How's The Real Estate Market?

It's windy in Chicago, rainy in San Fransisco and snowing in New York. That weather report means nothing to us in Raleigh, North Carolina. However, when the media "reports" on the state of the real estate industry, that is exactly how they give you information - on a national level.

Here are the facts... locally:

The average appreciation rate in Wake County overall was 6.44% by November 2007. In 2006, the average appreciation rate was 6.34%. Compare that to 2005 with 4.66% and we look pretty rosy. No gloom and doom there.

Just for fun, try to guess the two towns that had the greatest appreciation rate. Go ahead and guess... Nope!

Fuquay Varina now 5.75% (1.58% change from 2006 to 2007). Knightdale now 6.60% (1.42% change from 2006 to 2007).

Now, let's look at the number of homes on the market ("inventory" in Realtor speak) and the specific price ranges that inventory increased in Raleigh and the surrounding area.

Cary/Apex/Morrisville: Biggest inventory increase was in Condo/Townhome inventory and $300,000-$399,999 single family homes. Just an interesting note here - Inventory of homes under $150,000 decreased by 60%!!

Inside the Beltline/Garner/East Wake: While there was also an increase of Condo/Townhome inventory here, the biggest gains were in single family homes priced between $300,000-$399,999 and $700,000-$799,999.

Wake Forest: Biggest increases in inventory was in homes priced between $500,000-$699,999 and $700,000-$799,999. There was also a significant increase in mid-range homes priced between $150,000-$299,999.

North Raleigh: No surprise here, North Raleigh's biggest increase in inventory was for homes priced from $700,000-$799,999.

Southwest Wake/South Cary/Fuquay/Holly Springs: Biggest increase, by far, was in the $700,000-$7999,999 price range.

Tivia Question: "Which town had the greatest overall increase in inventory?" I'd better tell you, because you will never guess - Garner wins the prize!! 511% increase in inventory!! Yes, you read that right.

Bottom line is this, the average number of deed transfers per month in 2006 was 2852. The average for 2007? Only a slight decrease to 2743. That means we had only a very small decrease in the number of homes sold each month.

So, it is sunny and warm in Raleigh, North Carolina. You won't rely on the weatherman in Chicago to give you the local Raleigh weather - don't rely on the national media to give you the real estate climate here.

I have a ton of other data that I won't bore you with. But I want to end on a very positive note here. While our market did have a softening towards the end of 2007 - due to the inability of people relocating to sell their homes in other markets; the national media hysteria; the mortgage shakedown; AND the holidays - every Realtor I've talked to in the past two weeks is seeing
a lot of activity start up again.

If you are looking to buy, now is a great time! There is a lot of inventory to choose from and interest rates are remaining low. And now is a great time to sell because the buyers who were "waiting for the market to settle" are now becoming active again. Who do you know that needs to buy or sell right now? Give me a call! I promise to give them such good service that you will look like a hero for introducing us.