Triangle Real Estate Market Update July 2013

Triangle Real Estate Market Update July 2013

As a professional Realtor, my job requires me to stay on top of the local housing market - both in the field and on paper.  One resource I rely on is the local real estate board - Triangle Multiple Listing Service (TMLS).  It is a little known fact that the public also has access to the valuable data they compile.  You can go to their website anytime to view current and past reports.  TMLS Market Trends.

This month's video released by TMLS highlights some important facts about our local market.

• Since last July 2012 Closed Sales are up 39% and Pending Sales are up 22%.
• Showings are up 14% since last July, the 3rd highest on record in the last 10 years.
• Inventory is down 16% since last year.
• There is currently a 3 month supply of inventory compared to a 5 month supply this time last year.
• A "one size fits all" can not be applied to our market.  Under $200k there is an inventory shortage, $300-600k is balanced, and $800k+ there is actually a 17 month supply.
• Average Days on Market (DOM) are 69 days compared to 112 days a year ago.

Take a look at this video produced by TMLS for more detailed information.

With all this information at hand, how do you interpret it to your life and your real estate needs?  This is also another part of my job I take very serious.  All of these stats are great, but really each individual, each home and each set of circumstances are what counts when a contract is written.  

While it is definitely smart to watch the market, decisions to buy and sell should be weighed carefully. 

Contact Me anytime to review your unique situation and how the market affects you.  I'm ready to help you make the right move.