Despite the Weather, Housing Markets Prove Resilient
It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.
New Listings in the Triangle region decreased 8.8 percent to 3,643. Under Contract Sales were up 2.9 percent to 3,431. Inventory levels fell 0.5 percent to 7,532 units. Prices continued to gain traction. The Median Sales Price increased 2.3 percent to $266,000. Days on Market was up 7.3 percent to 44 days. Sellers were encouraged as Months Supply of Inventory was down 4.3 percent to 2.2 months.
The National Association of REALTORS® recently reported that national existing-home sales were down slightly during January 2019 and that pending sales were up in year-over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their homeownership goals.
Click on the links below for more detailed information about the Real Estate Markets in Durham, Orange & Chatham counties:
Durham County
Orange County
Chatham County
For information about how the local market affects your real estate needs, contact any of the real estate experts at Peak Swirles & Cavallito Properties.
