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Counting Pennies in the Greater Raleigh Real Estate Market

As many of you know, I LOVE to study numbers and I always reading, reasearching, tracking and analyzing data.   Growing up  my Dad always told me “Watch your pennies,  Linda…the dollars will take care of themselves.”   He taught me a lot about life and  how important little details are in everyday life.  My Dad was in his 50’s when he died of a heart attack and 27 years later I still miss him.  Because of his influence, I track everything from how many pennies we spend on water to the 2.2 million page views we had this past year on my Greater Raleigh Area Real Estate Website.    Every week I share with my listing clients market stats and their individual advertising numbers to  – like how many people have taken a virtual tour of their home. Thankfully, I have a team that understands the value our clients receive by watching numbers too.

The TARR report (Triangle Area Residential Realty report) is one of the area’s leading sources for real estate numbers.  My team subscribes to it every year and we look for the big changes along with the small changes that are happening here in the Greater Raleigh Area.  This month’s report was for a General Brokerage Update for Raleigh, Cary, Research Triangle Park and surrounding areas of North Carolina.

This report compared first quarter 2011 to 2010 when the home buyer tax credit was offered. Here’s some interesting local real estate numbers was offered:

  • *CSS – Centralized Showing Service reports home showings: Down 24%
  • *2,317 homes for sale changed status to pending: Down 29%
  • *Active residential listing inventory down 8%, up 2% from 2010. 
  •  *Foreclosure filings:  Down 12%.  Sounds like good news but, it really isn’t.  This is because successfully negotiated shor sales are up.  The “robot signing” foreclosure freeze is over and banks do not need anymore loss on their books to deal with at this point.
  • National housing reports showed a 3.7% increase in March over February in 2011 but, 40% of those sales were distressed properties. 
  • Greater Raleigh area house selling odds based on the first quarter of 2011 pending sales is 28% compared to 81% in 2006.
  • Active residential listing inventory: Down 8% (this is good news for home sellers)
  • *New home active listing inventory: Down 21% (this is good news for resale home sellers)
  • *Average days on market for closed properties: 122 days, up from 105 days
  • *National housing reports showed a 3.7% increase in March over February 2011 but, 40% of those sales were distressed properties.
  • *Greater Raleigh area house selling odds based on first quarter 2011 pending sales is 28%. Compared to 81% in 2006.

With the challenging market conditions all Raleigh area home sellers are facing, we at Linda Craft & Team, REALTORS are very grateful and proud to report 65 closings completed first quarter 2011 and 71 pending contracts headed towards closing. That’s a lot of negotiation experience with the new due diligence contract. However, I still like to old contract better just as I liked the 2006 real estate market better. Thank you so very much for your business and referrals.

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