It's time to gather the statistics to compare January 2008 to January 2009. Unfortunately there's no sugar coating the stats this time - our market took a punch. Below you'll see where our strength and weaknesses are in the Triangle (Wake County).
Notice what happened to new construction. It tanked 55%! No wonder the builders have backed off new construction around here. But in comparison take a look at the average price of a resale home - it's up 3%. Our average sale price for the entire area did drop by 2 ½ %.
|
Description |
January 08 |
January 09 |
% Change |
|
Wake County |
|||
|
Number of detached sales |
781 |
447 |
-42.77 % |
|
Number of condo sales |
217 |
89 |
-58.99 % |
|
Number of townhouse sales |
61 |
41 |
-32.79 % |
|
Number of new construction sales |
436 |
194 |
-55.50 % |
|
Number of re-sales |
623 |
383 |
-38.52 % |
|
Average detached sales price |
$285,408 |
$264,569 |
-7.30 % |
|
Average condo sales price |
$182,401 |
$184,478 |
1.14 % |
|
Average townhouse sales price |
$153,951 |
$234,524 |
52.34 % |
|
Average new construction sales price |
$319,880 |
$311,526 |
-2.61 % |
|
Average re-sales price |
$212,533 |
$218,957 |
3.02 % |
|
High Sale price detached |
$1,985,000 |
$1,565,000 |
-21.16 % |
|
High Sale price condo |
$756,000 |
$565,000 |
-25.26 % |
|
High Sale price townhouse |
$393,500 |
$765,000 |
94.41 % |
|
High Sale price new construction |
$1,985,000 |
$1,565,000 |
-21.16 % |
|
High Sale price re-sale |
$1,022,000 |
$1,175,000 |
14.97 % |
|
Average Sales Price for the entire area |
$256,729 |
$250,081 |
-2.59 % |
|
Number of Listings for the entire area |
7909 |
8103 |
2.45 % |
|
Average List price for New Construction for the entire area |
$419,564 |
$445,663 |
6.22 % |
|
Average List price for Re-sale for the entire area |
$319,906 |
$320,151 |
0.08 % |
|
Average List price for the entire area |
$362,811 |
$361,158 |
-0.46 % |
So just which subdivision's did the best during the month of January 2009? Some of these are our favorites too...
Graphic statistics courtesy of Stacey Anfindson - T.A.R.R Report
I also wanted to check on how the showings compared for the two months as well. As you'll see they were way down too - over 12%. There were 14,504 total listings in January 2009 and 12,688 in January 2008...
So where have all the buyers gone? My gut tells me they are waiting to see what the market will do next. Except of course 1st time home buyers. We're seeing more of them with the $8,000 tax credit on the table until later this year.
I'll be anxious to get my hands on the stats for February. But for now with mortgage money available and very good, things will start to unclog around here. This weekend FHA loans are around 5% and with a 3 ½ % down payment requirement.
There's also USDA loans available (Read Eleanor Thorne's info) and a lot of the area in Wake county surprisingly qualifies. Then top it all of with Conventional 30 year fixed rates at an all time low hovering around 4.62% and inventory flush it is a great time to buy that dream home!
In the meantime should you have any questions about buying or selling a home in the Raleigh Area call us - we're your connection to Raleigh Real Estate!
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About the author: Pamela is a Realtor in Raleigh NC with The St. Peter HomeSelling Team at Prudential YSU Realty serving the Raleigh NC (Triangle & Wake County) area.
"We are a team of passionate North Carolina Real Estate Brokers dedicated to connecting our clients to success in home buying and home selling in the Triangle." Pamela can be reached via email at Pamela@RaleighHomesOnline.com or by calling (919) 645-2522.
For all your Wake County real estate needs The St. Peter HomeSelling Team serves the following areas in Wake County; Raleigh, Cary, Apex, Morrisville, Holly Springs, Fuquay Varina, Garner, Wake Forest, Knightdale.
wow! I love the detail, and all the different breakdowns, especially the individual neighborhoods. Well done!
Thanks Kristin, I'm looking forward to being able to post some goods news shortly... I know our market will start to recover - just hope it's soon!
Lee and Pamela, thanks for the thorough report. How did you compile the call statistics? Is that just for your agency?
Jay
Hi Lee & Pamela,
You have provided a lot of information here for the Consumer--they are taking it all in.
Cynthia - we are passionate about getting the word out about our great area. thanks for stopping by...
Jay- our TMLS uses CSS (see a previous post) and they provide all sorts of stats on the showings made. It really is helpful to watch what's happening with showings.