Does Price Matter?

Your local real estate market here in the Raleigh/Durham area (Triangle) continues to be extremely hot like lots of areas across the country.  We continue to hear that there is a significant lack of inventory, so it may surprise you to hear that 2021 was a record-setting year for the number of homes sold in the Triangle. You can’t sell what you don’t have, so we are not experiencing an inventory shortage.  We are, in fact, experiencing an overabundance of demand from buyers.  The super high demand is what is causing homes to sell very quickly and often so quickly that they come on and go off the market almost like they never existed.  This fast moving inventory at high demand is causing homes to continue to sell most often for more than their listed price.  

When I am speaking with Triangle residents I am often asked about the market, and one of my favorite questions that I get asked is “does the list price have any effect on how quickly the homes sell and how much over they sell for?”  My answer is 100% of the time……….”it depends!!”

I looked back at the Triangle Multiple Listing Service (MLS) to see what statistics showed for homes in different price ranges across Wake County over the last 60 days (12/1/2021 - 1/27/2022) and found the following

Townhomes Days on Market    Avg Sales Price    % over List Price

Upto $300k (175)           3                                      $260,000                      4%

$300-$500k (362)                 1                                      $365,000                            4%

$500-$700k (40)                   1                                      $540,000          3%

$700k+   (7)                           17                                    $880,000                            0%

Detached Homes     Days on Market       Avg Sales Price       % over List Price

Upto $300k (188)                  4                                      $275,000                           2%

$300-$500k (983)                3                                      $405,000                           4%

$500k-$700k (506)              2                                       $575,000                     2%

$700k+   (340)                      1                                        $861,000                           2%

The data is pretty consistent across both housing categories and all price points except for townhomes above $700k.  To be honest, I was a little surprised to see that there were 7 sales in that price point in Wake County over a 60 day period.  Regardless of price point, you have anywhere from 24-72 hours to react to a home hitting the market in order to be in the game and make a play for it.  You also need to understand that the list price is a “starting point” and not an ending point in today's market.  

Our team at the Kima Real Estate Group is here to help you.  We would love to have a discussion with you and answer your questions.  We want to earn the opportunity to be your agent and assist you with reaching your real estate goals in 2022.  Give us a call today and let's start the conversation toward navigating you down the real estate market road today. 

Chad Wingler
Lead Buyer Specialist
919-300-5421