Triangle Property Lines: HOME SALES AND PRICES IN THE TRIANGLE, NC

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

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

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