Next Home Team's Trends Report October 2012 Raleigh, Cary, Apex, Wake

By
Real Estate Agent with Next Home Team NC 167273

Sheri Moritz

Real Estate
Market Trends

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Market Reports

Homes Selling More Quickly, Time On Market Falls

New data has become available indicating the typical amount of time it takes to sell a home has been shrinking. For traditional (non-distressed sellers) days on market is now in the range of historic norms for a balanced market, and well below the cyclical peak reached in 2009.

The median time a home was listed for sale on the market was 69-days in July 2012, down 29.6% from a high of 98-days recorded in July of 2011. The median reflects a wide spectrum; one-third of homes purchased in July were on the market for less than a month, while one in five was on the market for at least six months.

Economists agree there is a clear relationship between inventory supply and time on market. As inventory has tightened homes have been selling more quickly. A notable shortening of time on market began this spring, and this has created a general balance between home buyers and sellers in much of the country. This equilibrium is supporting sustained price growth, and homes that are correctly priced tend to sell quickly, while those that aren’t often languish on the market.

At the end July there was a 6.4-month supply of homes on the market at the current sales pace, which is 31.2% below a year ago when there was a 9.3-month supply. There are consistent and related findings that show current market conditions are comparable with median selling time in balanced markets. Historically, in periods where existing-home sales averaged a 6-month supply, which is near the low end for market equilibrium, median days on market were reported to be between 6-8 weeks...read more

Key Trends

Home Buyer Profiles For 2012

Housing market forecasts are surprisingly upbeat for 2012 with interest rates at 60 year-lows. Coupled with lowered home prices the opportunities to purchase property at premium prices are certainly driving sales.

Both first time-time home buyers and seasoned home owners are benefitting from a recovering market. The big question is in the wake of record-breaking foreclosures how did the typical home-owner go about finding and purchasing a home? Let’s take a closer look at how today’s home shopper gets it done.

Once a prospective property was found via an internet home search, 63% of the shoppers drove-by to view the home’s exterior and the same percentage scheduled an appointment and performed an interior inspection.

Ten percent of home-buyers performing an internet search found the agent that eventually sold them the home. Those shopping for a new home spent 12-weeks searching for potential dwellings and on average viewed one home per week, or a total of 12-homes in the process of making a purchase...read more

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Contact Info

Sheri Moritz

(919) 740-1889

News Room

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Topic:
Real Estate Best Practices
Location:
North Carolina Wake County
Groups:
Boot Camp 4 Real Estate
Tags:
home prices
home values
trends
cary
sell a home
raleigh
apex
list a home
nc
market reports
morrisville

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Sheri Spain

Wake Co. NC REALTOR Apex to Raleigh to Wake Forest
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