Real Estate Sales Continue Fifth Month of Increase
Sales Exceed 2010
RALEIGH, N.C., Dec. 27, 2011 /PRNewswire-USNewswire/ — The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the housing industry in the greater Triangle region during November 2011. The data shown reflects information on residential 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 have now completed a five-month favorable trend through November which exceeds sales for the same time frame in 2010. Sales in November were up 8.3 percent over November 2010 and the five months (July, August, September, October and November) showed a 13.1 percent increase over the same time period last year. Durham County had a 15.4 percent increase in sales over 2010 and Wake County had a 13.2 percent increase over the prior year! Local municipalities in Wake County with the largest increases over last November were Cary/Apex/Morrisville up 18.4 percent; and Raleigh up 17.1 percent. In addition, the pending sales (homes under contract, but not yet closed) also exceeded last November by 11 percent and up 14.5 percent for the past seven months over the previous year.
New Listings in the Triangle region decreased 15.9 percent to 2,287. Inventory levels shrank 21.3 percent to 14,291 units, a trend that could indicate a changing landscape. Prices lost some ground. The Median Sales Price decreased 5.8 percent to $185,300. Days on Market increased 17.3 percent to 130 days. Absorption rates improved as monthly supply of inventory was down 16.7 percent to 8.8 months.
The Housing Affordability Index was at 190 which is its third highest level in the past 12 months. This index measures housing affordability for the region and an index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
About Triangle MLS, Inc….
Triangle MLS, Inc. (TMLS) is a regional multiple listing service with a jurisdiction covering 16 counties in the greater Triangle region of North Carolina. TMLS provides a wide variety of valuable products, programs, and services for over 7,000 REALTORS® and appraisers. TMLS equips subscribers with tools to facilitate the home buying and selling process, encourages cooperation and efficiency between REALTORS®, and provides a single repository of property information in the Triangle region. Access to the multiple listing service (MLS) database maintained by TMLS gives subscribers access to over 20,000 active property listings at any one time. In addition, subscribers have the ability to retrieve historical property data and photographs from over 700,000 listings entered in the MLS since 1995. Through participation in TMLS, subscribers also gain access to additional products, programs, and services designed to help them build their real estate business and assist their clients. TMLS strives for accuracy and excellence by enforcing adherence to the organization’s rules, regulations, policies, and bylaws which support industry professionalism, brings order and efficiencies to the real estate market place, and enhances cooperation between participants. TMLS is a wholly owned subsidiary corporation of the Raleigh Regional Association of REALTORS®. For more information, visit http://www.TriangleMLS.com.
SOURCE Triangle MLS, Inc.