As of the other week Summer is officially over and Fall has arrived. Now is a good time to reflect back on the success of the real estate market Insisde the Beltline at the end of the summer in August. There is good news and bad news. And, of course how you interpret the trends depends on whether you are a buyer or seller in the Raleigh market.
Home Sales Trends Inside the Beltline
# of Closed Sales
The number if closed sales Inside the Beltline decreased when comparing August 2012 to August 13 by 11.3% However, year to date in 2013 the # of closed sales Inside the Beltline increased by 10.8%.
Average Sales Price
The averages sales price of homes Inside the Beltline increased 3.2% from $308,920 in August 2012 to $318,895 in August 2013. Historically, our entire Triangle region never saw large increases in average sales prices from one year to the next. These modest #'s give me the confidence our real estate market is improving without causing a bubble.
Days on the Market
A great trend for both buyers and sellers in the Raleigh market to be aware of is the days on market. The number of days on market dropped a whopping 25.6% from 126 to 94 days. This should encourage sellers to go ahead and list their homes because homes are no longer sitting on the market for extended periods of time. And, BUYERS....you need to understand the competition for the homes is increasing and you need to act fast.
Months Supply of Inventory
The months supply of homes inside the Beltline decreased from 6.6 months to 5,5 months. If the current rate of sales continues and no new homes enter the market, then it would take 5.5 months of all the homes on the market to be sold. This indicates the overall market is trending towards a Buyers' Market.
More Information About Inside the Beltline Real Estate