Monday, October 8, 2018
For Immediate Release
Contact: Luther Snyder, Deputy Director
O. 919-856-5462 M. 919-369-7045
THE VALUE OF WAKE COUNTY REAL ESTATE TRANSACTIONS RISES SIGNIFICANTLY
Increase driven by large commercial transactions but residential properties are up as well
Raleigh, NC – For both the third quarter and full year 2018 the value of Wake County real estate transactions is substantially up even as the number of transaction in unchanged from the comparable periods of 2017.
For the first nine-months of 2018 almost $10.6 billion worth of real estate changed hands, up almost $1.3 billion from the same period in 2017.
Charles P. Gilliam, Wake County Register of Deeds stated “most of the increase is driven by large commercial transactions. So far in 2018, there have been 18 sales valued at $50 million or more. These transactions had an aggregate value of $1,370 million. This compares to only six sales with a value of $380 million in the comparable 2017 period.”
“The typical property owner is seeing an increase in valuations,” Gilliam continued, “the median value of a real estate sale so far in 2018 is $290,000, up 6.6%, or $18,000, compared to 2017.”
The Register of Deeds Office measures the value of real estate transactions by the amount of excise taxes collected on deeds. For the August – September 2018 three-month period the excise tax on the real estate sold was up a substantial 24% compared to 2017. This continues the trend seen in the first half of 2018, and nine-month 2018 real estate transaction values are now up 14% as compared to 2017.
For the August – September 2018 three-month period deed volume (property sales) was unchanged compared to the same three months in 2017. Deed volume is also unchanged for the 2018 nine-month year-to-date period as compared to 2017.
Excise taxes are based on the purchase price of a real estate and reflect the value of transactions. The number of deeds recorded reflects the number of real estate transfers without regard to value.
Deeds of Trust, better known as mortgages on real estate, for the third quarter of 2018 were down 9% compared to the third quarter of 2017. For the 2018 nine-month period they are down 8% compared to 2017. Deed of Trust volume reflects the number of lending transactions without regard to the dollar amount of the loans.