Monday, April 15, 2013

Triangle | Raleigh Real Estate Market News - March 2013

Triangle MLS, Inc. Had this to say about the Market for March 2012

Real Estate in the Triangle On the Move in Positive Direction


Raleigh, NC: The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry in the greater Triangle region during March 2013. The data shown reflects information on properties located in the 16 counties of the greater Triangle Region. The percentage changes are comparisons with the prior year’s month unless otherwise noted.



Closed sales continue on an extended positive trend. Sales in March were up 25 percent over March of 2012 and the first quarter sales were up 22 percent over the same time period last year. In addition, the pending sales (homes under contract, but not yet closed) also exceeded a year ago by over 31 percent. Total closed sales for the region were 2,261 units.

New Listings in the Triangle region increased only .4 percent to 4,268 units for March. Total inventory levels continue to shrink by 13.8 percent in March to 13,591 units from 2012. The months supply of available inventory shrank by 29.4 percent leaving only a 6.6 months supply. Housing prices continued to improve in March with the Median Sales Price up 4.3 percent to $193,000 and Average Sales Prices also up 4.3% to $228,170. The Days on Market decreased 16 percent to 112 days from last March.

The Housing Affordability Index was at 196, 1.3% higher than last year. This index measures housing affordability for the region and an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. Higher number means greater affordability.


Ray Larcher, President, Triangle MLS, Inc., said, “As Spring blooms so does the housing market with all major indexes moving in a positive direction. The tightened inventory levels combined with strong demand are fueling price gains in many areas.”


Larcher continued, “New home construction is also on the rise with new building permits increasing at a steady pace. In addition, record-low mortgage rates and rising rents are supporting the housing recovery.”