Triangle Area Real Estate Stats March 2012
I think we all can attest the Spring market has “sprung” here in the Triangle. We see more and more buyers in the office by the day and more contracts are crossing my desk for review. Agents are busy at the computers pulling listings and calling CSS to schedule showings…washing off pollen from their windshields and paying $3.84 a gallon to fill their tanks!
Below are some stats we pulled together for this blog…
Total TMLS Homes Sold:
Feb 2012 saw 1,475 Properties closed in all MLS zones compared to Feb 2011 where total sales were 1,161…this was a 27% increase in closed sales. The past 8 months have seen positive closed sales month to month over the prior year.
Average and Medial Sales Prices:
Average and median home prices fell in Feb 2012 compared to last Feb. The Average Sales Price for TMLS for all of 2011 was $222,960 … whereas the average sales price for Feb 2012 was $205,932. Both average and medial sales prices fell 11 of the past 12 months.
Pending Sales:
Feb 2012 saw a large increase in Pending Sales numbers as well…1,784 homes went under contract in Feb 2012, verses 1,383 for Feb 2011…a 29% jump! The last 10 consecutive months have seen positive numbers for Pending Sales.
Days on Market:
Days on Market rose again for Feb 2012 to 134 days…last Feb it took an average of 121 days from list to contract. The annual average DOM for the Triangle in 2011 was 127 days. 10 of the last 12 months have seen a rise in DOM over the previous year.
Housing Affordability Index:
This index measures housing affordability for the region…an index of 120 would mean the median household income was 120% of what is necessary to qualify for the median-priced home under current market conditions…a higher number equates to greater affordability.
The Affordability Index for the Triangle for Feb 2012 is 206…Feb of 2008 the Index was 149. What a difference 4 years can make!
New Agents Getting into the Business:
1,067 new real estate licenses were issued in the State of North Carolina in 2011 compared to the all-time high of 13,265 new licensees in 2007. The number of agents in our local association at year end 2011 was 5,587 compared to 6,999 at the end of 2007. Fewer area agents means less competition for buyers and sellers…but that does not mean you can let your customer service slip. Now is the time to work your book of business for referrals and stay focused on lead generation and customer service!
Economic Impact of an Existing Home Purchase:
NAR estimates each home sold (at the median sales price) generates $30,792 of economic impact before the historical relationship between new and existing sales is considered and $58,529 of economic impact when that relationship is taken into account.
Historically existing homes sell at a ratio of 8 to 1 to new construction. New construction has an economic impact of the labor and material cost added to the factors where existing doesn’t because it was constructed in the past. When a new home is constructed, the entire price is added to the value of GDP because it is “new Production”.
Assume that 9% of the median home price goes to closing costs, fees, moving expenses, and real estate related industries such as inspectors and appraisers.
Most home buyers will spend $5,000 with-in the first 12 months after closing on furniture, blinds, landscaping, etc.
Fonville Morisey
Fonville Morisey was the Number 1 region for Long and Foster for the largest gain percentage in both Volume and Units Sold. While TMLS was up 29% in Pending Sales…Fonville Morisey was up 42% over the same period. Fonville Morisey was also up 42% in Closed Sales while TMLS was up 27%...Beating the average by 15 full percentage points!
YTD 2012 Fonville Morisey has been involved in 24.1% of the total transactions in TMLS ( listing and sales sides)...For all of 2011 the involvement was 25.5%.
I hope you find this information valuable…for more info please feel free to call 919-785-4201 or email ebrown@fmrealty.com.
YTD 2012 Fonville Morisey has been involved in 24.1% of the total transactions in TMLS ( listing and sales sides)...For all of 2011 the involvement was 25.5%.
I hope you find this information valuable…for more info please feel free to call 919-785-4201 or email ebrown@fmrealty.com.
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