Triangle, North Carolina.  Triangle Home Sales Continue Decline During April.  April was the tenth month of declining sales in Wake, Durham, Orange and Johnston counties.  March saw a 28 percent drop in sales vs. March of 2007 while April limped home down 24.4 percent.  The average sale price was down 1.45 percent to $228,183.  This was the first decline after 26 consecutive months of increases.  Sales of existing homes in April of last year numbered 2,540 while April of this year produced the sale of only 1,920.  Pending sales were down 27.3 percent, year to year, the inventory of unsold was up 27 percent, adverage days on market was 106 days vs. 79 days last year and showings were down 15 percent.  Housing starts in Wake County were at a 10 year low.  While home prices fell 3.1 percent nationally during the first quarter of this year, Raleigh and Cary home prices increased 4.92 percent and Durham prices were up 3.92 percent.  Furthermore, owners of homes in the Triangle priced at $300,000 and less aren’t having any problems selling their homes.  So, how bad the storms were during April depended on where you were and what you had to offer.

John Fish (919) 696-3474  Email: Marvmax@mindspring.com   Website: www.JohnFish.com 

Raleigh-Cary home prices rose during second quarter.  During the second quarter prices of existing single-family homes in Raleigh-Cary rose at a rate of 7.1% compared with a year earlier. This makes the average price of a resale home in Wake County $270,242.  Durham resale prices rose at a rate of 5.4% during the same period which makes their average resale home price $213,671. This is according to Office of Federal Housing Enterprise Oversight (how’s that for a mouth full!).  Nationwide prices rose 3.2%.  The Triangle Multiple Listing Service says the inventory of unsold homes in Wake, Durham, Orange and Johnston counties was 12,641 in July which is an increase of 19% from a year ago.  This data doesn’t reflect the the subprime problems and volatility of the mortgage markets of the last few weeks.   

Buyers coming into the Triangle should we aware that what they read in the newspapers and magazines and what they see on the web doesn’t necessarily reflect the “real world”.  There most certainly are some “good deals” available in housing in most price ranges.  While Forbes.com says the Raleigh housing market is a seller’s market, it is - - and it isn’t.  Throughout most of the Triangle seller’s are certainly more price flexible than they were three to six months ago.  Just how flexible depends on the particular city and the particular subdivision.  As always, it also depends on how quickly a seller needs to sell, if they have any kind of moving package from their employer and what their financial condition is.  So, if you are coming to the Triangle and think you can a considerable knock off from the list price you are probably going to be disappointed.  If you come here thinking you might have to “pay through the nose” for what you buy because it is a “seller’s market” that probably isn’t going to be the case either.  The bottom line is this, if you have an agent with at least five years of experience and who knows the Triangle, let him or her lead you and you will get the best price and on the best terms.  If you want an agent with a lot more years than that in the business, call me or send me an email at the number or address below.

John Fish (919) 696-3474   Email: Marvmax@lmindspring.com   Website: www.JohnFish.com