Raleigh-Durham-Chapel Hill, NC - The Triangle: February 2008 Market Report

By
Real Estate Agent with Triangle Choice Realty, Inc.

The Real Estate market in Raleigh, Durham, Chapel Hill and surrounding towns - The Triangle - North Carolina is definitely a "Buyers' market" but is not experiencing the severe downturn of other metropolitan markets.  The following detached home sales statistics were provided by the Triangle MLS for the month of February:

Year# ClosedAvg Sales Price% Sales Price/List PriceAvg Days On Market
20081267 $255,677.00 93.35%98
20071490 $253,276.00 96.20%85
% Inc/Dec-15%1%-2.85%15%

*Note: data only includes home sales reported to the Triangle MLS*

As you can see, while our market is not all "Sunshine and Smiles", over 1200 home sales were closed and (not shown on the chart) there were 1499 "pending" transactions at the end of February.  The bad news for Sellers is that our inventory is continuing to increase and the Sales Price to List Price ratio is continuing to decline. 

So, if you're considering selling your home, it's more important than ever to retain the services of a qualified, professional, REALTOR who will:  prepare a thorough and accurate Comparative Market Analysis, assist you in determining the List Price that will sell your home within your desired timeframe, assist you in preparing your home to appeal to the widest range of buyers, market your home to the greatest number of potential buyers, and effectively negotiate a fair & reasonable price and your desired terms. 

If you're a Buyer, realize this market is not as soft as many others around the country.  Again, a qualified REALTOR can help you find the home that best fits your lifestyle and help you negotiate the best price at which that home can be purchased.

.RE/MAX "For Sale" Sign
View Homes for Sale in Cary and the Raleigh-Durham-Chapel Hill Triangle Area of North Carolina  

 

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Rainmaker
1,054,794
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate
Kelsie good job providing meaningful data to consumers in your area. Not bad showing your skills off by having a good looking RE/MAX sold sign :)
Mar 18, 2008 12:49 AM #1
Rainer
58,173
Don Draughn - Mortgage Professional
High Point, NC

Great information.  Posts like this will get the attention of sellers and buyers and bring business to you.

Mar 18, 2008 02:30 AM #2
Rainer
14,970
Kelsie Compton
Triangle Choice Realty, Inc. - Cary, NC
Cary NC Real Estate

Bill Gassett Metrowest Massachusetts Real Estate Bill, Thanks!  We're fortunate to have a stable market that may have peaks and valleys, but they're more like gentle hills rather than mountains.  Also, RE/MAX is the 800lb gorilla that I try to include in all presentations - "Nobody Sells More Real Estate than RE/MAX"

Best Wishes,

Kelsie

Mar 18, 2008 08:38 AM #3
Rainer
14,970
Kelsie Compton
Triangle Choice Realty, Inc. - Cary, NC
Cary NC Real Estate

Don Draughn - Mortgage Professional Don, Thanks for visiting my blog & thanks for the compliment!

Best Wishes,

Kelsie

Mar 18, 2008 08:41 AM #4
Rainer
71,135
Jim Fischetti
The Fischetti Group/Keller Williams - Wake Forest, NC

great info.

 

thanks for sharing.

 

Jim in your backyard.

Mar 18, 2008 08:54 AM #5
Rainer
14,970
Kelsie Compton
Triangle Choice Realty, Inc. - Cary, NC
Cary NC Real Estate

Jim Fischetti Jim, Thanks for visiting.

Best Wishes,

Kelsie

Mar 18, 2008 09:08 AM #6
Rainer
13,202
Greg Myers
G L Myers Real Estate Services - Chapel Hill, NC
It is a bit hard to tell if our market is just flattening out, or about to tank like much of the country. I certainly hope it's the former.
Mar 18, 2008 01:54 PM #7
Rainer
14,970
Kelsie Compton
Triangle Choice Realty, Inc. - Cary, NC
Cary NC Real Estate

Greg Myers Greg, Thanks for Visiting! 

I share your concerns about a shaky market because while our market indicators are better than other areas - they're not "peachy".  The increasing inventory is troubling.  However, as long as our employment base remains stable - no huge layoffs/RIF's by major employers - I don't believe our market will "tank" for 3 reasons:

1.  Our rates of home value appreciation have been more modest during the previous 5 years than many other metropolitan areas - giving us less of a bubble to burst. 

2.  Since we haven't had as great a problem with foreclosures as other markets, we should not experience the same degree of downward pressure on home prices that large numbers of foreclosures can cause.

3.  The Triangle remains an outstanding place to live and raise a family with great public schools, great jobs, great universities, and great weather (although we could use more rain).

Best Wishes for a Happy Easter!

Kelsie
Cary NC Real Estate

Mar 21, 2008 10:06 AM #8
Rainmaker
25,865
Tracy Williams Pender
Carolina MaxRealty, Inc. - Raleigh, NC
MBA, Knightdale & Raleigh, NC Real Estate
Great info Kelsie.  Thanks for sharing.  We are fortunate to be in an area that hasn't suffered to the extent of many other areas of this size.  To take your point further, as of today there are only 121 active foreclosure listings in the Triangle (Wake, Durham, and Orange counties).  That is no doubt unfortunate for the families facing the foreclosures but positive considering the number of homes in the area.
Mar 21, 2008 12:00 PM #9
Rainer
14,970
Kelsie Compton
Triangle Choice Realty, Inc. - Cary, NC
Cary NC Real Estate

Tracy - Thanks for visiting!  You're right - we are fortunate to be in a great area.  Thanks for adding the Triangle Area North Carolina foreclosure data.

Best Wishes,

Kelsie
Cary NC Real Estate

 

Mar 21, 2008 12:09 PM #10
Rainer
33,908
Jennifer Marks
On Maternity Leave - Garner, NC

Kelsie & Crew,

I read the N&O article too --Education is the key!! I have met too many buyer clients that want me to put in an offer that is offensively low -- and they think the seller is going to simply "just sign it"  ITS NUTS .  Have you come up with any creative ways to head off this problem?  

 

Jennifer Marks -- RelocateWithjen.com

PS did you do your notes cards today??

 

Feb 16, 2009 03:14 AM #11
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Rainer
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Kelsie Compton

Cary NC Real Estate
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