Wake County Real Estate Trends Q1 2014

Days on Market

The number of days that a house remains on the market before it sells is a number worth paying attention to, especially of you are contemplating selling your home because it will tell you just how long you should expect to have to put your life on hold until your home sells. As you can see, the number of days on market moved in a linear fashion up from 87 in December to 93 in January and 99 in February before it began its decent in March. When priced properly, a home seller in Wake County should expect to have their home sold and closed in about three months.

Conclusion

As you can see, the Raleigh-Cary and Wake County real estate market has seen significant movements in the first quarter. April numbers won’t be tabulated until mid-May but from what I’m hearing; April has been a very good month for both realtors and lenders alike so I anticipate a similar upward trend. However, new applications for mortgages have decreased on five out of the last ten weekly surveys conducted by the Mortgage Bankers Association therefore I’m cautiously optimistic about May.