Friday, July 26, 2013

HOME SALES AND PRICES IN THE TRIANGLE, NC – 2nd QUARTER 2013



HOME SALES AND PRICES IN THE TRIANGLE, NC - 2nd QUARTER 2013

Here's all the information on residential real estate in the Triangle, NC for the 2nd quarter, 2013




Interest rates
The national average for the following products comparing June, 2013 v June, 2012 are:
  • 15 year fixed rate mortgage is 3.4% v 3.3%,
  • 30 year fixed rate mortgage is 4.3% v 3.9%
  • 1 year ARM is 2.8% v 3.1%.

Jobs
Based upon May, 2013 figures released by the Employment Security Commission of North Carolina, the combined workforce in the Durham and Raleigh/Cary MSA’s was 861,849. This was a 1% increase from the workforce seen at the end of 5/12. The unemployment rate in the MSA’s decreased to 7.3% from 7.8%.

Home Showings
June showings increased 18% and second quarter showings increased 21%.  The buyers are out!

Inventory
  • There were 7,691 active listings at quarter end within the four main counties:  a decrease of 19% compared to 2Q, 2012 inventory levels. 
  • New home inventory decreased 8% and re-sale inventory decreased 16%.
  • 10,122 new listings entered into during the quarter. This was a 17% increase compared to new listings entered into the system during 2Q 2012.

Distressed Inventory
Listings that were marked with a special conditions category related to financial issues accounted for 7% of quarter end inventory. The percentage was 9% at the end of 2Q 2012.  The number of short sales and foreclosures is going down.

NUMBER OF HOMES SOLD
Closed Sales
  • June closed sales increased 19%, second quarter closings increased 30% and year to date closings increased 28%.  
  • Average sales price of the second quarter closed sales was $249,300, an increase of 3%.
  • Average resale sale price of the second quarter closed sales was $238,300, an increase of 3%.   
                                                                  AVERAGE SALE PRICE                 
·        The average days on market for the sales was 97, a welcome change from the 115 day average for 2Q, 2012.
                                                        AVERAGE DAYS ON MARKET



  • Cash closings accounted for 19% of second quarter closed sales compared to 15% of 2Q/12 closed sales.
  • 51% of second quarter closed sales had reported financial concessions, down from 55% seen during 2Q/12.
Months of Supply
The months of supply of all housing is 3 months, a decrease from the 5 month supply at the end of 2Q, 2012.

Sales to Original List Price
Homes sold for an average of 98% of original asking price
Homes that had undergone several price reductions sold for an average of 91% of original list and in an average of 175 days.  Bottom line:  Price it right at the beginning & sell quicker!

Thinking of selling?  I have all the information & services you need for a quick, painless, and successful transaction.  


BE SAVVY...CALL THE SMART REALTOR
Elizabeth Scott, Realtor®, Broker
e-PRO, Strategic Pricing Specialist
Fathom Realty NC, LLC      
Phone: 919.306.9699
TheSmartRealtorNC@gmail.com







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