October 2015 Home Sales Part 2

Welcome back! Our Raleigh real estate team is here to talk more about home sales in October 2015, by offering you reports and information regarding how the market did last month. It's been a good year, and we hope to see it finish strong at the end. If you have any questions about the current state of the housing market or about info found in this article, contact us!

Raleigh Real Estate News and Information

According to realtor.org, "Properties typically stayed on the market for 57 days in October, an increase from 49 days in September but below the 63 days in October 2014. Short sales were on the market the longest at a median of 90 days in October, while foreclosures sold in 67 days and non-distressed homes took 57 days. One-third of homes sold in October were on the market for less than a month."

More News and Information

Below, you'll find even more info about other types of home sales from realtor.org:

  • Total inventory and month's supply data are available back through 1999, while single-family inventory and month's supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).
  • The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR's quarterly metro area price reports.
  • The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions.
  • The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns.
  • Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns.
  • Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

With the lower interest rates and increased sales, it's a great time for buyers to really consider purchasing a home before the end of this year. With time left to search as well as purchase new homes now's a great time to contact our Raleigh real estate team!

Roark Premier Team | Raleigh Real Estate

Also, if you’re considering selling your home, it's time to act now! Contact Roark Premier Team today and get started with the process of listing your home on the market. We guarantee to sell your home in 59 days or less! If we don’t, the listing fee is waived. So what are you waiting for? Call now! Our real estate agent is standing by to help you get your home sold during one of the busiest times of the year for real estate!

Be sure to visit other blogs in this series, below:

 

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