Triangle Area Home Sales Market Update -August 2018

Inventory?...as of 8/31/2018, inventory numbers are pretty flat/even as compared to the same month a year ago with a total number of homes on the market of 5,774 (new construction and resale homes across all price points and types). Although this is flat from 2017, it is actually up 2% over what we saw in July. Thank goodness for new construction. Without its boost to the inventory numbers, we would really be hurting. New Construction inventory was up 6% over the previous month and up 3% over the same month last year (3,474 homes). When comparing these 2 inventory numbers, you see that new construction is making up 60% of the overall inventory headed into September.

Pricing?… the average prices of homes in the Triangle market continues to increase annually and is up about 5% over average prices seen in 2017 (August). The average home price now in the Triangle is $319,400. Ironically, this number is down 4% over the numbers seen the month before. We see more homes hit the market and showings increase during the spring and sales top out in the early summer along with pricing. Most of the time the 3rd and 4th quarters of the year don’t continue to upward pricing trend as seen in the earlier quarters on the year. We don’t anticipate huge pricing decreases since demand continues to be high but not the strong upward trend as seen April - July. Resale home prices increased 4% over 2017 to an average in August of $298,000 but also were down slightly (4%) over average prices in July.

Sales/Days on Market?….sales of homes stayed pretty even in terms of numbers compared to August 2017 at 3167 homes sold during the month. That number was a 3% decrease over the number sold in July 2018 which is typical for the seasonality of things. Days on market is continuing to stay steady in the low 40s (43 days). This has been the trend all year long. Please note to not let this number fool you….there are a lot of homes in the sub $400k price point that are selling in less than a week but when averaged in with all homes across all price points, it averages out to 43 days.

If you are looking to buy, sell, or invest in real estate here in the greater Raleigh area, our team is here to help. Contact the Kima Real Estate Group today and let us earn the opportunity to be your local real estate team. We are committed to making a difference, one home and one person at a time.