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Wake County News > Posts > The Value of Wake County Real Estate Transactions Is Up 3% In Third Quarter 2019
October 09
The Value of Wake County Real Estate Transactions Is Up 3% In Third Quarter 2019

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Wednesday, October 9, 2019
For Immediate Release

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

THE VALUE OF WAKE COUNTY REAL ESTATE
TRANSACTIONS IS UP 3% IN THIRD QUARTER 2019

Lending activity is up more than 30%, but the median sales price is down.

Raleigh, NC – In the third quarter of 2019 the value of all Wake County real estate transactions was up 3%, and lending activity was up a substantial 30.6% compared to the same period in 2018, according to the Register of Deeds.

In the third quarter of 2019, the median value of a real estate sale was $303,000, up 3.4% from a 2018 full year median of $293,000, but down $2,000 from the second quarter of 2019.

During the third quarter of 2019, there were $4.51 billion worth of real estate transactions in Wake County, up 3% from $4.38 billion during the same period in 2018.

The entire increase in the value of transactions was generated by the core market. For the core market, that is transactions valued at one million or less, the total dollar value increased by 5.2% in 2019 compared to 2018. Core market transactions were $2.63 billion in the third quarter of 2019 compared to $2.50 billion in the same 2018 period. This core market comprises more than 97% of all transactions.

High-value transaction activity was flat compared to 2018. High-value transactions were $1.88 billion which is unchanged from the third quarter of 2018. High-value transactions are those worth in excess of one million dollars. At the very high end of the commercial market, $30 million and up, for the third quarter 2019 there were 18 transactions worth $1.14 billion compared to 19 transactions also totaling $1.14 billion in 2018.

Year to date the cumulative value of all transactions stands at $10.96 billion, compared to $10.56 billion for the same nine-month period in 2018.

In the third quarter recordings of Deeds of Trust, also known as mortgages on real estate, were up 30.6% compared to the third quarter of 2018 and were also up 15.4% compared to the second quarter of 2019. “This reflects a continuing robust market for refinancing loans at interest rates which are recently lower,” said Charles P. Gilliam, the Register of Deeds.

During the third quarter deed volume (the number of property transfers) was up 6% compared to the same period in 2018. “This increase in the velocity of transfers enabled the core market to generate a dollar value increase in spite of a decline in median value,” said Gilliam.

Dollar values are based on excise taxes which are assessed on the consideration paid in a real estate transaction. The value of real estate transactions is measured by the amount of excise taxes assessed in all types of transactions recorded at the Register of Deeds Office. The median sales price is based on excise taxes assessed on real estate transferred by deed. The number of deeds recorded reflects the number of real estate transfers without regard to value. Deed of Trust volume reflects the number of real estate lending transactions without regard to the dollar amount of the loans.

 

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The Three Largest Transactions:

4208 Six Forks Road (Cap Trust Building) $138 million

Triangle Commons $120 million

Alston Villiage $119 million

 

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