The Triangle Area Residential Real Estate (TARR) Report has just come out with the figures for 4th Quarter and a retrospective on 2012.  Things are looking up!  As you can see from the graph below, Wake County home sales in 2012 were the highest since 2008.

Looking just at Q4 2012 vs Q4 2011, showings were up 15% while inventory was down 32%.  Distressed inventory (short sales and foreclosures) was down 32% and now accounts for 9% of total inventory, down from 10% at the end of 2011.  

Home prices fell 9.5% during the recession, but did tick slightly upward in 2012 -- only 1.4% upward, but still upward.  The Law of Supply and Demand always rules, so we can expect to see home prices continue to improve, modestly, during 2013.

On the half-empty side, total sales in 2013 were still only 65% of what they were in 2005, when credit was easy and home prices only went up.  Happy days are not here again, not yet.  But we are definitely feeling more cheerful!

                              Dianne Goode signature   





Helping nice people to buy and sell homes in the Raleigh Triangle area since 1997.



 
This post has been included in North Carolina Real Estate News Wake County, NC Real Estate News
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10 Comments on RALEIGH REAL ESTATE: MOVING FORWARD, LOOKING BACK

JAN
23
120,387 Points Outside Blog
Diane, great report and graph showing things are definitely on the upswing! Happy selling in 2013!
7:41pm • #1
446,075 Points 70 Featured Posts Outside Blog Called Shot Master

Dianne, Your market is looking good. Are you prepared to have a really Great year? It's coming so you had better get ready.
8:03pm • #2
1,091,512 Points 201 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master
Hi Diaane, If we don't have any catastrophic changes in the economy, I think you will see the numbers increase this year even more than last.
8:57pm • #3
JAN
24
216,556 Points 11 Featured Posts Outside Blog Called Shot Master

Jane and Jerry, 2013 is only three weeks old, but already buyers are buying and sellers are selling.  I'm looking forward to a great year.

Hi Debbie.  Oh, I'm ready!  

Wiliam, I think so too.
6:26am • #4
928,243 Points 13 Featured Posts Called Shot Master

Dianne,

We are all rooting for a revival in the economy...wishing you a great Friday, Cheers, A
3:57pm • #5
JAN
29
898,307 Points 35 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

A good report, Dianne. Things are starting to turn around....slowly, like the Titanic.
11:58am • #6
216,556 Points 11 Featured Posts Outside Blog Called Shot Master

Alexandra, the whole country is ready for a revival in the economy! Hard to believe the good times were five years ago ..

Toni, saying the economy is "like the Titanic" doesn't inspire a lot of confidence!   I hope it's not at all like the Titanic!
3:10pm • #7
JAN
30
255,289 Points 9 Featured Posts Outside Blog Called Shot Master

Dianne- Even if it's small an upswing is positive news. You do a nice job laying your Raleigh market report out. Absolutely right that the law of supply and demand rules!
6:58am • #8
1,099,703 Points 25 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Dianne, I'm keeping mry fingers cross for a better year!
9:53am • #9
216,556 Points 11 Featured Posts Outside Blog Called Shot Master

HI Amanda,  The Law of Supply and Demand rules -- always.  People moving here from other parts of the country is a good thing for our housing market, because it means increased demand.

 

Amen, Rebecca.
1:37pm • #10


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Dianne Goode, North Raleigh Realtor ~ Raleigh Cary Realty ~

Raleigh, NC

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Author of Field Guide to Difficult Clients

Address: Raleigh,Wake Forest,Knightdale,Cary,Apex, Garner,Clayton,Holly Springs,Durham, Raleigh, NC

Office Phone: (919) 618-0652

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