February 24, 2017
by Brian Pate
All of these stats below are telling us what we have known for a while: Inventory is tight and prices are rising.
If you are thinking of selling your home right now, we can get top dollar for you if it is in great condition.
As an example, we had a listing that went on the market one week ago. The sellers worked with us to update the home and prepare it for the market. We listed it on Thursday the 16th and set up the first open house for Saturday the 18th from 12-3pm.
During the open house, we had 41 families through that home and ended up with 5 offers above the list price for the sellers to choose from. As a result, it went under contract for 8% above the list price and is now moving towards closing.
As we approach the end of February, let’s take a look back on how the year has started here in the Triangle Real Estate market by looking at the Raleigh real estate statistics today.
As of this morning at 9am, there were 7,145 active listings on the market. Those listings average 118 days on the market and the median time on the market is 73 days. The average list price is $388,243 while the median average is $325,000.
We have seen a significant decrease in the average days on market over the last 60 days. In early January, the average was 131 days so a 13 day drop is a 10% drop in average days on market.
At the same time, median days on market has dropped from a high in January of 95 days down to 73 days. That is significant as it is a 20% decrease.
This is what happens when inventory is low. Buyers that must purchase something have to pick up listings that might have been on the market for a longer length of time. In other words, they are “settling” for what they can afford.
Additionally, the average list price has jumped from $373,608 in mid January to that $388,243 mark, again a significant increase.