This week I’ve been buried in market stats. It’s important to understand what’s happening around you in the real estate world, but market statistics will drive you goofy. Due to the amount of press the Housing Market has been getting, I’ve received lots of questions about the health of the local Raleigh market. My intuition is probably sound, but that’s not always good enough. So, I immersed myself in numbers and barely survived.
It is possible to cherry pick data in order to support any pre-formed conclusion. Admittedly, the stuff I’ve been studying is a bit conflicted, but I didn’t cherry pick my way through it. Though things change from one neighborhood to the next, the Raleigh area housing market is generally healthy.
The three graphs below show a small piece of the 2007 Raleigh housing market puzzle. As mentioned, more and different data is available, but the stats graphed here are pretty good indicators.
The graphs focus on four Triangle MLS Areas in and around downtown Raleigh:
Area 1 – Inside the Beltline
Area 2 – North Raleigh
Area 3 – SE Raleigh
Area 4 – SW Raleigh (the area south of NC State University)
Number of Homes Sold: Area 2 (North Raleigh) is the clear leader with an average of 218 homes sold per month. Average number sold per month for the entire Triangle MLS region is 3113 (not shown on graph).
What about the important trends? We are only looking at 2007, so long-term trends can’t be seen. Looking at the short-term, nothing alarming stands out. The big national drop in August home sales is not reflected locally. The major short-term change is a reduction of Days-on-Market (which is not unhealthy).