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Posts Tagged ‘real estate trends’

After a robust start to 2013 there has been some cooling in the market. Lawrence Yun, chief economist with the National Association of Realtors sums it up best with an expectation that interest rates will close in on 5% by mid-2014.

There are 17.8 renter households with sufficient income to buy a $177,000 home at a 3.5% interest rate compared to 14.9 million households at a 5% interest rate.

By the numbers, June 2012 vs. June 2013 closed sales Durham County NC

2012
398 closed properties
85 days on market on average
Average list price $276,698
Average sale price $209,385

2013

472 closed properties
64 days on market on average
Average list price $217,864
Average sale price $213,125

Please remember me if you come across someone who wants to buy or sell real estate.

919-608-2372 mobile/text or
MSullivan@fmrealty.com

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I wanted to give you an update on the real estate market.  In  a word the outlook is bleak.  According to Inman, July 13, 2012; “Housing continues to wallow in its modern-day depression as low interest rates are being more than canceled by the glut of new product created during the bubble years of 2004-2007, the tidal wave of foreclosures, and increased credit standards being imposed by lenders,” said UCLA Anderson Forecast Senior Economist David Shulman in his forecast.

 

Here are some statistics from Triangle MLS that might interest you…

January 1, 2011 to July 13, 2011 

8414 detached homes were sold.

Average days on market = 126,

Average list price=$247,404

Average sale price=$238,136

Average square feet= 2251

Average 3 bedrooms, 2 baths

 

January 1, 2012 to July 13, 2012

9689 detached homes were sold.

Average days on market = 125

Average list price=$251,664

Average sale price=$242,852

Average square feet= 2303

Average 3 bedrooms, 2 baths

 

The news isn’t all bad.  So, if you know someone who’s interested in buying, selling or leasing property, please refer them to me.

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