8 Nov 2013

Carolinas’ Housing Recovery Marches On

Market Update for CarolinasIn terms of the stock market, a long-term trend is categorized as one lasting a year or longer. Based on the first nine months of 2013, I’m comfortable saying that the housing recovery is clearly trending in the right direction.

In September, we saw the third best month for home sales since 2009. Only July and August 2013 were stronger sales months than September.

The numbers speak loudly. Allen Tate Company is averaging 45 listings per day, 68 sales per day and 57 closings per day – up 18 percent, 23 percent and 30 percent respectively over 2012. Year-to-date, Allen Tate has closed 16,758 homes, up from 12,758 at the same time last year.

In the latest edition of Carolinas Market Update, I share these impressive statistics and some insights on why we should remain bullish about real estate as we enter the last two months of 2013.

Interest rates continue to rise slightly, nudging hesitant buyers to make their move. We continue to see in-migration to the Carolinas, as people move to where the jobs are being created – right here in our own backyard. And it’s exciting to finally see consumers less burdened with household debt – the lowest level since 1980.

Finally, we can’t forget what’s happening with new construction. Builders are busy, with 52 metro markets in the United States at 85 percent of pre-recession pace.

What’s the takeaway here? Nothing will make tomorrow better than today to make a move, and we’re here to help.

For expert advice, market knowledge and exceptional customer service, contact your Allen Tate Realtor® today. 

Pat Riley
President and Chief Operating Officer
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