This past week I attended my favorite yearly seminar "Real Trends".  I look forward to it because it is a statistically driven information session that does not bend the truth to make things look a certain way.  The reason I phrase it this way is because being a Realtor, I am inundated with magazines and emails from various groups the bend information to fit the right way in order to sell you something.  This seminar is the guts of what's happening.....and it's local.

The Raleigh market this past year has been down as you will see, but not nearly as bad as other parts of the country.  You will see a downward trend, but be delighted to see it has been this way before and shot right back up.  The big thing to consider here also is the X factor....the government.  With the elections ahead, the mortgage meltdown and banks falling because of greed, the government will have a significant market intervention that will determine the housing market's future.

I will start with the negative: 

*Nationally the workforce in the United States has dropped 8.19% and the Triangle area has dropped       -0.45% and NC at -1.30%.

*Listings have peaked at 14,331 vs. 10,149 in 2005.

*Third quarter showings of 2008 have dropped to 172,587 from 212,947 in 2005.  As I type the last 3 weeks have almost been at a standstill for showings..(election and economy scares).

*Third quarter closings of 2008 have dropped to 6,714 from 10,489 in 2005.

*We are now at 8 months supply, which anything over 6 months would be indicative of a buyer's market.  But, nationally supply is 11 months, South Florida 28 and Las Vegas 17.

Positive:

*Average days on the market is 88 compared to 2005 at 85, but last year it was 73.

*The overall average price of a home here is $269,600 compared to 2005 at $229,700.  While the average price of re-sale only here is $232,500 vs. $204,700 in 2005.

*Appreciation rates are healthy.....in NC it is 3.59% and Wake County 4.80%.  Nationally it is -4.80%.

The gist I got out of the seminar is things have been tough, but not nearly as tough as other markets have experienced in the past 3 years.  Things will get better soon...how soon is the question.  Some experts say 2009 with most agreeing on 2010.  But don't let that effect you if you plan to sell.  There are still buyers out there and our appreciation rates as well as interest rates are good, you may just have to have a bit more patience.  Data for the above information was compiled through Triangle Multiple Listing Service.  For more information visit us here.