Wake County Market Trends: October 2016

By
Real Estate Agent with Raleigh Cary Realty NC Broker #178638

Here is a snapshot of the current real estate market for residential real estate in Wake County.

 
Distressed        inventory   Down 56% from October 2015.  
Resale inventory   Down 14% from September. 
Average sales price for resales

Up 4% from October 2015, to $271,300.

Average Days on Market   36, down from 42 in October 2015.
Closed sales in October Unchanged from October 2015.  
Closed sales year-to-date   Up 7% over this point in 2015.  
Months of supply   Wake has had five consecutive months of a lower number of new listings, in spite of increased demand.  This is reflected in shorter DOM and higher prices.
   
Comments   Real estate is cyclical and affected by interest rates and we are in year 35 of a downward trend.  Statistically, we are due for interest rates to rise, which will impact buyers' ability to purchase, especially first-time buyers.
   
  Statistics from the T.A.R.R. Report, deemed reliable but not guaranteed.

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Topic:
Real Estate Market Trends
Location:
North Carolina Wake County
Groups:
North Carolina Real Estate
Posts to Localism
Tags:
housing trends wake county nc
housing market october 2016
housing market statistics wake county 1016

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Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Wake County home sellers will be in very good hands when they select you as their listing agent.

Dec 09, 2016 05:02 PM #1
Rainmaker
4,498,218
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

I was looking for your current blogs. I hope all is going well for you.

Dec 12, 2016 06:54 AM #2
Ambassador
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Hi Dianne

Buyers and sellers can readily see you know the housing market in Wake County and can help them understand what all this means for their buying or selling decision-making. Will be interesting to see what happens in November, and then December.

Jeff

Dec 12, 2016 05:39 PM #3
Rainmaker
2,632,087
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Dianne, that has been the trend here in Los Angeles ironically we are about 12 months ahead of the rest of the country in Real Estate Market trends, Endre

Dec 17, 2016 10:55 AM #4
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Rainmaker
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Dianne Goode

Realtor/Broker
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