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Wake County News > Posts > The Pace of Wake County Core Market Real Estate Transactions Through Mid-July is Beginning to Erase the Earlier Covid-19 Downturn
July 20
The Pace of Wake County Core Market Real Estate Transactions Through Mid-July is Beginning to Erase the Earlier Covid-19 Downturn



Monday, July 20, 2020
For Immediate Release

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

The Pace of Wake County Core Market Real Estate Transactions Through Mid-July is Beginning to Erase the Earlier Covid-19 Downturn

Midway through July the number of deeds recorded with the Wake County Register of Deeds continues at a faster pace compared to both June of this year and July of last year.

During 12 business days of June 2020, a mean of 152 deeds was recorded. This compares to 147 in July 2019 and 145 in July 2018 during the same first 12 business day period. In the first 12 business days of June 2020, a mean of 152 deeds were recorded.

Charles Gilliam, the Register of Deeds commented “for numbers of transactions, 2020 is now growing at a faster pace than 2019. This trend started in June. The trend, if it continues, indicates we have moved past a real estate recession. Whether the recovery continues depends significantly on how developments concerning Covid-19 unfold.”

The following chart shows the daily number of deeds recorded from May 1 through July 17, 2020, compared to the corresponding days in 2019. The 2020 exponential growth trend line crossed the 2019 trend line on June 26.

0720chart.png


Gilliam stated “the key measure for the full month of July should be how the core market compares to July 2019 and June 2020. In July 2019 aggregate property sales were quite high because of a concentration of very high value commercial sales. We await the full month results.” 

The core market is defined as property transactions valued at $1 million and less. 

Methodology and Additional Information

The statistics in this report are derived from instruments recorded in the office of the Wake County Register of Deeds. Under North Carolina law, changes in property rights in real estate are recorded with the register of deeds of the county where the real estate is located.

Deeds and other instruments recorded with the register of deeds include transfers of interests in real estate where monetary consideration did not change hands, such as transfers within a family. During the second quarter of 2020, 22% of deeds attracted no excise tax and in the 2020 first quarter, the percentage was 21%.

The core market is defined as property transactions valued at $1 million and less.

For a complete picture of Wake County real estate activity the information in this report should be considered in conjunction with data available from other sources, such as rezoning applications and new building permits, and reports on June activity released by the Register of Deeds earlier this month which is available at http://www.wakegov.com/news/Lists/Posts/Post.aspx?ID=1280. 

This report was initially released July 20, 2020.
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