Triangle Property Lines: Home Prices and Sales for the Triangle NC in Feburary 2015

Friday, March 20, 2015

Home Prices and Sales for the Triangle NC in Feburary 2015

February 2015 Home Prices and Sales for the Triangle NC!

Ol' man winter took his toll in the month of February. For the first time in our local history, house showings decreased two percent from January 2015 to February 2015, and it is entirely due to the weather. On the positive side, the number of showings were up five percent compared to February last year.

Available home inventory levels are still at record lows. It appears that prices are still not rising enough to entice those who purchased in 2006 - 2008 to put their homes on the market. Overall home inventory was down 13% and the number of new listings was also down 8%.

Number of days on market is a big topic right now. Currently, the average length of time to sell here in our Triangle area is 71 days. My believe is that if a home does not sell within 60 days, it is not priced correctly. So, if your home is still sitting on the market after 2 months, it is time to get another opinion on why it is not selling.

Pending sales were up forty one percent! What?! Yep! Keep in mind that this number includes all homes that went under contract. We may have to wait a month or so to see how many of these potential sales actually closes.

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Year to date closed sales were up 5 percent - a very good sign and average sale price also increased five percent from last year from $226, 441 to $237,192.

Because of the dynamic nature of our area, in the past folks tended to move within four to six years. Today's market is much different with folks remaining in their homes for a longer period of time.

It is a very challenging market right now and, more than ever, you need the advice and guidance of an experience real estate professional. Call me today and I will help you make the SMART decision on whether to buy or sell your home now.

Elizabeth Scott, Realtor®, Broker