The spring real estate market got off to an early start in January with accelerated growth leading to a 14.4 percent year-over-year increase in closed sales in March that left many wondering what April would hold. The answer? A new listings plateau that pushed average home sales prices up 8 percent compared to the year prior.
“Predictably, the momentum we felt at the start of the year has begun to wane as potential sellers are weary of the diminishing housing supply,” said Coldwell Banker Howard Perry and Walston President and COO David Jones. “With only two and half months worth of inventory available, would-be sellers are holding tight and trying to decide how to proceed. Now is the time that homeowners should lean on expert real estate agents to help guide their next steps and steer them towards a successful home buying process.”
The Triangle Business Journal reported on the Triangle Multiple Listing Service April market update referencing the 16-county region’s overall home sales stalemate of only a 0.9 percent increase in April, while highlighting unprecedented market growth in Johnston County.
In Johnston County, where home sales were still up in April, 44 percent of its active residential listings are new construction, says Laurie Howell, past president of the Johnston County Association of Realtors….
“Our county is able, because of available affordable land, to fill in the inventory gap better than the other counties,” she says. “I would also say the inventory is still affordable in Johnston County … and many new home buyers are wanting bigger lots, still an option in Johnston County, especially in neighborhoods with septic.”
The real estate market results posted for the current month will be of great interest as May is often considered the start of the summer selling season. As the end of the school year draws closer and families are more comfortable proceeding with plans to make changes and move, new listings should hit the market giving buyers more to consider in the coming months.
Do you know what your home is worth?
Buyer demand has certainly boosted home prices throughout the Triangle area over the past few months perhaps giving on-the-fence homeowners the bump they need to make their next move.
“The Triangle is widely recognized throughout the nation as a great place to live thanks to our flourishing business climate, growing cultural scene and low cost of living. People want to call this area home and will pay a premium to buy the house they want helping to grow home values,” said Jones.
Do you keep asking yourself, “What is my home worth?”? A free home estimate is only a few clicks away on our website, or even better, let us send a real estate agent out to see your house and give you a more exact idea of the market range for your home.
Expert Real Estate Insight
Even if you only have the slightest idea that a home sale may be in your future, you should engage with a local market real estate agent to discuss your plans.
An agent’s job is to sell houses and help their clients find new homes; they have the key insight you seek to determine what you can ask for your home, how it should be marketed and when and where you should start the hunt for your next house.
“Our real estate agents are in and out of houses each and every day. They pay close attention to their local communities and the neighborhoods that make them up. You can be assured they know how to make sound recommendations for how you should price your home to get the most money possible,” said Glenn Weeks, HPW Real Estate School instructor and real estate agent.
Interested in speaking with a trusted realtor? We have 15 sales offices and a talented team of 900+ real estate agents from as far west as Alamance County to Wayne County in the east.
Read the complete Triangle Business Journal article entitled, “Short-term hiccup or new trend? A look at Triangle home sales in April,” here.