Wake Forest NC Real Estate - Weekly Market Report for February 26 - March 3, 2012

Real Estate Broker/Owner with RED Properties NC #129285

Wow - there were MANY new listings that hit the Wake Forest NC Real Estate Market this week!  Competition is ramping up for a stellar Spring season - don't miss it!  There was incredibly activity in the Wake Forest NC Real Estate Market last week!  There is still time to get your home in tip top shape to be a contender is this competitive and active selling time - need a little help?    Here are some great tips to get you prepared!

There were 30 shiny new listings added to the Homes for Sale inventory last week with five of them being short sales!  Why is that important?  There were none last week and there have been indicators that a few mores short sales and foreclosures will be hitting the market this Spring making competition even more fierce!  The price range for new listings ranges from $88,000 - $2,150,000 with a variety that includes townhomes, starter homes and luxury homes.  The breakdown of the new listings last week is:

  • Fair Market Resales - 18
  • REOs - 1
  • New Construction - 6
  • Short Sales - 5

Nineteen (YES - 19!) homes closed last week in Wake Forest NC.  The Sales Prices range from $119,990 - $750,000 with a List Price to Sales Price ratio of .984% - FANTASTIC!  Lesson learned?  Price it properly to start and it will sell!  Here is the breakdown of Homes Sold in Wake Forest NC last week:

  • Fair Market Resales - 2
  • REOs - 2
  • New Construction - 10
  • Short Sales - 5

Thirteen home sellers in Wake Forest NC received contracts on their homes last week and it really is no surprise that ALL of them hit the mark for the most popular price point in Wake Forest NC.  Do you know what that sweet spot is?  You can check out ALL the price points in Wake Forest NC here - Wake Forest NC Real Estate Price Points - January 2012  Here is the breakdown for Pending Listings last week:

  • Fair Market Resales - 3
  • New Construction - 9
  • REOs - 1

Quite a few listings, 10 to be exact, had their status changed to Contingent last week.  A Contingent Status reflects "conditions to be met" such as "contingent on inspections", "contingent on bank approval if a short sale" or even "contingent on buyers loan approval".  There are a multitude of reasons that a property could be Contingent and one thing to keep in mind is if you see a home that you are interested in and it is "Contingent" you should have your agent verify the reason for the contingency.  You never know, a back up offer could be made and you could end up getting the home!

The Spring Real Estate Market is going to be stellar this year - don't miss out on this fantastic opportunity to sell your home in Wake Forest NC!  If you are looking for some tips to get your home ready for the Real Estate Market check out Putting Your House on the Market This Spring?  Get Ready NOW!

As I always say, if you would like specific information about YOUR neighborhood just give me a call or send me an email - I'd be happy to help!

Wake Forest NC Real Estate Market

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 RED Properties RaleighRed
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Comments (2)

Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

Short sales are better than foreclosures. I wonder if we will ever see the day where there will be no more short sales or is it a permanent fixture of the market?

Mar 06, 2012 09:35 PM
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

I guess it depends on the market location, Gary.  Short Sales here are selling less than foreclosure bring values down more than a Foreclosure Sale. 

I am with you though - I am SO ready for this to all stabalize!  Coming down in April - would LOVE to see you in person!!

Mar 06, 2012 09:56 PM