Triangle Property Lines: How did our Local Real Estate Market do in 2014?

Monday, January 26, 2015

How did our Local Real Estate Market do in 2014?

Do you want to know what went on in home sales and purchases in the Triangle, NC real estate market in 2014? I've got all the local real estate information for you right here!

Recovery is steady and still underway. Home prices and availability improved, while new home construction did not quite meet expectations. The new construction homes I sold this year sold quickly and at full asking price. Several of these neighborhoods are hotter than a metal roof in Apex in August!

HOMES FOR SALE: Buyers saw their searches returning more homes of better quality. Interest rates remained lower than experts had anticipated and employment was steady in our area. This helped fuel buyer activity, mostly in the upper end price points. Overall, in Triangle, NC, pending sales increased 5.3 percent for the 4th consecutive year. Pending sales are important as a predictor of future sales which is looking very bright for 2015! Many sellers found the confidence to sell their homes and higher price points brought more of them out of hiding. The biggest increase in home sales occurred in the $200,001 to $300,000 range.

PRICES: It was another year of gains! Overall sales prices rose 3.4 percent. Prices are expected to continue to increase into 2015 as inventory still remains very low. The number of homes sold also increased 4.5 percent over 2014. And homes are selling at almost 96 percent of asking price, so forget those lowball offers.

NUMBER OF DAYS ON MARKET: Continued to decrease to just a little over 2 months. Homes in good shape with great marketing are selling fast. I've had quite a few multiple offer situations, too. Buyers need to have their loan and all paperwork ready before they even start looking - you don't want to miss out on "the ONE".

Are you thinking of selling or buying? I will help you interpret these numbers so you will reach your goal quickly and easily. Call me today for your local numbers so you will make the SMART Real Estate decision.

Elizabeth Scott, Realtor®, Broker