1st Quarter 2017 Market Updates

1st Quarter 2017 Market Updates

The 1st quarter of 2017 has come and gone and it's time to take a look at where the market stands for the Triangle area. We're going to take a look at the Triangle Multiple Listing Service numbers and see what the market has done in comparison to the 1st quarter of 2016 both when it comes to overall number, new homes, resale inventory, new listings, closed sales and average closing price. 

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Overall inventory is down 4% in the 1st quarter of 2017 since the 1st quarter of 2016 in Durham, Johnson, Orange and Wake County in NC with 5,333 listings in Q1 of 2016 to 5,137 listings in Q1 of 2017. 


New home inventory is up 15% since the 1st quarter of 2016 with 1,774 listings in Q1 of 2016 and 2,043 listings in Q1 of 2017 in Durham, Johnson, Orange and Wake Counties. 


Resale inventory is down 15% since Q1 in 2016 with 3,559 listings in Q1 of 2016 and 3,094 listings in Q1 of 2017 in Durham, Johnson, Orange and Wake Counties. 


New listings inventory is up 9% over the 1st quarter of 2016 with a total of 9,834 listings as of the end of the 1st quarter of 2017 vs 9,051 at the end the 1st quarter of 2016 in Durham, Johnson, Orange and Wake Counties in NC.


Closed sales are up 11% over the 1st quarter of 2016 with 1,671 closed listings by the end of quarter 1 for 2016 vs 1,759 closed listings by the end of quarter 1 for this year in Durham, Johnson, Orange and Wake Counties. 


The average days on market are 47 days at the end of the 1st quarter for this year in the Triangle.


The average closing price in the 1st quarter of this year in Durham, Johnson, Orange and Wake County is $286,000 overall which is up 5% from the 1st quarter of 2016 and $261,600 for resale only which is up 3% from the 1st quarter of 2016.


If you'd like to discuss these numbers further, or have other questions about the marketing, please call us at 919-263-2888. We'd love to help you buy a home, sell your home, or invest in real estate. 


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Phone: 919-609-6777
Dated: April 25th 2017
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