Triangle Homes Selling At Historically Rapid Rate

Dated: 11/30/2017

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Home sales in the Triangle’s 16-county region were up nearly 4 percent in October, and the median sales price is 8 percent above the same time period last year. Meanwhile, the average number of days a home stays on the market sunk 10 percent to 44 on the year, compared to 49 at this point in 2016, according to Triangle Multiple Listing Service. 

In a separate report for the month of October, appraiser Stacey Anfindsen found that within the four core counties of Wake, Orange, Durham and Chatham, a house stayed on the market for a zippy average of 36 days. “That’s historically low,” says Anfindsen, whose publication is titled the Triangle Area Residential Realty report. “It’s gone down in increments. We’re kind of at the bottom of that now.” While homebuyers are snapping up houses at record rates, housing supply also continues to narrow. In October, the Triangle’s four core counties had an average of two months of housing inventory available. 

Typically, market equilibrium for inventory is considered to be about 6 months of supply. In particular, inventory is low for homes under $400,000, and that can stifle sales, Anfindsen says. These trends aren’t new – it’s been this way for the last two years. And they seem to be holding across the board for each of the Triangle’s core counties. In Durham County, sales were down by 5 percent in October, but are up 3.1 percent on the year. 

Houses stayed on the market for a brief 24 days in October, and 31 on the year, while median housing prices are up more than 9 percent through October, according to TMLS. Johnston County is seeing double-digit growth in the percentage of home sales, with a 10.1 percent increase for October and 11.6 percent on the year. The median home sale price is similarly on the rise, up 8.6 percent to $205,000. 

The story is slightly different in Wake County, where home sales inched up 1.5 percent in October and 2.5 percent on the year. Still, the median sale price is up 8.8 percent, at $284,000. In Orange County, home sales are more sluggish. They are down 2 percent on the year, and the median home price dipped slightly, by 0.3 percent, to $306,000.

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