How is the real estate market? That is a question that we get a lot and there is no easy answer. If you are a home seller, it is great. If you are a home buyer, not so great. Here is the August 2018 residential real estate update for Wake County.
How is the Market?
As a real estate agent, the most common question that I get is, “how is the market?” The short answer is, “that depends….” In recent months, if you are a home seller, the market is been outstanding, probably the best ever. Inventory is at a near all-time low and buyer demand has been strong. For homebuyers, the market has been very tough. Low inventory and high demand have resulted in multiple offer situations and closing prices above asking. Investors have benefited from rising rental rates and strong demand for rental units. Truly, there is no one single answer to the question, “so how is the market.”
August Real Estate Market Stats
This month, we kick off a new series highlighting some of the trends and statistics for the residential real estate market around the Triangle. Each month, we will focus on a different segment of the market. This month, we are looking at the general brokerage statistics for August 2018 for Wake County.
The market still is heavily tilted toward home sellers, as low inventory and buyer demand remain two of the themes of this market. We are starting to see some changes overall in the market, both nationally and in the Triangle. Recent reports on the national market hint toward the market easing a bit and becoming more neutral, neither favoring buyers or sellers. That remains to be seen and will monitor this in future posts.
A couple of highlights in the August data:
Average Sale Price: Both for the Overall Market and the Re-Sale Market are up compared to 2017, but both numbers have declined each month since June. While June normally is the strongest month for home prices, we shall see how prices trend in the coming months.
Days on Market: Days on Market has increased each month since May to 43 days in August, up from 41 days in July and 32 days in August 2017.
Listings: Increased 14% in August. This is partially attributed to the increase in new construction.
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 in assisting you to write your new story.
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We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.