Triangle Property Lines: Triangle NC Real Estate Market Trends December 2017

Triangle Real Estate Market Trends for December and Year-To-Date

We hit a number of records in 2017 in the Triangle Real Estate market. Let’s take a look at the numbers:

INVENTORY OF HOMES – DECEMBER 2017

We have less homes available for sale in 2017 than we have had in the previous 2 years. Months supply is 2.1. This means that it would only take a little more than 2 months to sell ALL the homes in the Triangle. A stable market is 6 months. So, this heavily favors SELLERS.

AVERAGE SALE PRICE – DECEMBER 2017

Now at $293,344 which is an historic record! The average sale price of a brand new home is over $300,000. Sixty five percent of resale homes sold within 30 days with 18% going for over list price. Sellers are receiving an average of 99% of their asking price. This means that buyers need to know what they are doing in order to get the best value for the money.

CLOSED SALES – DECEMBER 2017

December, which is historically a slower month was busier than ever in 2017. And, fifty three percent of these homes that were listed in December are now pending or closed! Don’t blink!!

DAYS ON MARKET – DECEMBER 2017

Average Days on Market was 39 (this means time from original listing to close). This is another HISTORICAL achievement. This is about as fast as a home can go considering loan finalization, inspections, etc.

NEW LISTINGS – DECEMBER 2017

The number of new homes on the market in December 2017 was up 0.7%. This is great because we need the inventory. The number of new construction homes were up 8.0%

What does this mean for you?

- It is a sellers market. BUYERS need lots of knowledge & experience in order to order to get the best value in their home purchase.

- Homes are selling fast. BUYERS must have the loan APPROVAL ready because sellers won’t wait for you.

- Home prices in the Triangle are at historically high levels. You need an experienced Real Estate Agent to help you find the perfect home that will fit your budget.

- Homes sales are busy ALL YEAR LONG! So, don’t wait for the spring if you’re thinking of SELLING – contact me & I will help you get ready to go.

Want to know what is happening in your City, Town, or even subdivision? I’m your local Real Estate EXPERT with 6 years of success in the craziest real estate market we’ve ever had. I’ll be happy to run those reports for you so that you will know if this is the right time to sell or buy. Let’s talk!

Elizabeth