Banked Owned homes have increased in Wake County from last year!
The questions I get the most when I am about Raleigh is “How’s Business?”; to be followed with “Hows the market?” Everyone seems to be concerned and interested in the state of the real estate market. The story is the same, that the market is holding steady, but not really growing. Looking at the numbers, it backs my assessment in terms of some positive numbers, but nothing compared to the numbers we experienced during the real estate “boom”.
According to the Triangle Area Residential Realty (TARR) report, the number of active listings has decreased over last year by 21% from the 3rd Quarter 2010 with new homes down 23% and re-sale down 21%. 49% of all listings currently in the Triangle Multiple Listing Service (TMLS) have had price reductions, down from 58% from this quarter last year. The average days on the market is 144, up from 130 a year ago.
Showings were up modestly by 4% from last year and pending sales have increased 22% from the 3rd Quarter 2010 to 2,985. Closings were up 28% from 3rd Quarter 2010 to 2,953. Of course, this number is considerably less than the boom years when we were seeing this many closings in a single month. The Wake County Register of Deeds reported a 9% increase in the number of deed transfers from 3rd Quarter 2010, but a decrease of 9% year to date. Of those that have closed, 53% had some seller concessions up slightly from the previous year and the average sales price was $246,300, down 7% from 3rd Quarter 2010.
Foreclosures and distressed properties account for 9% of current active listings, up from 7% last year at this time. Third quarter foreclosure fillings fell 26% over last year.
I know I have given you a lot of numbers and it can be difficult to understand them, but the bottom line is good news for the market, but maybe not enough good news. The 3rd Quarter was good for the Triangle and Wake County, but the numbers are a far cry from our best years. The number of sales have increased considerably, but home prices have continued to struggle. If you are selling your home, you need to understand that the home should be priced very competitively from the beginning if you wisht to sell your home quickly.
As a general rule, homes that are priced right at the beginning of the listing will typically sell for more than homes that start high and reduce more often to get to the final price. To understand this concept, you need to think like a buyer. If you see a home that has been on the market for 200 days, you know that the sellers are beginning to tire of having their home on the market and thus, have become even more motivated to sell the home. Thus, the negotiating position has shifted dramatically towards the buyer.
If you have additional questions about the market, please feel free to email me at Steven@BackNineHomes.com. Be sure to subscribe to this blog as I update often.
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Tags: Foreclosure, homes for sale raleigh, north carolina real estate, Raleigh market analysis, Raleigh Real Estate, wake county homes for sale
