May Triangle Real Estate Numbers -- Two Words:

Yeah, Baby! 

Here are the numbers in a nutshell   (Help! I’m in a nutshell!)

• Home sales in the Triangle area were up 25.7 percent to 2,335. 
• Pending Sales were up 35.2 percent to 2,605
• Inventory levels shrank 27.7 percent to 13,985 units
• Median Sales Price increased 2.2 percent to $194,200.  For comparison, in May, 2010 the median sales price was $186,500.
• Average Sales Price increased 3.9 percent to $234,263.  In May, 2010 the average price was $223,895.  These are notable upturns!

• Number of new Listings increased 3.3 percent to 3,607.
• Days on Market was down 9.0 percent to 115 days.
• Percent of original list price received is at 94.5 percent.  This indicates that, though this is an improvement over the previous 92.8 percent, sellers need to become more realistic on the true market value of their home if they want to sell.

On a personal level, I have been experiencing competitive bid situations and modest price gains in some neighborhoods.  Homes are tending to sell more quickly and for closer to asking price.  There are fewer distressed properties.

Because the number of new homes coming on the market is low, searches are turning up fewer results than in recent years, which means more demand for the available properties.  The supply-demand balance stabilized as Months Supply of Inventory was down 33.5 percent to 8.0 months.  Remember we talked about that last month?  If not, go to the archive on the right for more info.

The general economic news is still not rosy.  May jobs report was disappointing and there is growing concern about the pace of domestic growth.  Investors had an unsettling month in May, prompting some to hunt for better returns in the housing market.  This, in turn, also contributes to an upturn in prices.

However, couple the historic mortgage loan rates with a market that is just now beginning to turn and this is still the best time in the history of our country to buy.  Have you done the rent vs buy worksheet?  Ask me about it. 

Questions, comments, concerns?  I love a dialogue!

Source:  Triangle Multiple Listing Serivces