While the real estate market in the Triangle finished down 6.7 percent in 2010, the housing market is showing positive signs. Buyers looking for homes for sale in Raleigh and other towns and cities, as well as those looking to sell in the area can take heart that local markets beginning to recover.
Part of the fluctuation in the local and national real estate market a year ago was associated with the expiration of first-time home buyer tax credits, which helped to bolster sales during the first six months of 2010. The resulting downturn for the remainder of the year gave the appearance of a slowing in the market, when it wasn’t the case. Without that, incentive sales should level off and the recovery will be easier to measure.
By the end of the year there was an increase in the inventory of homes for sale, up 2.2 percent. While sales remained down overall, an increase in inventory indicates that market prices are resuming healthy levels. Sellers are ready to get into the market.
Median home prices are increasing in Wake, Durham, Orange, and Johnston counties – although this may be because of the purchase of more expensive homes, rather than an actual increase in the median prices. Still, purchase of homes on the higher end of the price scale is another indicator of market confidence.
More positive news: Freddie Mac has reported a 1 percent increase in The Index of Leading Economic Indicators for December, approximately double the forecasts. Additional reports show more buyers are entering the market instead of continuing to wait for market improvements.
What does all this mean? Overall the news is positive. Those looking for homes for sale in Morrisville, Cary or other Triangle towns can get off the sidelines and begin their search, and sellers can begin prepping their homes for sale.