Home Sales Down In 2011 In The Triangle Area

Home sale numbers in the Triangle area for 2011 are in, and they are not as positive as we would hope. Home sales fell 6 percent in 2011 to numbers we have not seen since 2002. The good news is that toward the end of 2011 we saw an uptick in home sales, which could be an indicator that the housing market in the area is on the mend.

Durham, Johnston, Orange and Wake counties had a total of 3,600 homes sold in the fourth quarter of 2011, which was up 10 percent from the same time period in 2010, according to the Triangle Multiple Listing Services data. Pending home sales were also up 12 percent for the fourth quarter of 2010 in the Triangle area. The average price of a home sold in the fourth quarter was $230,000, which is down about 6 percent. The number of existing homes on the market dropped drastically from April to December of 2011, with a 35% drop seen. The number of new homes on the market has also decreased. Compared to 2008 the number of new homes on the market is 60 percent less. If we continue to see the number of existing homes and new homes decreasing, we could see home prices begin to stabilize.

Stacey Anfindsen, a Cary appraiser who analyzes MLS data for area real-estate agents said, "We should be back to the little percentage changes between zero and 5 percent." He continued, "I don't foresee anything double-digit in percentage changes from a closing standpoint."

If you are interested in buying or selling a home in the Triangle area, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home, and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answer and would love to sit down for a confidential review of your options.