Below are some highlights from 2007 Wake County Residential Real Estate Activity. The highlights are as follows:
- resale inventory increased by 37%
- every geographic area in Wake county saw double digit increases in inventory.
- there is a 4 month supply of housing inventory vs 3 months at the end of Dec 2006.
- average appreciation for resale property sold in the last 18 months is 4.97%
An increase in inventory and supply typically results in downward pressure on pricing. However, the average appreciation rate of 4.97% is on the higher end historically for Wake county. I believe this is because the spring market was very strong and drove up prices early in 2007 before the increase in supply and inventory. From about July 2007 the amount of inventory and time on market has steadily increased along with a decline in the number of sales. In North Raleigh December 07 sales of resale homes were 27% lower than in December 2006.
Looking forward in 2008 I see the market activity in Wake county has strong but slightly weaker than 2007. Prices should stay flat relative to 2007. Keeping numbers in perspective, 2006 was a record year for Wake county with a total of 24,093 closings vs. 20,974 in 2007.
As always if you are considering selling your home please visit my web site, www.SteveHamilton.net , to view my aggressive, cutting edge marketing plan, read client testimonials and search the MLS.
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