Triangle MLS, Inc. January 2013 First Time Since 2007 – All Numbers Are Positive
The Triangle Multiple Listing Service, Inc. (TMLS) reports the following information pertaining to the housing industry during January 2013 on properties located in the 16 counties of the greater Triangle Region. The percentage changes are comparisons with the current year-to-date to the prior year unless otherwise noted.
Ray Larcher, President of Triangle MLS, Inc. said, “The real estate market in the greater Triangle had a very successful 2012 and that growth and optimism continues into 2013 with all major indicators pointing toward continued strength.”
The Triangle Region's real estate market continues the growth it saw in 2012. Closed Sales for January are up over 31 percent over January 2012 with a total of 1,536 units. Pending Sales, sales under contract but not yet closed, are up 25 percent over last year. Inventory levels shrank almost 16 percent to 12,132 units as of the end of January. The Median Sales Price increased by 3 percent and the Average Sales Price was also up by 3 percent. The ‘Days-on-Market' category was down 11 percent to 115 days. The Months Supply of Inventory was down 31 percent representing a 6 months supply for January, down from 8.7 months last January.
The Housing Affordability Index is at 212 and is 2.6 percent higher than last January. This index measures housing affordability for the region and an index of 120 means the median household income was 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
“For the first time since 2007 the numbers are all positive. Interest rates remain low and the affordability picture remains extremely attractive,” Larcher concluded.
Raleigh Regional Association of Realtors
Trish Rand, 919-654-5400