Downtown Raleigh Market Report - Q2 2011

We're halfway through the year, and so far the numbers are looking good. Have we hit bottom? Possibly for volume, but It may be too early to tell for pricing. After recently attending the TBJ State of Real Estate event, it seems that a slow and steady recovery is what to expect. And that's what Q2 shows us for the sub-market of Downtown Raleigh residential real estate - stable and steady sales.

Are we done with auctions?

While the Quorum auction contributed to the sales volume in Q2, it was only 20% of sales, proving that demand still exists for condos outside of special promotions. Overall, a total 45 units sold in Q2, more than second quarter last year. While sales seem to be picking up, there is still a bit of inventory.

How does Downtown Compare?

The TARR Report shows that condo sales are down from 2010 both in Wake county and ITB, but Downtown Raleigh condos have fared much better. See the full report for details.