Triangle Property Lines: Home Sales and Home Prices for April, 2013

Home Sales and Home Prices April 2013 in the Triangle NC

Things are really picking up. Here in the Triangle area of North Carolina, we continue to see home sales and home prices trending upwards and inventory trending downward as we slowly continue our march toward a sellers market. Here are the numbers:

Average Number of Days on Market: Sellers are more willing to price homes based on market value, rather than conjecture. This means that homes are moving more quickly.

Average Sale Price: Going up!

Number of closed sales: Going up!

Can I say, “Wow!!”? Well, it’s my blog and I’m going to. You can, too!

Now that we’ve looked at the numbers for year over year in the Triangle area, let’s compare numbers from March, 2013 to April 2013:

Showings up 2%. This may not sound like much, but consider that historically March has the highest number of showings in our area. April topped that.
Pending sales up 12%
Closed sales up 16%

Closed prices vs asking price: We all know the old adage, “Your home is only really worth what someone is willing to pay for it”. So, how are actual sales prices comparing to asking prices?

March, 2013: 66% of homes sold at or above asking price
April, 2013: 70% of homes sold at or above asking price

In April, 2010, 58% of home sellers had to drop their asking price; in April, 2011, only 35% had to drop price. Note: Historic norm is 30% -- it is never zero. There are always some homes that require price adjustments for various reasons.

Homes are now selling at 96% of asking price. If you want to low-ball your offer, be prepared to be turned away and lose the home as it’s snatched up by someone else who understands the true value.

Here is this month’s take away:

If you’ve been sitting on the sidelines, waiting for a sign to sell your home, consider this your sign.
Likewise, if you’re still waiting to buy that 4-bedroom, with bonus, and all updated home under $300K, your days are numbered. Even foreclosures and short sales are being priced close to market value.

Oh, and by the way, we are now at 5.2 months supply of homes. Anything under a 6-month supply is considered a sellers market.

Put down that lemonade and get off that porch rocker – it’s time to call the SMART REALTOR for all the information and help you need to get your home sold.