January 7th, 2014 11:48 AM by Andrew Walter May
Why Raleigh and Fayetteville home prices continue to head up through November, 2013.
Raleigh, North Carolina (PRWEB) December 14, 2013
November 2013 data point to continued short supply of housing stock in Fayetteville and the Research Triangle (Raleigh, Durham and Chapel Hill), as Andy May, the mortgage expert, and Lynn Furr, realtor, explain the data (919-306-0018). It's official - Raleigh-Durham-Chapel Hill is a Sellers' Market.
Heat maps show where home prices have advanced throughout the nation. Florida is + 10 to 25%, Virginia is +4 to 6%, and North Carolina is +6 to10% according to the federal government hyperlink above (4th quarter home price increases). And according to Case Shiller data, national home prices have increased to reach the levels experienced in Q2-2004.
With a housing supply that has fallen to just 4 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 +12% in November 2013 and +25% YTD through November 2013. Lynn Furr, Realtor, can provide neighborhood level data when looking more specifically. (919) 306-0018. Additionally, average home prices are rising rapidly. Average YTD through November, 2013 home prices are up 3.8%. The percentage off original list price that a home sells for in Wake County has also risen to 98% YTD November 2013. 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 4 months (aka a "Sellers Market"). The supply of home inventory is down another 9% November 2013 over November 2012 resulting in only 5500 homes for sale (about 4 months supply).
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). Fayetteville is slightly higher with a 9%+ unemployment rate in Cumberland County.
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.
For more information on mortgage loans, call ADRMortgage.com at 919 771 3379 or visit ADRMortgage on the web. Lynn Furr, 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? Find additional information from Andy May at Andy May's blog. ADRMortgage.com was founded by Andy May in 2005. For additional information please go to http://www.adrmortgage.com or contact Andy May directly. License number 103418.
For the original version on PRWeb visit: http://www.prweb.com/releases/2013/12/prweb11417417.htm