Real Estate Market and Home Prices in the Triangle NC for December 2012
Gotta love these numbers!
All indicators were that we were starting to round the corner in 2012, and
now here’s the proof that recovery is well on its way.
Fourth Quarter of 2012:
- Home sales were up 31 Percent
- Pending home sales were up 36 percent
- Inventory remains low at only 1 percent increase from 2011
Months supply:
- 7 months in 2011
- 4 months in 2012
If this number is less than 3 months, there is an
undersupply. If this number is more than
10 months, there is an oversupply. We
reached an 11 month supply number in 2011.
That was a painful time.
December median prices in the Triangle were up 2.7 percent to
$190,000. Average home prices in the
Triangle increased 2.8 percent to $228,801.
Housing affordability is at 203, up 6 percent from last
December. What this means is: if the affordability index was at 120, that
would mean the median household income was 120 percent of what is necessary to
qualify for the median-priced home at the current interest rates. A higher number means greater
affordability. I hate to sound like a
broken record, but this has been the best time in history to buy a home!
The 2012 Triangle housing market ended strong with sales
increasing dramatically, inventory of available homes shrinking, home prices
increasing steadily, demand rising, and unbelievably low interest rates which
made for a record year. This trend will
continue into 2013, with a stable market not seen since 2008.
So why are you continuing to sit here and read this? Get up & give me a call! Credit issues – I’ve got the perfect solution
for you. Make your first action of 2013
to check your credit rating and then get it fixed so you can stop paying high
rents and build your own equity through home ownership.
e-PRO, Strategic Pricing Specialist
Fathom Realty NC, LLC
Phone: 919.306.9699
TheSmartRealtorNC@gmail.com
www.Elizabeth.FathomRaleigh.com
www.TrianglePropertyLines.blogspot.com
Be Savvy…Call the Smart Realtor
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