Special offer

Raleigh NC Resales On the Rise - And Inventory Dropping Fast! Is This a Sign of a Different Market?

By
Home Builder with Stanton Homes - New Home Builder

Raleigh Real Estate Reports

Raleigh Resales On the Rise?

Home Resales Increase Dramatically, Inventory Decreases in Wake County NC

December 2008 numbers show that Wake County real estate market is starting to trend back up.  After being down significantly to last year over a slow fall season, Raleigh NC resales are picking up - and inventory is dropping.

The Raleigh, NC real estate market hasn't seen anything like the picture on the national level.  As a matter of fact, appreciation is still 4%, that's a positive 4%, for 2008!

However, sales have been slower than the past couple of boom years.  But it looks like that trend is starting to turn.

Wake County Real Estate Resales - 2008 vs 2007

Raleigh Real Estate Reports - Wake County Resales 2007 vs 2008

November took a significant dip, but over the past six months resale numbers were down to 2007.  Even the expiration of the first time homebuyer assistance programs at the end of September didn't bring sales up to 2007 levels. 

But December 2008 showed a significant increase, as buyers across the board took advantage of lower interest rates.  Sales were down only 5% to last year. 

Does this mean these homes were given away?

Let's look at price trends.

Average Resale Price Wake County NC 2008 vs 2007

Average Resale Price Wake County Real Estate Trends 2008 vs 2007

As you can see, the average resales price has been UP to 2007 in most months, and saw a significant increase in December 2008 (5.79%).  

So it doesn't look the increase in sales is due to deep discounts.  Since appreciation is also up, this could mean a trending towards sales of higher priced resale homes.  

What about inventory?  Are there a ton of homes on the market? 

Not really.

Inventory has been decreasing throughout 2008, and December 2008 inventory was up only 2.45% to 2007.

Total Available Homes for Sale Wake County NC 2008 vs 2007

d

In December 2008, total available inventory (new homes, resale homes, townhomes) was down to only 2.45% above total available inventory the previous year.  As you can see, this is a significant downtrend in available inventory.

Raleigh Real Estate Trends - Resales on the Rise - Inventory Dropping FastWhy is inventory decreasing?

Increased sales, and less new construction.  Permits have been down.  Instead of lots of spec homes to choose from, builders are opting for presales and custom projects. 

Homebuyers can still find some bargains - and we have yet to see January 2009 sales. 

Current months of supply in Wake County, NC is 6 months, with some variation by area.  This is a fairly balanced market. 

But overall, it looks like a number of homebuyers that were waiting for great interest rates have decided to buy, and there's no question that there are fewer homes on the market to look at than there were 6 months ago.

Information from TARR Reports, an independent analysis of Triangle real estate.

 

Want to see the most recent Raleigh area market reports?

More Raleigh Market Reports 

 

Raleigh NC New Home Resources - Building a Home in Raleigh

 

Raleigh NC New Home Builders

 

Build On Your Lot in Raleigh, NC

 

Accessible Homes NC – Accessible Builders in Raleigh

 

Acreage Lots for Sale Raleigh, NC

 

Golf Course Communities – New Homes on a Golf Course in Raleigh

 

Raleigh, NC New Home Lots and Land

 

Posted by

 

 

New Custom Homes in the Raleigh Area - and throughout central North Carolina

 

New Homes Raleigh NC - New Home Raleigh - Raleigh NC New Homes - New Home Raleigh NCStanton Homes makes building your new custom home easy!  We'll guide you through the entire process.  Your custom home is going to be extraordinary when you create it with one of the nation’s top fully involved builders and the high quality materials and craftsmanship that our reputation is built on. View available homes here.

Call 919-278-8070 to find out more about new homes in the Raleigh area. 

Top 10 Best Floor Plans      
Articles copyright Stanton Homes 2006-2018.  Unauthorized use is not permitted.  Provided for informational purposes only, no claims are made by Stanton Homes regarding the validity of any statements.  Please note:  all listing information per MLS, and current as of posting date.  Information subject to change.  Stanton Homes does not make claims to ownership of  any lot listings, but can work with homebuyers to purchase available lots and build.  Home plans to be approved on an individual basis, subject to neighborhood restrictive covenants and lot restrictions.  Ask for further information regarding any community, lot or floor plan.  Photos represent typical homes and details of each neighborhood, to help highlight different options available in the Raleigh/Triangle area.  No claim of ownership is made to homes or land pictured.  

Save

Comments(3)

Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

Great information Penny!

Let's hope the trend continues.

Well done my friend!

Jan 27, 2009 09:33 AM
Chuck Willman
Chuck Willman - Alpine, UT
NewHouseUtah.com

Penny- That's some very encouraging news indeed! In my market we're seeing an improvement in sales numbers and a slight decrease in invetory. However we're yet to see the price increases... the builders must be enjoying this trend in the positive/healthy direction.

Jan 27, 2009 02:56 PM
Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina

Craig - Glad you found this helpful.  It's worth a close look - we don't know for sure yet, but it sure appears that the market here bottomed in November and is ready for a slow crawl to a normal level.

Chuck - You're not the only other person I've heard good news from.  As far as prices go, this is strictly RESALE here, so builders are not affected by the numbers above!  Overall, appreciation in 2008 was still an average of 4% on resale homes, so we have not seen the negative appreciation that other areas have.   There is certainly more competition, and this is still considered a buyer's market, but no one is giving away their homes....

Jan 27, 2009 09:26 PM