Triangle Property Lines: Triangle NC Home Sales up 16.7 Percent in October, 2013

Thursday, November 14, 2013

Triangle NC Home Sales up 16.7 Percent in October, 2013

Triangle Home Sales up 16.7 Percent in October, 2013

This year has been great for residential real estate. Finally!

Solid gains in sales and prices were seen in most of the Triangle NC area. More homes sold in less time and for closer to asking price. While buyers have felt empowered by low prices and interest rates, sellers have also been more optimistic. Seller confidence is crucial to increase our inventory of available homes, which is still relatively sparse.

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Here’s the recap:

New Listings in the Triangle region increased 9.3 percent to 3,296.

Closed Sales were up 16.7 percent to 2,380.

Inventory levels shrank 7.6 percent to 13,281 units.

Prices got a lift. The Average Sales Price increased 7 percent to $239,766.

Days on Market was down 20.3 percent to 93 days. Things are moving quickly!

The economy continues to slow-crawl forward. The government shutdown had a modest impact on borrowing – mostly centered on USDA and VA borrowers. In October, changes were made to the USDA geographic area causing a flurry of buyer activity to beat the deadline.

Consumer confidence is central to ongoing recovery, and confidence was hindered by the shutdown. It will be interesting to see how this holiday shopping season goes.

Want to know what homes are selling for in your neighborhood? Click HERE