Wow. January 2024 Sales are in for Wake County. The Good News and the Same News.
The two largest pieces of Raleigh area
home sales data are new construction vs. existing homes. Existing sales were up in January, existing prices were up in January and that equals existing home sales commission revenue was up in January.
Overall sales were down, that means new construction. New construction declining was not a huge surprise, many of January 2023 closings were on new homes sold in mid 2022 whens the market was still warm.
January 2024 Total Wake County Sales: 837 at an average sales price of $535,541.00
January 2023 Total Wake County Sales: 905 at an average sales price of $541,927.00
Here is were it gets interesting:
January 2024 EXISTING Home Sales in Wake County: 590 at an average sales price of $508,640.00
January 2023 EXISTING Home Sales in Wake County: 584 at an average sales price of $489,444.00
The number of showings was down 500-ish to 19,043 in January.
How did those showings go? Very well. 895 existing homes went under contract at an average list price of $510,000.00 and a total (adding new construction) of 1,336 went under contract. (866 contracts on existing homes in January of 2023 at $496,977.00)
Overall sales were down, showings were down, and existing homes rose.
The chart above shows volume and unit sales since 2019. Notice volume highs and price trends since 2021. Prices are up 20% +/-, but we are seeing a large number of 2021 homes hitting the market at CRAZY prices up anywhere from 40-60% higher than purchased for in 2021. No rhyme, no reason, and we all know there are only a handful of us agents that can outperform the market.
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