Triangle Real Estate Market Update August 2013
Wow, Summer is almost over. Kids are back to school and things are settling down. Well, not for the local housing market! August figures were particularly impressive since generally it's a slower month in real estate.
There has been a definite improvement overall in the local Triangle Real Estate Market since 2012. In comparison to this time last year, August 2012 saw an average days on the market of 110 days compared to August 2013 where it was only 70 days. Low inventory and higher demand have led to this trend.
Here are a few stats for August 2013
Watch the Triangle MLS latest Market Update Here.
There has been a definite improvement overall in the local Triangle Real Estate Market since 2012. In comparison to this time last year, August 2012 saw an average days on the market of 110 days compared to August 2013 where it was only 70 days. Low inventory and higher demand have led to this trend.
Here are a few stats for August 2013
- Closed Sales Up 22%
- Pending Sales Up 24%
- Showings Up 15%
The overall market is showing about a 3 month supply of inventory. However, in our local market, there is a big variance between the lower priced homes and the upper priced homes. There is a definite shortage of inventory under $200,000 and an over supply in higher priced homes. Job market growth will likely be the game changer in this regard.
There has been an upswing in new listings on the market, both resale and new home construction. This can be attributed to rising confidence of sellers that there is growing demand.
Watch the Triangle MLS latest Market Update Here.
If you would like more information about the local housing market in the Cary, Raleigh, Apex and Morrisville areas of the Triangle and what it means for your unique situation, give me a call. I'm here to help.
