We are already more than half way through the year, and we are consistently seeing good news and numbers from our Triangle Area Market updates.
According to the second quarter market report, the amount of home showings is up 10% as compared to 2014. However, home inventory is down 14% overall. New home inventory has decreased 1%, and resale home inventory 18%. The good news is that the amount of homes for sale has increased 2% from May to June of this year, and 4% more listings have been added over the last year. There may be fewer homes in the inventory to show, but the rates have increased. This means that buyer demand is rising while supply has increased at a slower pace.
The home inventory in the Cary / Apex / Morrisville area currently sits at a 2.8 month supply as of June 2015, which is down from a 2.9 months’ supply in May 2015, and a 3.4 months’ supply in June of 2014. The current home supply in Wake County as of June 2015 is 3.5 months, which means that this area is more popular in the eyes of home buyers, and there are fewer homes for those buyers to purchase. The inventory of homes in Wake County in June of 2014 was 4.6, and 3.6 just in May of 2015, which shows that in all areas, consistently, the inventory is decreasing. The average number of days that listings have been active on the market (DOM) has decreased to 52, whereas in 2014, the DOM was 67. That is a 22% decrease in DOM over the past year. When buyers find ideal homes that fit within their budget, they are making offers and purchasing them.
In terms of consistent changes in inventory, there is a 12-month streak for resale homes and a 10-month streak for homes overall. This means that the inventory of homes has decreased consistently for 10 consecutive months for all home types.
The percent of closed sales year-to-date has increased 11%, and is up 10% in the second quarter of 2015 alone. In June, the percentage of home sales is up from May by 22%! The average list price of all homes in the Triangle area has increased 6% to $273,600, and the list price of resale homes has increased 7% to $260,900.
The state of the market is favorable for potential sellers, because demand for quality listings is high, and inventory is slowly decreasing. If you are on the fence about selling your home, now is the time to sit down with a real estate professional and realistically discuss your options for selling your home. Since mortgage rates are currently the most favorable for buyers, they are on the lookout for excellent homes, which could be yours if you are prepared to sell.