December Market Summary – Wake County General Brokerage
Fears of a downturn in the local real estate market, fueled by a decline in sales in September, were short-lived as the Triangle real estate market rebounded nicely to end 2017.
Prices continue to edge upward as buyer demand remains strong, especially in the $400,000 price point and below. Average sales price increased 6% in Wake County. New home construction, which many hoped would alleviate some of the inventory constraints in the local market, has been unable to keep up with demand.
Overall inventory was down 2%, new home inventory increased 16% and re-sale inventory decreased 17%. Current inventory is 61% less than the level in December 2010.
As we move into 2018, continued price increases and declining inventories will continue to bear watching.
About Log Pond Realty @ RE/MAX United
Home is where your story begins. A home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you with assisting you to write your new story.
We can be reached via email at email@example.com or by phone at 919.589.3576.
We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest and Garner.