Raleigh real estate market showing signs of slowing down but is still doing better than last year!
Recent trends seem to indicate improvement in the Raleigh real estate market. Whether you are getting ready to start searching for Raleigh homes for sale or contemplating the idea of putting your own home up for sale, understanding these trends and how they affect Raleigh home prices will help you make the right decision. With prices rising and inventory shrinking, the market has shown signs of improvement during these past few months, and this has been good news for sellers. However, you should keep in mind that historically, the market tends to cool off during this time of year.
The Raleigh real estate market has seen its share of trouble after 2007 (as real estate markets in most parts of the country struggled during the real estate slump), but recent indicators seem to point to a change. In September 2013, the median sales price for Raleigh homes for sale was at $196,000, which is a $14,000 drop from last month due to seasonality. However, it is still a YoY increase of $8,000, as the median home sales price in September 2012 was $188,000. While not a huge jump, it is significant enough for some to call it an upswing.
While increasing prices are good news, this statistic alone is not enough to call the market a seller's market. However, when you look at the average days a listing stays up for sale, you will continue to see improvement. In August 2012 homes were sitting on the Raleigh real estate market for an average of 82 days. This shrank to 65 days, which is a 21 percent change, and good news for sellers who need to sell their homes quickly. According to the ZipRealty Housing Trends Report, even during this past month of September, the median days on the market was only about 67 days.
Not only are homes moving more quickly, the total inventory in Raleigh is also shrinking. In August 2012 buyers had 12,209 homes to choose from. In August 2013, that number shrank to 10,768, which is a 12 percent drop. This number dropped slightly last month to 10,751. The pool of available homes is shrinking. When you're ready to make an offer, you will want to keep the current market trends in mind. Working with a real estate agent will help you get an even closer look at the the market conditions of individual neighborhoods within the city by providing Comparative Market Analyses (CMAs).
Positioning Yourself for Success in the Raleigh Real Estate Market
As you start shopping for Raleigh homes for sale or make preparations to list the home you currently own, you want to position yourself for success. This means finding a qualified local agent to work with. A local agent will help you properly price your home if you are selling, or if you are buying the agent will help you make a reasonable offer that is likely to be accepted. The local agent can pull comparable listings to help you understand current pricing trends, and direct you towards properties that are fairly priced that will also met your needs. Local agents are also better suited to find the most current property listings, so you will have more options to consider within your price range. No matter which side of the process you find yourself on, choose the right agent to position yourself for success.