Triangle MLS, Inc. Releases February 2011 Real Estate Figures

RALEIGH, N.C., March 24, 2011 /PRNewswire-USNewswire/ -- The Triangle MLS, Inc. (TMLS) announces the following information relating to houses listed and sold within the MLS system during February of 2011. The data stated below are for houses located in the entire triangle region.

Sales in the entire TMLS system maintained a slight reduction over last year with just 30 fewer sales for a total of 1,150 units or 2.5 percent less than February of 2010. Total homes closed for the month of February for Wake County were 598, which was 27 under last February.

Among important factors affecting the data is that January and February are traditionally the slowest months of the year.  Another important issue to keep in mind is that one year ago the Federal Government extended tax credits for home buyers through June of 2010, which stimulated sales.  Without those incentives in 2011, there is a decrease in most sales categories.  

Both the median sales price for February ($178,240) and the average sales price ($211,661) increased over the prior year by 4.2 percent and 2.3 percent respectfully. Another positive indicator showed the percent of original list price received increased slightly over February of 2010 to 95.9 percent.

Other indicators showed the number of new listings for the month decreased by 16.4 percent from last year, yet the average days on market (time it takes for the average house to sell) increased by 15.2 percent. The total inventory of homes available for purchase was 16,632, also down 6.4 percent from the previous year. The Months' Supply of Homes for Sale had a 5.0 percent increase to 9.9 months.

The Housing Affordability Index decreased less than 1 percent and continues to remain at record levels. This index measures housing affordability for the region. An index of 120 would mean the median household income was 120 percent of what's necessary to qualify for the median priced home under prevailing interest rates.  A higher number results in a more affordable housing market. The February index was 182.

Triangle MLS, Inc. (TMLS) is a regional multiple listing service with a jurisdiction covering 16 counties in the greater Triangle region of North Carolina. TMLS provides a wide variety of valuable products, programs, and services for over 7,000 REALTORS® and appraisers. TMLS equips subscribers with tools to facilitate the home buying and selling process, encourages cooperation and efficiency between REALTORS®, and provides a single repository of property information in the Triangle region. Access to the multiple listing service (MLS) database maintained by TMLS gives subscribers access to over 20,000 active property listings at any one time. In addition, subscribers have the ability to retrieve historical property data and photographs from over 700,000 listings entered in the MLS since 1995. Through participation in TMLS, subscribers also gain access to additional products, programs, and services designed to help them build their real estate business and assist their clients. TMLS strives for accuracy and excellence by enforcing adherence to the organization's rules, regulations, policies, and bylaws which support industry professionalism, brings order and efficiencies to the real estate market place, and enhances cooperation between participants. TMLS is a wholly owned subsidiary corporation of the Raleigh Regional Association of REALTORS®. For more information, visit http://www.TriangleMLS.com.

SOURCE Triangle MLS, Inc.