Raleigh REO

Could the number of Raleigh Area Foreclosures be increasing? It looks like it may. There are currently 125 active foreclosure listings in Wake County, NC, the most I have seen. 14 listed in the last seven days, including townhomes in Scotts Mill and Haddon Hall in Apex that has not seen a lot of foreclosure activity.

There are also 64 pending (under contract) foreclosed homes in Wake County, again the most I have seen. The average sales price of foreclosures undercontract is $168, 287 for a 2001 square foot three bedroom, 2 bath home. This is only $80.71 a sq ft! The price per square foot is continuing to decrease.

The average price of a foreclosure listed in Wake County...$250,382. This is for a 2,286 square foot home with three beds and two baths, that comes out to $95.07 a square foot.

According to Money magazine the Raleigh Cary Real Estate Market has held its own very well over the last year only seeing a dip in price of less than 1%. ( My numbers look more like 4%) but still an outstanding performance compared to most parts of the country. I guess my point is these foreclosures are a great deal. The Scotts Mill Townhouses are BRAND NEW actually being finished by a builder as your read this for less thank $100 a square foot, and they are very nice. The first time buyer tax credit, current interest rates, the deals in the market place....in the Raleigh area it is a good time to buy.

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Raleigh, NC Foreclosures actively on the market now total 124, with the average list price at $252,522. This is an increase in the number of foreclosure listings in Raleigh by four over last week. The average list price per square foot for a Raleigh area foreclosure is $94.24. The average home listed is 2,342 square feet and has three bedrooms and two baths.

The number of pending foreclosures in Raleigh is 56 the same as last week. The average price on the pending side is down to $179,244 or $83.42 per square foot. This average pending foreclosure is 2051 square feet with three bedrooms and two baths.

In July 53 foreclosed homes in Raleigh sold and closed. The average sales price was $192,337 or $82.80 per square foot.

These numbers are for all of Wake County, North Carolina. They include Raleigh, Cary, Wake Forest and Apex foreclosures.

Raleigh foreclosure listings and sales have been amazing consistant over the last eight to ten months. This is great not only for investors, asset managers, and banks but really awesome for homeowners.

Foreclosure sales in Wake County, NC have totaled less than 62 for each of the last three months! That is less thank 5% of the market, a great stat compared to the midwest or west coast. This tells me that foreclosures are not putting downward price pressure on civillian home sellers in Wake County.

Those numbers only leave a two month supply of Foreclosure listings in Wake County, no problem. With these numbers there should be price stability, or at worst case any downward pressure is simply demand (see job security) pressures.

It is great to see good news about the Raleigh foreclosure market!

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.

Raleigh, Cary foreclosure listings totalled 173 this week. There are 114 active foreclosure listings in Wake County and 59 pending foreclosure listings according the Triangle MLS system.

The active foreclosure listings can be found here (free and no sign in!)

The average list price of the active Wake County foreclosure listings is $266,688

The average active Wake County foreclosure listing is three bedrooms, two baths and 2,370 square feet, giving an average price per square foot of $96.35

The average list price of a pending Wake County forclosure listing is $191,702 which suggests that there are a couple of larger/higher priced listings sitting actively on the market.

The average pending Wake County foreclosed home is three bedrooms, two baths and 2,063 square feet and had and average listing price per square foot of $88.56.

The fact that there are only a total of 173 active and pending foreclosure listings in Raleigh and surrounding areas is amazing. There are very few developments and subdivisions with multiple foreclosed homes which will spare property values a great deal. In the Mid-West and Southwest markets it is the multiple foreclosed homes in the same developement that are snowballing decreasing property values, that does not appear to be a looming problem in the triangle.

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