The 2nd Quarter T.A.R.R. Report (Triangle Area Residential Real Estate) for Wake County finds our local real estate market outperforming the national average. Showings are up, sales are up, closings are up. Even prices are up -- 2% on average for a detached resale home.* Inventory is down, days on market are down, and distressed properties as a percentage of inventory are down. Overall, we now have a four-month supply, which is getting close to being a sellers market.
What’s driving the good news? In a word, jobs. According to the North Carolina Employment Security Commission, the peak in Wake County employment occurred in July, 2008, with an employed workforce of 444.476. As of May, 2012, the Wake County workforce totaled 444,121. We may already have made up that tiny shortfall by now.
- A word of caution about prices, however. They may be a bit up from 2011, but 2011 was a terrible year. Most sellers who bought at the peak are still selling at or lower than their purchase price.
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