Sales volume has seen an increase, as many hesitant buyers have been urged into the market with the government's stimulus plan to offer up to $8,000 in tax rebates to qualified buyers encouraging them on. According to the North Carolina Association of Realtors, sales volume in the triangle area of Raleigh/Durham/Chapel Hill area was up by 6% year over year in September. Average costs, however, were down by 14%, as is the case in many markets, a worse performance than the overall state average, which was down just by 7%.
According to the Triangle Multiple Listing Service data, pending sales in Raleigh for September were up 11% from pending sales in 2008 for the month. For the year to date, however, pending sales are on pace to be below 2008 volume by more than 13%. Homes for sale in Raleigh that closed in September was actually down by 9.1% from September 2008 figures, and off by 23.8% from September 2007 figures.
Raleigh real estate is also spending a longer time on the market before moving, on average. In September, Raleigh homes were spending 101 days on the market before being sold on average, an increase of 12.4% from September 2008, and increase of more than 30% from September 2007. Likewise, the inventory supply also is up, with September holding a 9.5 months' supply, up from just 8.9 months in September 2008 and 6.3 months in September 2007.