Now that we have ended the first quarter, it is a great time to look at where the real estate market stands here in Rolesville. In this edition, we will look at the current market compared to last year in closed homes as well as taking a look at the homes that are currently on the market. For definition, the Rolesville market discussed herein will be anything located in the 27571 zip code.
From January 1, 2015 – March 31, 2015, 40 homes closed within the Rolesville market. The highest priced home sold for $550,000 and the lowest priced home sold for $35,000. The average sale price of Rolesville homes has increased by 41% between 2012 and 2014 with the first quarter of 2015 seeing an average sale price of $325,200 with over $13 million worth of real estate closing.
If we compare the first quarter of 2015 with the first quarter of 2014, we see a 30% reduction in the number of homes sold because 59 homes were sold in Q1 2014. The good news is that the average price has remained consistent in the$325,000 range.
Looking at the current market, there is more than $28 million in real estate available with 77 homes for sale and an average list price of $361,977. The average number of days on the market is around 134 days which is consistent with other areas of Wake County.
Going forward, April and May are the two busiest months of the year in real estate with the “Spring Market” as people look to get their house sold just before the end of the traditional calendar school year. Historically, this has been so that the family could finish one year in the current school and start the next year in a new school. With the advent of year round schools, the Spring Market today is more about the fact that more buyers are out looking when the weather is nice and homes look their best.
There is currently a three month supply of homes available and that does give some advantage to the seller when inventory is low. Buyers have a limited number of choices in any price range and prices could see an increase over the next quarter.
Historically, a three month supply is unhealthy and can be an indicator of inflated home values that could trigger a market correction. We have seen that in its worst form between 2008 and 2011 here in the Wake County market. I doubt we will see a large correction coming soon but if it maintains this pace, it could be a red flag down the road.
A perfect balance is a 5-6 month market time. This indicates there are enough homes for sale for buyers to choose from and prices will remain steady with 2-4% annual appreciation. The danger is when annual appreciation climbs above 10%.
With a couple of new neighborhoods recently approved in Rolesville, we expect to see inventory climb and give those relocating to this great town an opportunity to enjoy the benefits of small town living while being only minutes away from the hustle and bustle of the big cities of Raleigh and Durham.
If you are looking to sell your current home and move to a bigger one, now is the perfect time to do so. As families grow, so must the home so the move up market is going to be a large sector of the market in 2015.
If you want to know what your home is worth in today’s active market, please feel free to contact me.
Pate Realty Group
Keller Williams Realty
Brian Pate has been a well-respected real estate professional for over 22 years. During his time in the business, he has served as an agent, manager, coach, instructor and training manager. Brian leads a team as a mega agent at Keller Williams Realty in Wake Forest.