Announcement | Pexels by Markus Winkler
Announcement | Pexels by Markus Winkler
Raleigh, NC – Wake County’s very high-value segment (real estate sales transactions worth $30 million and above) had two transactions in the month of February. This is a $64 million, or a 22%, increase from January 2023’s very-high value market amount. February 2023’s very high-value segment transactions are as follows:
The High-value segment, (transactions worth between $1 million to $30 million), stood at 106 transactions totaling $259 million, an increase of $17 million, or a 7% increase from January 2023.Transactions in the Core Market (property valued at $1 million or less) saw 1581 transactions (308 more than January 2023) totaling just over $685 million, up 25% from January.
Total sales value from all three segments equaled over $1 billion for February 2023, up 20% from January’s total sales of over $889 million. 1689 transactions occurred in February 2023 which is a decrease in the number of transactions compared to January’s total sales of 2003.
A breakdown of the dollar value of transactions by price range for the years 2014 – 2019 is available at Wake County 2019 Property Market and Trends 2014 - 2019
Aggregate Value of Real Estate Monthly by Parcel Price
Median sales prices
The median sales price of a parcel of Wake County real estate for February 2023 was $435,500, down $16,500 from January’s 2023 price of $451,500.
Median Sales Price Monthly - February 2023
Changes in median sales prices tend to be caused by activity in the core market. The occurrence or non-occurrence of large transactions has virtually no impact on the calculation of median values because there are so few of those transactions. 94% February’s transactions occurred in the core market.
Lending saw an increase in February 2023
Real estate lending activity in February increased by 7% from January’s level and compared to February 2022, it was down 49% There were 2415 deed of trust transactions in February, where January 2023’s deed of trust transactions showed 2232 – a decrease of 183 transactions.
Real estate lending activity has two primary components.
The relative strength of the second type of lending activity can be quantified by comparing the ratio of deeds of trust to deeds in a period. Relatively more deeds of trust signify an increasing refinance of mortgage loans.February saw the gap between deeds of trust and deeds volume continue to narrow. Indicating the refinancing market continues to slow down.
Deeds and DOTs Number Recorded Monthly - February 2023
Long-Term Trends in Real Estate Activity
Aggregate value of real estate transactions
Real estate transactions tend to be seasonal; it is useful to compare monthly results to the corresponding month of prior years.
Aggregate Value of Real Estate Monthly by Year and Month - February 2023
Aggregate value of real estate transactions - linear
The following chart shows the aggregate dollar value of real estate transfers in Wake County linearly (month by month) from January 2021 through year-to-date 2023. Because real estate transactions tend to be seasonal, this information should be evaluated in conjunction with the year-over-year comparison as shown in the preceding chart.
Aggregate Value of Real Estate Monthly - February 2023
Deed volume
The following chart shows the number of deeds recorded in Wake County for each month from January 2021 through year-to-date 2023. Numbers of deeds recorded reflect the velocity of real estate activity without regard to the dollar value of a transaction.
Deeds Recorded by Year and Month - February 2023
Real estate lending
This chart shows the number of deeds of trust recorded in Wake County for each month from January 2021 through year-to-date 2023. A deed of trust is the legal instrument used in North Carolina to secure a loan with real estate used as collateral.
DOTs Number Recorded by Year and Month - February 2023
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, including security interests in real estate, are recorded with the Register of Deeds of the county where the real estate is located.
The value of real estate transferred is measured by excise tax assessed on the consideration in a real estate transaction. Excise taxes are calculated as $1 in tax for every five hundred dollars of consideration. About 99% of these transactions were property transfers by deed and the balance were miscellaneous transactions such as acquisitions of a right of way. The calculation of the aggregate value of real estate includes all transactions. The calculation of the median price includes all transactions where the property containing excise tax was transferred by deed.
The number of deeds and deeds of trust recorded with the Register of Deeds reflects the total volume of property and loan transactions regardless of the dollar value of the real estate or the amount of the loan. The number of deeds includes transfers where monetary consideration did not change hands, such as transfers within a family. In February 2023, 27% of deeds attracted no excise tax. In 2021, that percentage was 25% in the first quarter, 20% in the second quarter, 21% for the third quarter, and 23% for the fourth quarter.
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, plus other information published by the Register of Deeds available at https://www.wakegov.com/news?department=29
Contact: Tammy Brunner, Register of Deeds
O. 919-856-5460
tammy.brunner@wake.gov
Original source can be found here.
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