February Real Estate Activity in Research Triangle Park
RALEIGH, N.C. – The Triangle MLS, Inc. (TMLS) announces the following information relating to houses listed and sold within the MLS system during February of 2011. Data stated below are for houses located in the entire triangle region. The percentage changes are comparisons with data from the prior year’s month unless otherwise noted.
Sales in the entire TMLS system maintained a slight reduction over last year with just 30 fewer sales for a total of 1,150 units or 2.5 percent less than February of 2010. Total homes closed for the month of February for Wake County were 598, which was 27 under last February.
Among important factors affecting the data is that January and February are traditionally the slowest months of the year. Another important issue to keep in mind is that one year ago the Federal Government extended tax credits for home buyers through June of 2010, which stimulated sales. Without those incentives in 2011, there is a decrease in most sales categories.
Both the median sales price for February ($178,240) and the average sales price ($211,661) increased over the prior year by 4.2 percent and 2.3 percent respectfully. Another positive indicator showed the percent of original list price received increased slightly over February of 2010 to 95.9 percent.
Other indicators showed the number of new listings for the month decreased by 16.4 percent from last year, yet the average days on market (time it takes for the average house to sell) increased by 15.2 percent. The total inventory of homes available for purchase was 16,632, also down 6.4 percent from the previous year. The Months’ Supply of Homes for Sale had a 5.0 percent increase to 9.9 months.
The Housing Affordability Index decreased less than 1 percent and continues to remain at record levels. This index measures housing affordability for the region. An index of 120 would mean the median household income was 120 percent of what’s necessary to qualify for the median priced home under prevailing interest rates. A higher number results in a more affordable housing market. The February index was 182.
National Real Estate News
Home Prices Off to a Dismal Start in 2011
According to the S&P/Case-Shiller Home Price Indices
New York, March 29, 2011 – Data through January 2011, released today by Standard & Poor’s for its
S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show further deceleration
in the annual growth rates in 13 of the 20 MSAs and the 10- and 20-City Composites compared to the
December 2010 report. The 10-City Composite was down 2.0% and the 20-City Composite fell 3.1% from
their January 2010 levels. San Diego and Washington D.C. were the only two markets to record positive
year-over-year changes. However, San Diego was up a scant 0.1%, while Washington DC posted a
healthier +3.6% annual growth rate. The same 11 cities that had posted recent index level lows in
December 2010, posted new lows in January.
The full report can be viewed by clicking the link below: