Quick Launch

Wake County News > Posts > $3.57 Billion In Wake County Real Estate Changed Hands In The First Quarter of 2020
April 03
$3.57 Billion In Wake County Real Estate Changed Hands In The First Quarter of 2020

letterhead.png

 

Friday, April 03, 2020
For Immediate Release

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

$3.57 BILLION IN WAKE COUNTY REAL ESTATE CHANGED HANDS IN THE FIRST QUARTER OF 2020

Median sales price was $310,000

Raleigh, NC – For the first quarter of 2020 the value of Wake County real estate transactions was $3.57 billion, up from 2.70 billion in the first quarter of 2019, according to data released by Charles P. Gilliam, the Register of Deeds.

The median Wake County real estate sales price during the first quarter was $310,000. This compares to a median of the same $310,000 during the fourth quarter of 2019 and $303,000 for full year 2019.

Gilliam said “First quarter results do not reflect impact on the economy resulting from the various virus-related restrictions. One should be quite cautious about viewing these facts as predictive of the future. They are more suitable for establishing a pre-virus baseline against which to compare real estate activity in the ensuing months.”

There was $2.19 billion worth of transactions in the core market. The core market comprises transactions valued at one million or less and represents approximately 97% of all transactions.

A total of $841 million changed hands in 217 transactions valued from one million through $30 million each.

At the very high end of the commercial market, transactions valued just over $30 million and up, the first quarter 2020 dollar value was $539 million. There were 10 of those transactions.

Wake County Real Estate Value Q1 2020.png 

During the first quarter of 2020, 8.9 thousand deeds were recorded, up from 7.9 thousand in the first quarter of 2019.

Wake County Deed Volume 2020Q1 

In the first quarter of 2020, 14.4 thousand deeds of trust were recorded compared to 9.1 thousand during the same period of 2019. A deed of trust is the instrument used in North Carolina to obtain a mortgage on real estate.

Wake County Deeds of Trust Volume 2020Q1 

Methodology and Additional Information

Dollar values are based on excise taxes which are assessed on the consideration paid in a real estate transaction. Excise taxes are assessed on the consideration paid to acquire an interest in real estate, calculated as $1 in tax for every five hundred dollars of consideration. The aggregate value of real estate transactions was measured by the amount of excise taxes assessed in all types of transactions recorded with the Register of Deeds. The median sales price is based on excise taxes assessed on real estate transferred by deed. The number of deeds recorded with the Register of Deeds reflects the volume of real estate transfers without regard to the value of the real estate. The number of deeds of trust recorded with the Register of Deeds reflects the volume of real estate lending transactions without regard to the dollar amount of the loans.

Large and Notable Transactions 1Q2020:

Sojourn Glenwood Place (Glenwood Avenue at the Beltline) $83.8 million

Cumberland Cove Apartments (3110 Hidden Pond Drive) $81 million

Weston Lakeside Apartments (1000 Umstead Hollow) $67.8 million

Hawthorne Six Forks Apartments (Shanda Drive at Spring Forest Road) $66 million

N. C. Department of Transportation acquisition for I-540 Southeast Extension $24.8 million

 

- 30 - 

FacebookTwitterInstagramYouTube 









Wake County Departments & Agencies:
Department-list-1.png