Highlights of the North Carolina Triangle Area Real Estate Market:
- Inventory of homes for sale - despite the fact that we live in a hot Raleigh Metro real estate market sellers are not coming to market and taking advantage of quick sales. Inventory is down 3% as compared to one year ago however we do see a 6% up tick in listings of homes for sale from Feb to Mar of 2014, this increase is typical leading into the Spring.
- Pending sales (i.e. homes under contract) - we think the bad weather contributed to lower pending sales in Jan & Feb but are very happy to see a 35% increase in Mar 2014 homes under contract as compared to Feb 2014. This is the largest bump in pending sales we've seen in about seven years.
- Closed sales - we are flat as compared to a year ago. Given the large increase in pending sales we will see closed sale jump nicely in the very near term.
- Average days on market (DOM) - sellers if your house is priced correctly and in move in condition the days on market will be less than a month. The homes that remain on the market that are not in move in condition or are over priced skew the DOM metric.
- Average sales price - when inventory goes down and sales go up we see sales prices go up. The Triangle Area sales prices jumped 7% year over year.
Homeowners if you are thinking about selling we're here to help you get to market. The timing is perfect to sell so give us a call 919.342.0333 or email jeff@tarsaves.com
Buyers check out our real estate website www.tarsaves.com
