Q1 2019 is in the books but the real estate market in the Triangle NC region is looking like a repeat of 2018. Many of the trends in Q1 mimicked those from the same period last year.
What increased? Inventory growth, sale prices & days on market, while inventory within the resale market < $300,000 decreased. Historically March is the hottest month of the year in the resale market and this was true in 2019 in the below $300,000 market.
While new home construction has helped relieve the lack of inventory in other submarkets, due to the cost of land and development costs, there are very few new construction options in the $300,000 and under market across the Triangle.
Quarter1 also saw a welcome decrease in mortgage rates. Current buyers have a stable mortgage rate environment and this is projected to continue throughout 2019.
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.
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.
June is typically the busiest month in real estate across the Triangle and for Kelly and I, the month of June was no exception.
June Stats – Triangle Real Estate Market
Typically, June is the month where we see more listings, and more prospective buyers are looking at houses. That was not the case this June. Showings were down 17% and listings were down 8% compared to 2017. It appears that the consistent lack of inventory; combined with the rise in sales prices, up 5% from 2017, are keeping prospective buyers on the sidelines.
While fewer people are looking, those buyers that are looking at houses are buying and the prices that they are paying continues to increase.
Pending home sales increased by 4%. Home prices, both new home, and resale increased past the $300,000 mark for the 1st time ever. Average new home prices increased to $325,000, while resale prices increased to $308,000.
The May real estate statistics are in for the Triangle Region and the real estate market continues to be red hot! Overall the market continues to favor home sellers as inventory continues to lag and prices continue to increase. New listings increased in May, but the trend continues to push for larger, higher priced homes.