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Wake County News > Posts > Value of Wake Co Real Estate Is Down In Q1 2019
April 11
Value of Wake Co Real Estate Is Down In Q1 2019

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Thursday, April 11, 2019
For Immediate Release

Contact: Luther Snyder, Deputy Director
O. 919-856-5462 M. 919-369-7045
luther.snyder@wakegov.com

THE VALUE OF ALL WAKE COUNTY REAL ESTATE
TRANSACTIONS IS DOWN IN THE FIRST QUARTER OF 2019

The Core Real Estate Market Remains Strong

Raleigh, NC – For the first quarter of 2019 the total value of all Wake County real estate transactions is down compared to the first quarter of 2018, but the core real estate market is up.

During the first three months of 2019 $2.70 billion worth of Wake County real estate changed hands, down 2.4% from $2.76 billion during the same period in 2018. For the first quarter deed volume (property transfers) was up 3.8% compared to the same period in 2018.

Charles P. Gilliam, Wake County Register of Deeds stated “The lower value of total real estate transactions does not necessarily indicate a weakening in the real estate market. For the core market, that is transactions valued at $1,000,000 or less, which represent 97% of all transactions, the value of sales increased 7.7% in 2019 compared to 2018. The very high end of the commercial market, $30 million and up, experienced a $204 million decline in the value of transactions. There were only eight of these transactions in each of the years.”

For the first quarter of 2019 the median value of a real estate sale was $290,000, essentially unchanged from the 2018 full year median of $290,500.

Deeds of Trust, also known as mortgages on real estate, for the first quarter of 2019 were down 5.1% compared to the first quarter of 2018. This continues a long-term decline in mortgage refinancing transactions. “The rate at which people in Wake County currently are refinancing their property is now down by more than three-quarters compared to the 2008 – 2010 peak period,” said Gilliam.

The Register of Deeds Office measures the value of real estate transactions by the amount of excise taxes collected on deeds. Excise taxes are based on the purchase price of a real estate and reflect the value of transactions. The number of deeds recorded reflects the number of real estate transfers without regard to value. Deed of Trust volume reflects the number of lending transactions without regard to the dollar amount of the loans.

 

Wake County Real Estate Sales Price

2018 Wake County Deeds

2018 Wake County Deed of Trusts

 

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