Category: Housing Market.
Tags: Real Estate Market Raleigh NC
The Real Estate market in Wake County is not dead! How can we say that? There were 11,081 closings in 2010. The list price in 2010 decreased only 10% in 2010 compared to 2009. The good news is that the overall inventory decreased by 4% in 2010 as well.
The average number of days on the market for closed sales increased from 96 days to 103 days in 2010 as compared to 2009. The average number of days on the market for active listings in 2010 was 147 days, an increase of 3 days.
Distressed inventory (foreclosures, short sales, etc) accounted for only 9% of the total inventory.
The Employment Security Commission indicates that 17,500 job were created in 2010. This must continue for the sales in Raleigh, Cary, Wake Forest, Apex, Holly Springs, Knightdale, Zebulon and the other parts of Wake County to increase.
So what does this mean to sellers who are considering selling their home this year?
If the property listing is correctly staged and priced; the seller can expect to sell their home.
What does this mean to buyers?
This year is the time to purchase a home! Prices in Wake County will never be lower and the interest rate will not be this low for years to come.