2007 Wake County Real Estate Sales Results
February 11th, 2008 Categories: Buying a Home, Real Estate Market Trends, Selling a Home
I thought some of you might be interested to know how 2007 turned out for homes sales in Wake County. Here are the numbers straight out of the Triangle MLS.
2006 WAKE COUNTY HOME SALES
20,736 Homes Sold
$249,248 Average Sell Price
2007 WAKE COUNTY HOME SALES
19,314 Homes Sold
$262,786 Average Sell Price
The main thing I get from these numbers is that, on average, it cost $13,538 more to buy a home in 2007 that it did in 2006. That’s a 5.4% increase. All indications are that 2008 homes sales should follow the same pattern.
2007 sales were down 6.8% overall. If I look at Q406 versus Q407, I see that unit sales were 16% lower, so it is probably very safe to say that the downward trend accelerated late in the year.
Q407 also showed a 2% increase in average price over Q406. Interesting that no matter how we look at this, unit sales were down while the average price increased, isn’t it?
Taken as a whole, it looks like sellers are having to wait longer to sell their homes, but that is not motivating them to lower prices. Condition, presentation and marketing is the competitive difference for sellers right now.
I still attribute the slowdown in unit sales to the relocation market. People continue struggling to sell in other markets so that they can move here. Once that recovers, the Raleigh real estate market should be well positioned for a sharp increase in buyer activity. If supply drops, at that point we could see even stronger upward pressure on price.
[...] recently reported on the change in average sell price for homes sold in Wake County. In 2007 the average sell price increased by 5.4%. This is in line with what we experience [...]