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 Q3 2018 residential real estate update for the Cary, Apex & Morrisville, NC real estate market.
How is the Real Estate Market?
As a real estate agent, the most common question that I get is, “how is the market?” The short answer is, “that depends….” There is no one real estate market. Even in a small defined area like Cary, Apex & Morrisville, NC there are lots of differences across various sub-markets.
In this post, we are looking at two markets. The first is the Re-Sale market for homes priced under $400,000. The second market is the New Construction market.
The market still is heavily tilted toward home sellers, as low inventory and buyer demand remain two of the themes of this market.
Resale Market $400,000 and Below: Demand for resale listings in the price points below $400k continues to outstrip supply. Inventory stands at one month. Across Wake County, inventory is set at two months while a neutral market is 6 months of inventory. 75% of all re-sale listings sold within 1-30 days, while 22% sold above the final list price and 10% had competing offers.
New Construction: The inventory of new construction accounted for 56% of the homes for sale at the end of Quarter 3. The average list price of new construction is $493,800. As more new homes continue to come online, this will put more pressure on the resale market, especially in the $400k-$600k market. Those priced above 400k must be updated and priced competitively to compete with the new construction homes.
Total Inventory: Total inventory up 14%, new home inventory up 31% and re-sale inventory down 3%.
Prices: Average overall sales price up 4%. Average resale sales price up 3%. The average overall sales price, resale sales price and median detached sales price per square foot were the highest on record.
About Log Pond Realty
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 writing your new story.
We can be reached via phone at 919.589.3576 or via email at firstname.lastname@example.org
We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.