I think it is critical to monitor the local real estate market and to provide updated market statistics/information to the public. I provide these market updates throughout the year, based on information supplied to me by Stacey Andfinsen at Birch Appraisals. Click here to see my first quarter market update. Now that we are through the second quarter, provided below are the newest figures for Wake County, the home of Raleigh, Cary, Apex and Wake Forest.
What Is Happening With Inventory & List Prices?
Second quarter inventory increased 25% compared to the second quarter in 2007. Average list prices increased 1% to slightly more than $368,500.
What is Happening With Closings And The Average Sales Price?
In June, the number of closings decreased by 35% compared with the same time frame in 2007. Average sales prices for all homes increased 1% in June and the average sales price for re-sale homes only increased 1.2%.
How Long Are Houses Staying On The Market?
The average days on market for closed sales in Wake County increased to 85 days in 2008 vs. 70 days in 2007.
Are Houses Appreciating?
The current rate of appreciation in the Raleigh-Durham-Chapel Hill area is significantly better than the average rate experienced nationally. The U.S. is at -4.8%, North Carolina is 3.59%, Wake County is 4.8% and the South East is -2.95%.
This information was provided to Team Jodi by a local appraiser, Stacey Andfinsen with the Birch Appraisal Group of Cary, North Carolina.
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If you are looking to list your home in Chapel Hill, Carrboro, Orange or Durham County North Carolina, call Team Jodi toll free at 888-TeamJodi (888-326-5634), email us at Jodi@TeamJodi.com or visit us at www.TeamJodi.com.
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