JULY TRIANGLE REAL ESTATE NUMBERS ARE IN

…AND THEY ARE SIZZLING HOT!

First the facts & then the fun – Momma says you can’t eat dessert before your veggies!

  ü  New Listings in the Triangle region increased 5.3 percent to 3,163.

  ü  Pending Sales were up 31.3 percent to 2,417.

  ü  Inventory levels shrank 26.2 percent to 13,447 units.  

  ü  Prices moved higher. The Median Sales Price increased 1.0 percent to $191,900.

  ü  The Median Sales Price increased 1.0 percent to $191,900.

  ü  Days on Market was down 10.4 percent to 115 days.

  ü  The supply - demand balance stabilized as Month’s Supply of Inventory was down 36.2 percent to 7.4 months.  New to my blog – check out my

Well, that actually was fun because the news is very positive - no Lima beans here!

Now for a blast to the past.  Our MLS compared the Triangle current residential real estate market to the one in 1995 (was that really 17 years ago??).  Into the WABAC* machine we go…

* Pronounced, ‘Way Back”.  For those who do not know who Mr. Peabody & Sherman are, Google ‘em – they are great!

 

ü  The number of closed sales in July, 2012 is 102% higher than July, 1995 closed sales, a growth rate of 6% per year. Not many businesses can match that type of growth!

ü  Average number of closings  are up 16 percent from 1995 closings

And it gets better:

ü  Average home sale price in July, 1995 was $147,000. 

ü  Average home sale price in July, 2012 is $250,000

ü  That’s a 50 percent increase – or 5 percent per year! 

July of 2012 was the first month where activity on the right side of the bubble (2004 - 2007) beat activity on the left

side (2003 and prior).

Analysis of these metrics reinforces how fortunate we have been and far we have come in 17 years.

Are you relocating to our area?  I have helped many who have moved to the Triangle find a great place to live.  I understand your needs and concerns as I, too, came here from ‘someplace else’.  Give me a call!

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