Triangle housing market turns corner, with October sales up 17.6% - Triangle Business Journal:

Triangle housing market turns corner, with October sales up 17.6% - Triangle Business Journal:


For the first time in more than a year, the Triangle residential market made a monthly gain in the number of homes sold, with 17.6 percent more homes sold during October compared to the year prior.

Market watchers say the data signifies a major turning point in the local housing economy.

In the Triangle, 2,009 homes were sold in October compared to 1,709 homes sold the same month the year prior, according to Triangle Multiple Listing Service. Triangle MLS tracks new and existing home sales data in Wake, Durham, Orange and Johnston counties.
The dollar volume of homes sold last month also grew, by 8.3 percent, to $441.8 million in October compared to $407.9 million in homes sold the year prior. That’s the first gain in sales volume since October 2008, says residential real estate analyst Stacey Anfindsen.
“We’ve hit the floor, and at least we know how low we can go – hopefully -- and operate our business off of that,” Anfindsen says.
Anfindsen gave two reasons the market improved. First, the federal $8,000 first-time home buyer tax credit program, which expires at the end of November, helped convince many buyers who were on the fence to take the plunge. The federal government since has instituted another tax credit program that offers a $6,500 tax break to qualified homeowners looking to move up to middle-market homes that cost no more than $800,000.

Second, home sales in the Triangle started their free-fall in late 2008, so the market today is in comparison to one of the slowest housing markets in decades.

“October, November and December should be really good because everything kind of shut down this time last year,” Anfindsen says. “We’ll probably see the market grow 5 to 10 percent and have nice comparisons until about February when we will see it start to normalize.”

All is not well, though. The average Triangle home sale price was down by 8 percent in October compared to October 2008, and it took four more days on market to sell than the year prior. But the inventory of homes for sale also declined, by 13 percent, and the number of new listings declined by 2.5 percent, meaning there is less competition for the homes on the market for sale.

In Wake County, 1,141 homes sold in October compared to 967 home sales the year before, which is an 18 percent increase. Total dollar volume of homes sold in the county was $270 million, which was up by 5.5 percent from the year prior.

In Durham County, 269 homes sold in October compared to 210 homes sold the year before, which is a 28 percent increase. Total dollar volume of homes sold in the county was $52 million, which was up by 23.4 percent from the year prior.

In Orange County, 91 homes sold in October compared to 62 homes sold the year before, or a 47 percent increase. The total dollar volume of homes sold in the county was $28.3 million, which was up 43 percent from the year prior.

In Johnston County, 193 homes sold in October compared to 176 homes the year before, or a 9.7 percent increase. Total dollar volume of homes sold in the county was $32 million, which was up by 5 percent from the year prior.

Boycott Blogs

Here's a tip for all my customers. Boycot blogs.

That doesn't mean don't check MY site, my site is a...NEWS SITE.

You can check the widget and the RSS feeds here and on my Twitter and Facebook pages. There you are getting accurately sourced National and Regional Real Estate Trends, straight from the horse's mouth, and not mine. Not restated, not watered down, not slanted in any way! The horse, by the way, would be N&O, Triangle Business Journal, RISMEDIA real estate news, our Realtor Associations, respected news distribution channels! In an RSS feed, I have permission to distribute this news to you exactly as it came to me. You can read the source citing in each post.

So, why do I say Boycot Blogs?

Because...what is a true blog anyway? A blog is a site where a so-called professional has either restated the news or given his/her opinion on it or is reciting some anecdote from their regional selling and using it to extrapolate a trend. Did they fool ya?

Ok, so what I am saying here is that a BLOG is entirely editorial in nature. It's subjective, watered down, one person's opinion. And opinions are like.... well, you know... EVERYBODY has one.

So, tell me, you have 5 minutes every day to catch up on real estate trends. Is someone's opinion really what you want? Or is it factual news that you want? What do you think of asking your local grocer every day for his opinion on grocery buying trends? He only has a handle on a microcosm of that world. When you repeat the opinion stated in a blog, what are you going to tell your neighbor was its source? Oh, Joe Blo from ABC Realty down the corner SAYS SO? Good luck with that!

Get it? If you only have 5 minutes a day, get the NEWS, don't read a BLOG.

Have a great day, my like-minded cynical and blog-weary friends!