This past year proved to be another solid growth period for our Triangle real estate market, which posted an increase of 10 percent in home sales over the 2014 year. According to data from the Triangle Multiple Listing Services, the increase marks four years of annual sales growth in Wake, Durham, Johnston and Orange counties.
The Triangle Business Journal reported, “It’s the highest volume of home sales since before the recession, even though the inventory supply of homes available for sale remains stubbornly low. Only about three months of supply was on hand in December, or 21 percent lower than the inventory level the year prior.
The average home price in 2015 was up 5 percent compared to year prior. The median home price was up 7.3 percent to $219,900, reflecting a recovery in home values and stability across the region as well as the increase in pricing pressure from new construction costs.”
The News & Observer further addressed the diminishing inventory reporting, “The lack of supply is helping to boost prices, which in turn should lure more sellers into the market at some point. …
It’s also shortening the time it takes for homes to sell. The average days on the market of the Triangle homes that sold in 2015 was 52 days, down from 61 days in 2014. Last year, 59 percent of existing homes sold within 30 days compared with 49 percent in 2014.”
What does this mean for home sellers?
If you’re on the fence about whether you should sell, the simple answer is yes. Waning inventory and increased demand for homes amid a strengthening economy are paving the way for a strong spring selling season.
Take the time to prep your home for a sale—declutter, create curb appeal, make necessary home improvements—and partner with a real estate agent to price, market and sell your home.
What does this mean for buyers?
Be patient. If you haven’t found the home you seek, it may be coming soon. Yes, there are great homes on the market now to consider, but many sellers will wait for warmer weather before they list.
In the meanwhile, do your research and make a buying plan—get your financing in order and set a budget. Select the areas where you would like to live and identify your must-have home features. When the listings start posting, you’ll want to be prepared to act quickly.