Raleigh Real Estate Market Update July 2013
What's happening the Raleigh Real Estate Market?
My latest Raleigh real estate trends are based on the sales of homes in July. I compared the numbers of homes sold in July 2013 compared to July 2012. The results are staggering! Here are some of my findings.
Key Raleigh Real Estate Trends
- Median Sold Price - prices increased 6%
- # of Sold Homes in Raleigh increased 35%
- # of Homes Under Contract is up 17% meaning sales for August and September will be stronger than 2012 too!
- The # of Homes On the Market Decreased 24% meaning we have more sales but less options for buyers to choose from
- The Months Supply of Inventory in Raleigh has decreased from 6.4 to 3.7 months. This change translates the Raleigh real estate market transitioning from a buyers/balanced market to a sellers market.
What do the numbers mean?
To me these trends indicate the Raleigh real estate market is strong and getting stronger. Right now is a good time to sell your home because the number of buyers is pretty high. Buyers are wanting to hurry up and buy before rates go higher. And, there is a limited supply of homes on the market for buyers to choose from.
To learn more about the Raleigh real estate market or to discuss buying or selling property in Raleigh please call me at 919-724-7010 or send me a quick email at ford@trianglerealestatejournal dot com.
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