Welcome to the weekly report for real estate in Wake Forest, NC. This report covers homes for sale with a Wake Forest address.

·         As of today there are 871 homes on the market in Wake Forest. 

·         The average list price is $430,911 with a median price of $348,900. 

·         Homes in Wake Forest have been on the market an average of 173 days. 

·         There are currently 106 homes under contract.

November 2008 Statistics:

·         For the month of November there were 45 homes that closed in Wake Forest with an average sales price of $289,280 and median price of $275,000. 

·         Homes sold for an average of 96% of the list price.

·         In contrast there were 108 homes in Wake Forest that closed in November of last year (2007) for an average of 98% of the list price.

This report included the month end figures for November.  As you can tell the numbers continue to be quite a bit off from where they were last year.  This is good news for buyers as there continues to be a large inventory to choose from and mortgage rates are excellent.  If you are a buyer that is planning to get an FHA loan and are currently on the fence about a property you may want to hurry and make a decision soon.  After the end of the year the down payment required for an FHA loan will increase as well as the loan limits.  If you are selling a property now is definitely the time to take a hard look at what properties are selling and compare yours to those.  Too often sellers will only look at what other properties are on the market for and compare their home to those, but you must remember that those properties are still for sale and may not be priced correctly themselves.

Even though homes sales are still off from where they were last year at this time, the Wake Forest and Raleigh real estate market continues to be somewhat recession proof.  Other areas of the county continue to see large decreases in home values but our area is not seeing a large decrease.  This is mainly because we never saw the over inflated appreciation that other areas saw. 

As always please remember the Alice Ray Team when you or anyone you know is thinking about buying or selling homes in the Wake Forest area.  We are a full time, full service real estate team here to help you 7 days a week.