February 2008 Raleigh NC Market Trends Report
The volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas, according to the latest forecast by the National Association of Realtors.
Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits. “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he said. “Therefore, a notable rise in home sales can be anticipated in the second half of the year.”
Let’s take a look at the real estate sales statistics for February 2008 to see how the market is looking in Wake County:
Wake County saw a 25% increase in active listings over February 2007. Sold listings, however, were down 16% this February while year-to-date sales decreased by 10%. The average sales price dropped a relatively modest 2% to $259,486.
Raleigh
(Wake County) |
Active
Listings |
Sold
Listings |
Average
Sales Price |
Year-to-Date
Sales |
| February 2008 |
8,943 |
1,084 |
$259,486 |
19,892 |
| February 2007 |
6,675 |
1,285 |
$264,355 |
22,225 |
Although listings are up and sales are down, this is a modest change when compared with other markets. Our stable economy has shown it is able withstand the national trend as we have experienced downturns in our economy before. Many buyers are taking this opportunity to take advantage of the situation. (What does Warren Buffet do?) Sellers are negotiable. They know they are competing with more and more other properties. And, interest rates are low. The best of both worlds, wouldn’t you say?
This entry was posted
on Friday, March 21st, 2008 at 9:57 am and is filed under Raleigh Real Estate, Relocating to the Raleigh Durham Area, Real Estate Bubble? What Real Estate Bubble?, Investing in Raleigh Area Real Estate.
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