Here is a snapshot of the current real estate market for residential real estate in Wake County.
|Distressed inventory||Down 56% from October 2015.|
|Resale inventory||Down 14% from September.|
|Average sales price for resales||
Up 4% from October 2015, to $271,300.
|Average Days on Market||36, down from 42 in October 2015.|
|Closed sales in October||Unchanged from October 2015.|
|Closed sales year-to-date||Up 7% over this point in 2015.|
|Months of supply||Wake has had five consecutive months of a lower number of new listings, in spite of increased demand. This is reflected in shorter DOM and higher prices.|
|Comments||Real estate is cyclical and affected by interest rates and we are in year 35 of a downward trend. Statistically, we are due for interest rates to rise, which will impact buyers' ability to purchase, especially first-time buyers.|
|Statistics from the T.A.R.R. Report, deemed reliable but not guaranteed.|