This information comes from Stacey P. Anfindsen of the Birch Appraisal Group of Cary. The information contained in this update presents data and analysis of the residential real estate market within Wake County.
What is happening with inventory and list prices?
Second quarter inventory increased 25% compared to 2Q/07 and the average list price increased 1% to just over $368,500.
What is going on with closings and the average sales price?
The number of closings in June decreased 35% compared to 6/07 closings. The average sales price of all housing increased 1% during the month of June. The average price of a re-sale increased 1.2%.
How long are houses taking to sell?
The average days on market for closed sales in Wake County during the first six months of 2008 was 85 days. This was an increase from the 70 average seen during the first six months of 2007.
Are house prices appreciating?
Our current rate of house appreciation is significantly superior to the average rate seen nationally. These rates are calculated by comparing the two most recent sales prices of the same house and should not be confused with the rise or fall of the average sales price in a given area.
What was the highest sales price during the month?
A house closed for just under $2,000,000 in the Regency Park development in Cary.