TMLS Reports Real Estate Sales End Year on Positive Note

January 27, 2012 / Russell Legato, Residential Property Analyst

The Triangle Multiple Listing Service (TMLS) is located in Raleigh, North Carolina. This service reported on the residential properties in the area covering 16 counties located in this area of the state. Real estate sales rose.

TMLS Reports Real Estate Sales End Year on Positive Note

The year ended with closed sales on a favorable trend of six-month’s time, which was a half of a percent. The five months before that were better and showed sales 9 to 23 percent higher than 2010. These 2011 figures are compared to 2010 figures for the corresponding months. Wake county closed sales were 2.4 percent higher. Johnston county closed sales were up by 7.5 percent. Chatham County had closed sales that were 16.7 percent higher. There were three counties with significantly elevated closed sales in December. North Durham was up 34.4 percent. North Raleigh was 18.9 percent higher and Wake Forest was up by 13.2 percent when compared to 2010.

All elevated percentages are in comparison with the prior year in the same month unless noted.

There was growth in pending sales. The definition for pending sales is homes that are under contract prior to closing. This growth has been going on for eight months. Sales waiting for closings rose 21.5 percent in December 2011 compared to 2010.

Indications are for additional improvement in the real estate market in 2012. The interest rates on mortgages have decreased to unusually low amounts. This makes it likely that the number of sales will increase. If banks relax mortgage criteria, even more progress can be expected.

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