There are 2 homes on the market for every 100 families in the Triangle. That's a small housing stock.
Raleigh, North Carolina (PRWEB) February 14, 2014
January 2014 data point to continued short supply of housing stock in the Research Triangle (Raleigh, Durham and Chapel Hill), as Andy May, the mortgage expert, and Irene Higginson, realtor, explain the data (919-389-7778). Raleigh-Durham-Chapel Hill continues to be a Sellers' Market.
With a housing supply that has fallen to just 3 1/2 months, according to Triangle MLS, this top relocation market will see home prices continue to rise.
Here's the data:
Unit home sales in Wake county are up +15.5% in January 2014 compared to January 2013. Irene Higginson, Realtor, can provide neighborhood level data when looking more specifically. Additionally, average home prices are rising rapidly. January 2014 home prices are up 6.5% compared with the same period last year. The percentage off original list price that a home sells for in Wake County has also risen to 98% January 2014. Indicating that sellers are getting closer to the original list price.
While all this is interesting, what about the future housing stock and unemployment rates in Wake County? Wake County has a super-low housing stock supply of 3.5 months (aka a "Sellers Market"). The supply of home inventory coming on the market is down another 5.3% January 2014 to just a total of 5,000 homes on the market (Wake County has over 1,000,000 people). Down another 500 homes from just November 2013. And down over 9% from January 2013.
Couple the housing stock numbers with job growth (and unemployment) and future home prices can be predicted with relative accuracy. According to WRAL, the Triangle has some of the lowest State unemployment levels. This site has a color-coordinated map that easily illustrates that future job growth is around the counties of the Triangle area (Wake county unemployment is down to the mid 6% range).
Triangle residential home price appreciation should continue to follow a low overall unemployment rate with a short supply of housing stock. Durham and Chapel Hill data can be requested by contacting Andy May, the mortgage expert.
On the National front, we turn to Case Schiller indices to see where the home price market has corrected to within 25% of the 2008 peak. Home prices nationwide are back to 2004 levels and have another 25% to go before hitting the all-time high level of 2008. CS Index.
For more information on mortgage loans, call ADRMortgage.com at 919 771 3379 or visit ADRMortgage on the web. Irene Higginson, realtor, states, "The Triangle has remained a top 5 relocation market due to excellent schools, outdoor activities, and a big city life style at country prices."
Get the most value out of a home sale or purchase by working with licensed professionals that have significant experience. Why risk your biggest asset to an 18 year old unlicensed person at a bank or credit union (these "loan officers" are often times unlicensed, although afforded lofty titles)? Find additional information from Andy May at Andy May's blog. ADRMortgage.com was founded by Andy May in 2005. Refinance, Purchase, VA, FHA, and nearly every loan product - for additional information, please go to http://www.adrmortgage.com or contact Andy May directly. License number 103418.