August Home Sales Are Hot!
Although we are in October now, the real estate data recently came out Sept. 24 for August 2019 for the Triangle, which includes Wake, Durham, Johnston and Orange Counties. We've been analyzing this for a few weeks, and now we present this to you!
In the Triangle area, we call the August real estate market the "summertime blues" - the end of the summer push, before fall kicks up. It's sort of an in-between'er month.
Home average pricing continued to rise...the average RE-SALE home price actually rose 7% $318,400, which is significant in our market! New construction home prices rose 5% and the new average in the Triangle is $336.800. While this seems like good news for Sellers, we do have to be mindful that since these prices have continue to rise, at some point the market will react and say, "ok...enough already". The experts expect this will occur at some point.
The inventory level (number of available homes for sale), rose by 4%, which was needed in our market in the area. The number of available homes has been challenging for buyers to have choices before homes fly off the market.
In August 2019, our average number of days on market was 47 days, compared to the 30's in August 2018. We expected to see this shift of longer days on market, so the predictions held true that homes will typically sit a bit more on the market now. Remember, new construction homes does not show "days on market" mathematically correct. They always show as "0". So, we don't include those homes in the analysis.
The big news is that September listings rose 18.2% in 2019 compared to 2018. That's more inventory on market folks, which shifts a little bit in favor to Buyers. The number of sales that actually CLOSED aslo rose significantly by 12.5% compared to last year.
NOW is the time for Buyers to buy a house! Mortgage interest rates are still historically low. NC Pro Realty Group has lender partners that can help you today! It may be easier than you think to get pre-qualified and start looking for your next home, your first home, or your vacation home! Contact us at info@ncprorealty.com. Or call 855-MOVE2NC.
