Market Overview
Many sellers and builders are in a good position for financial gains, as the economy continues to favor putting existing homes on the market and building new homes for sale. We are finally beginning to see some upward movement in new listings after at least two years of a positive outlook. There may not be massive increases in inventory from week to week, but a longer-term trend toward more new listings would be a good sign. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months.
New Listings in the Triangle region increased 3.7 percent to 4,778. Under Contract Sales were up 8.4 percent to 4,256. Inventory levels fell 12.3 percent to 7,609 units.
Prices continued to gain traction. The Median Sales Price increased 6.2 percent to $265,500. Days on Market was down 12.1 percent to 29 days. Sellers were encouraged as Months Supply of Inventory was down 14.8 percent to 2.3 months.
This winter and spring exhibited unseasonal weather patterns in much of the country. As the seasons change to something more palatable, wages and consumer spending are both up, on average, which should translate positively for the housing market. Being quick with an offer is still the rule of the day as the number of days a home stays on the market drops lower. If that wasn’t enough for buyers to mull over with each potential offer, being aware of pending mortgage rate increases is once again in fashion.
Click on the links below for more detailed information about the Real Estate Markets in Durham & Orange counties:
For information about how the local market affects your real estate needs, contact any of the real estate experts at Peak Swirles & Cavallito Properties.
*All data from Triangle Multiple Listing Service, Inc.
