January 2010 Sales Update
What was expected to be a continued upward trend in the housing market, ended with lower than expected results.
January 2010 closed with only 885 home sales, down 14% from the prior year and down 30% from December 2009.
Average home sales prices also took a fall to $113,162, down 3% from January 2009.
The news was not all negative. Bank sales for the county are down 25% from the prior year and existing average home sales prices are up 4% to $104,226.
Frayser (38127) and Raleigh (38128) lead the way with the most sales, for the month. Bank sales made up over 60% of their total sales for January.
Foreclosure notices were down by 14% compared to January 2009 but the total number of foreclosures rose 22% with 453 total. River Oaks (38120) had the highest year over year increase in foreclosures with 7 for the month compared to only 1 the prior year.