Wake Forest NC Market Report - August 2010

Following are charts representing the Wake Forest NC Real Estate Market Activity for the month of August 2010.  The first chart reports the number of CLOSED sales for August 2010 versus August 2009.  As noted on the chart the 31% decline in Sales when comparing the same time period from 2010 to 2009.  In August 2009 there were 71 Homes Sold in Wake Forest NC and only 49 CLOSED sales in 2010.

The next chart reports the Average Sales Price and the Median Sales price again comparing August 2010 to August 2009.  The Average Sales price has had a 9.7% increase in 2010 compared with 2009 however, the Median Sales Price has seen a 5.1% decrease when comparing the same time frame.  Please note, there is a vast difference between the terms Average and Median.  Median Sales Price is a more reliable indicator of market activity. 

The following chart depicts the Inventory of Homes for Sale in Wake Forest NC.  There has been a 2.5% increase in Homes on the Market in August 2010 when compared with August 2009.

Lastly, the price point chart gives the numbers of Homes for Sale in Wake Forest NC for various price points.  For Wake Forest the most common price point is $200,000 - $299,999 with 312 properties for sale.  Keep in mind, there is currently an Absorption Rate of 10 for this particular price point which means should NO other properties be listed in that price range it would take 10 months to sell the current inventory.  An Absorption Rate of 10 is considered high. 

If you have any questions regarding the statistics in the above charts, more specific statistics for a particular Neighborhood in Wake Forest NC or any Homes for Sale in Wake Forest NC please feel free to give me a call or simply send me an email - I would be happy to help!

Wake Forest NC - November 2009 Local Market Report

The latest Housing Statistics and Market Report are available for Wake Forest NC and I thought it would be an ideal time to share them with you!  I have a few graphs to show where we are now in 2009 and where we have come from.  The most interesting graph, which I consider a BENCHMARK, is eye-opening, to say the least, to Home Sellers in the Wake Forest NC area.

First up is the graph depicting the New Residential Listings in Wake Forest NC for 2008 vs. 2009.  There has been a 30% decrease in the number of Home Listings in Wake Forest NC overall.  In many instances that could be a very good thing for home sellers in Wake Forest NC - much less competition in the market! 

Wake Forest NC Market Report - January 2009

January 2009 market statistics are out and they are eye-opening to say the least.  The active listings in Wake Forest, NC show a 14% decrease from January 2008 with an average DOM (days on market) of 119.  Please keep in mind that is average; homes on the market that are priced correctly from their initial time on market.  I can not emphasize enough how crucial it is to have a properly priced home that is market ready - it is what the market now demands!  Now is not the time to place a home on the market at a "hope-for" price - if you want to sell your home then price it correctly in the beginning.

The Absorption Rate in Wake Forest, NC has seen a dramatic upswing.  The numbers on the graph speak volumes.  The Absorption Rate is the supply of homes that are currently on the market.  The number attached to the absorption rate represents the number of months that it would take to sell the current supply (inventory) should no other listings enter the marketplace.

Lastly, here are the sales for the entire Triangle area for the month of January.  While the Absorption Rate for Wake Forest is high it is comparable to other areas of the Triangle such as Fuquay-Varina/S. Wake that stands at 21 and ITB (Inside The Beltline) that is at 22.  As the chart below indicates, Wake Forest, NC remains healthy in terms of sales once put into perspective with Wake County, NC as a whole.

Should you have any questions about the graphs or statistics and what they mean to you as a Buyer or Seller please feel free to contact me.  I would be happy to have a conversation regarding the statistics in more depth!

Written by:
Leesa L. Finley, Broker, Realtor®
Circa Properties
919.649.6128 - direct and txt msg

All content, including text, original art, photographs and images, is the exclusive property of Circa Properties, and may not be used without the expressed written permission of Circa Properties. All information is believed to be accurate but is not warranted, Copyright 2008.

Learn more about Wake County, Johnston County, Granville County, and Franklin County, North Carolina Real Estate which includes Raleigh, Cary, Wake Forest, Youngsville, Franklinton, Apex, Holly Springs, Garner, Fuquay Varina, Creedmoor, Clayton and more!

Wake Forest NC Market Report - November 2008

The latest report was just released from Triangle Multiple Listing Service.  There are some notable quotes from the report which should assist in explaining the current condition of our local market.  One quote that I wanted to mention at the beginning of this post is:

Where is the pain going to be felt in the coming months?

Not to pick on the $400,000 and up price point, but the supply numbers will force pain upon sellers. A search of new home listings within this segment reveals some eye opening numbers. Approximately 38% of new home listings within this segment have seen a drop in list price, with the average drop being 7%. The average days on market for these listings has been 230 days. The combination of falling list prices and increasing days on market spell trouble for under capitalized home builders.**

First up there is my comparison with Active Listings for year to year.

For the 6th consecutive month Wake Forest has retained an absorption rate lower than the national average at 6.  For information on what the Absorption Rate means to you, whether buying or selling a homes, please feel free to give me a call or send me an email - I will be happy to assist you.

Wake Forest, NC maintains a healthy portion of sales within Wake County - it is noteworthy that the subdivision with the highest number of sales is Heritage which is located in Wake Forest.  For information on Heritage please feel free to contact me.

If you need assistance with any of these statistics or would like information for a more specific area of the Triangle please call me or email and I will be happy to compile those statistics for you. 

Written by:
Leesa L. Finley, Broker, Realtor®
Circa Properties
919.649.6128 - direct and txt msg

All content, including text, original art, photographs and images, is the exclusive property of Circa Properties, and may not be used without the expressed written permission of Circa Properties. All information is believed to be accurate but is not warranted, Copyright 2008.

Learn more about Wake County, Johnston County, Granville County, and Franklin County, North Carolina Real Estate which includes Raleigh, Cary, Wake Forest, Youngsville, Franklinton, Apex, Holly Springs, Garner, Fuquay Varina, Creedmoor, Clayton and more!

Wake Forest NC Market Report - July 2008

July 2008 saw a decrease in the number of listings available in Wake Forest from June 2008 to July 2008 however Year to Year saw an overall 14% increase.

Wake Forest has also held steady with their absorption rate at 9 for two consecutive months.  We are still trending lower that the rest of the country.

And, finally, Wake County maintains healthy sales in all areas and continues to out-perform other parts of the country.  Wake Forest holds a very respectful 13% of total sales in Wake County.

Wake Forest NC Market Report - June 2008

As is the trend in most of the country our Active Listings in Wake Forest are up.  As indicated by the chart below listings are up 25% for Wake Forest.

The next chart will help you to visualize the month to month trend from January 2008 through June 2008 of active listings in Wake Forest.  While the trend overall for the year may be up there does not to appear to be any wild fluctuations from month to month.

While the overall aborption rate for the country is reported at 11 it would appear that Wake Forest is bucking the trend.  We have had a steady decline in our absorption rate since January 2008 and are currently at 9. 

Lastly, Wake Forest maintains a healthy portion of sales in Wake County overall.  Wake County had aproximately 6991 sales with Wake Forest capturing 12%.

If you have any questions about the charts above, what they mean or how they may pertain to you whether buying or selling a home, please feel free to call me or email me - I would be delighted to help!