Raleigh, NC Foreclosure Update 08/03/09

Active Raleigh NC area foreclosures now total 120 according to my most resent search on the Triangle MLS. Well, this is actually a search for all active foreclosures in Wake County, NC. Last week the number of active Bank Owned homes on the market was 114. The interesting part this wee is that the average price per sq foot is down almost 2% to $94.78.

The average listing price of Raleigh area foreclosures was down to $253,656. I do expect this number to feel a little more downward pressure as the non -foreclosure average sales price is $246,630. This is a macro relationship, purely perception on the buyers part.

As the solds indicate on apple to apple comparison the average list price per square foot on a foreclosure is $88.07 for those that are under contract, for the entire market the list price per sq foot for those that have closed in the last 30 days is $116.22. Indicating on a macro level 25% discount on price per square foot of a foreclosed home in Wake County.

The tangible pressure of foreclosures on the overall market is still slight, as there are simply not enough Raleigh foreclosures on the open market. Good news, however the intangible effect is very noticeable as everyone that sees an empty home assumes it is in foreclosure so that mind set has buyers and sellers a little on their heals.

There are currently 66 active foreclosures in Durham County and only 7 active foreclosures in Orange Countn NC, but a couple of great buys in Chapel Hill.