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Spring 2012 Market Update
If you can qualify, now is an exceptional time to buy a home in North Raleigh. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 919-280-2266
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| Average Home Price | $300,000 - View Graph Trend |
| Average Price Compared to Last Year | Up 0-5% |
| Average Time on Market | More than 120 days |
| Best Selling Price Range | $200,000 - $249,000 |
| Worst Selling Price Range | $1,000,000+ |
| Prices As % of Asking Price | 95-100% |
| Existing Home Prices for the past 90 days are? | Increasing |
| Market Trend | Increasing |
| Buyers’ or Sellers’ Market | More sellers than buyers |
| Buyer Activity for the past 90 days in North Raleigh is | Increasing |
| Seller Activity for the past 90 days in North Raleigh is? | Decreasing |
| Multiple Offers? | No |
| Multiple Offers Commentary | Aggressively priced homes do receive multiple offers. |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 10-15% |
| Is Financing Available For Qualified Buyers? | Yes |
| Housing Inventory | Good supply - Some Prices |
| Inventory Comments | Inventory is down 29% compared to first quarter of 2011 and the average sales price is slightly higher. Pending sales are up 24% and closing are up 21%. Overall the market is improving with a current supply of 7 months vs. the 12 month supply at the end of Q1 2011. Still is more of a buyers market but conditions are moving towards a balanced market. |
| Greatest Activity | Repeat Buyers |
| Reason to Buy/Sell | Job Growth |
| Nearest Metro Area | Raleigh |
| Housing Hot Spots | Heritage at Wake Forest is selling very well and north west Cary continues to do well. |
| Average Sold Price | $300,000 - View Graph Trend |
North Raleigh Local News
Agent quarterly survey shows growing optimism toward a housing market recovery
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
Contact Information
The Pool-Hamilton Team
919-280-2266
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Mortgage Rates
– May 28th, 2012 –
---------------------------------
30 yr. fixed rate: 3.82%---------------------------------
15 yr. fixed rate: 3.11%
30 yr. jumbo rate: 4.38%
15 yr. jumbo rate: 3.61%
Home Values
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The Pool-Hamilton Team
Fonville Morisey Realty
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 919-280-2266
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