Housing Market
November 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

November
2015
1,201
$300,031
48
4,065

November
2016
1,459
$314,663
38
3,528

Annual
Change
+21.5%
+4.9%
-20.8%
-13.2%

Fall Comes To A Close with Warm Sun & Pleasant Temperatures

• Raleigh Closed Sales: November sales show a roaring leap up. This month's sales were up 21.5% from last year. Fantastic!

• Average Raleigh Sales Price: November average sale price increased again this month. The average price of homes sold in November was $314,663. That's an increase of 4.9% over last year.

• Days On Market: The average days on market before a sale continues to fall and took a big step downward. Days on market now stands at 38 days. That's down 20.8% from last November.

• Raleigh Active Listings: Active listings are down again this month. Listings are down 13.2% from last year.

Seasonal Sales Are Strong

The trend for 2016 is consistent. The number of homes for sale is down and those homes that are for sale are selling in fewer days and for higher prices. Total inventory continues to decrease compared to the prior years and 52% of re-sale houses listed during the month had a status change to pending or closed. The average DOM has been below 50 days in each of the past 8 months.

New construction is trying to fill the housing shortage, but interestingly, the resale market is stronger. The reason could lie in the price of new construction homes vs resale. The average list price of new construction listings is around $400,000 where the average price of resale homes is around $300,000. Many buyers are not finding what they want for the price in new construction and are returning to resale homes.

Home sales are strong even within the normal seasonal dip of winter. Looking forward, we are preparing for a very strong spring. February usually has the highest new listings of the year so if you want to beat that rush now is the time to get your home ready for listing. Buyers continue to buy what's out there with gusto.

So, if you've been thinking about selling your home, Now is the Time. 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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