Raleigh Real Estate Market Report - October 2009 Sales and Inventory

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Raleigh Market Reports - How is the Housing Market in Raleigh?

Home Sales Up Nearly 8% to Last Year

Inventory is Down Throughout Wake County

Single family detached home sales were up 7.43% year over year in October 2009.  Sales were also up 6% versus September 2009, and up nearly 10% versus August 2009.

How Many Homes Sold in October 2009?

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Detached single family home sales do not include townhomes or condos.  The number of detached homes sold in October 2009 was 853, compared to 794 homes in October of 2008.

Where are Homes Selling in Wake County?

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The most popular place, by far, for home sales was the Cary/Apex/Morrisville area.  And values have stayed very high in this area too - home sellers are still seeing an average appreciation rate of about 5% per year.

Which areas have the most homes for sale in Wake County?

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The inventory available matches fairly closely to overall demand, EXCEPT in Cary/Apex/Morrisville, which shows considerably lower inventory than sales.  North Raleigh and the Falls Lake area shows the most homes for sale.  But values are also very strong in North Raleigh, with most areas seeing well over 5% per year appreciation.

The number of listings for the entire area is down 12% versus October 2008.

But new home inventory is significantly lower, with most areas showing 30% or fewer new homes for sale than this time last year.

With overall home sales on the rise, the competition for new homes is increasing.

 

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Lee & Pamela St. Peter
Making Connections to Success in Real Estate
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522

Great market report Penny! Just look at the number difference between this year and last.  Love it...  But those listing numbers are a tad scary...  especially if the market starts to heat up in January as I think it will.

December 01, 2009 04:41 PM
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There are many areas right now that are at a 6 month supply - which is "balanced market" point.  Anything less than 6 months is a seller's market.  Cary/Apex/Morrisville is one of those at 6 months.  Based on the sales rates, looks like we'll be seeing some strong competition next year. 

December 02, 2009 07:09 AM
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