April 2017 data released by Triangle MLS shows signs of a strong housing market – especially for sellers. Employment opportunities and wages have improved, thus opening the door for potential buyers and creating a residential real estate market ripe for sellers. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.
As compared to April 2016, New Listings in the Triangle region decreased 8.2 percent to 4,535. Under Contract Sales were up 0.9 percent to 3,161. Inventory levels fell 12.6 percent to 7,967 units.
Prices continued to gain traction. The Median Sales Price increased 10.1 percent to $250,000. Days on Market was down 16.7 percent to 45 days. Sellers were encouraged as Months Supply of Inventory was down 19.4 percent to 2.5 months.
Low inventory levels and rising home prices may prove to be challenging for first time home buyers in this competitive market.
For information about how the local market affects your real estate needs, contact Peak Swirles & Cavallito Properties.
