There is no denying that 2020 has been a rocky year but things are starting to look up – especially in the real estate department. According to WakeGOV, September 2020 was the second strongest month over the past four years for real estate activity. More than $1.6 billion in real estate changed hands in Wake County in September, making it the highest value month of 2020.
What Drove the Increase?
September saw this rise in numbers due to the return of very high-value transactions. This market segment (defined as $30 million and up) had been lagging previously this year. If you look at the numbers, in September 2020, there were $429 million worth of high-value transactions. In contrast, over the previous five months, there had been a total of $344 million in such transactions.
The transaction that really pushed September over the edge was Think Place, (Lenovo buildings), in Morrisville which sold for a combined amount of $189 million.
Core Market Transactions in September
During September 2020, core market transactions were $987 million, down $20 million from August core market transactions, but up $240 million from September 2019. The core market is defined as property valued at $1 million or less and it comprised about 97% of September’s transactions.
Quick “V” Shaped Recovery in The Wake County Real Estate Market
Following economic restrictions initiated in March, there was a dip in deed volume in April and May, but in June volumes returned to levels generally consistent with historical norms and that has continued throughout the third quarter. The September 2020 pace was a mean of 176 deeds per business day compared to 173 in August 2020.
What Did Homes Sale for in September 2020?
In September, the median sales price of a parcel of Wake County real estate was $329,500.
Lending Activity in Wake County
Lending activity in the Triangle continues to be propelled by refinancing. Real estate lending activity in September was the strongest in more than four years. The number of loans secured by real estate in September was up 6% compared to last month.
Learn more and take a deep dive into the numbers at WakeGov.com.
What Does This Mean for You?
Now is a great time to sell your home! People are looking for houses and homes are selling quickly. It is also a great time to refinance. Looking for more information about any of these topics? I would love to talk to you. Contact me today at 919-961-3277 or email me at firstname.lastname@example.org.