Market is great! Prices are up! Wish I had bought more houses during the downturn! Here is what the Triangle Business Journal has to say:
The Triangle’s housing sales market started 2016 with a bang as the number of homes sold increased 10.1 percent and the median price of homes increased 10.5 percent in January compared to year prior.
According to the monthly report by Triangle Multiple Listing Service, there were 1,916 homes sold during the month of January. The median price for a home sold within the 16 counties in the MLS territory increased to $215,520 and the average price increased 8.3 percent to $254,772 per home sold.
Compared to December, though, the numbers are a little lower. In December, Triangle MLS counted 2,840 home sales recorded by its member agents with a median price of $225,000 and average price at $262,664.
The numbers indicate that it is still a seller’s market as the inventory of homes dropped 16 percent to 8,067 listings in MLS, or about a 2.9-month supply based on typical demand.
The average days on market until sale also remains tight at around 65 days with sellers getting 96.1 percent of the original list price on average. The year prior, a home listing would typically be on the market for 73 days and get 95.3 percent of the original list price, according to the report.
Written by: Amanda Hoyle