Raleigh have been outperforming recently and will continue to do well next year.” As I’ve written here before, our local numbers confirm this. The average sell price is up 8.4% for closed sales in September compared with same period in 2006. The average sell price for a home in Wake County, which includes Raleigh, Cary and Wake Forest, was $277,451 in September compared with $255,963 in 2006.
Now before we start to jump for joy and declare that we are in a total seller’s market, consider the decline in showing activity and closed sales in recent months. Real estate markets are driven by supply and demand and we cannot ignore the drop off in demand.
So what difference is the lower demand making? The immediate impact is that supply has been pushed up to over 8,300 listings in Wake County which is a 26% increase over the same period last year. The good news is the market is still absorbing the increase with current inventory at 4.9 months. And as we can see from the NAR forecast and our own local numbers, prices are up by a healthy amount.
I still believe that the slowdown in people wanting to relocate to the Raleigh area, due to the difficulties sellers in other markets are having selling their homes, is what is responsible for the reduced demand. So far sellers are okay waiting another 30 days or so to sell their homes and therefore the pressure on price has not materialized.
Accurate pricing, proper preparation, and targeted marketing are more important that ever for Raleigh home sellers. If you want to get full price without having to wait an extended period of time to find a buyer, make sure your Realtor knows how to create the right mix of these things.
If you are planning to sell your home and want to know how to use the current market conditions to your advantage, give me a call at 919–602–7000, or send me an email and I’ll be happy to discuss this with you.
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