Triangle Region Market Update: February
The real estate market changes from month-to-month and varies significantly depending on where you're looking to buy or sell a home. With the ups and downs that accompany real estate trends, it's important to stay current on the local area's data whether you're planning on buying a home, selling a home, or simply live in an area.
Here’s a summary of the Triangle region’s real estate market activity during January using data provided by Triangle Multiple Listing Service, Inc.
The number of new listings entering the market this January totaled 3,783 listings. Compared to last January’s 3,430 total listings, this number reflects a whopping 10.3% increase in new listings hitting the market year-over-year.
Closed Home Sales
In January, there were 2,013 closed home sales, a 7.3% decrease in total closed home sales compared to last January’s 2,172. On average, homes that sold this January sold for $299,721. This price reflects a 5.3% increase in average sales price from last January’s $284,544.
Days on Market
Based on last month’s trends, the average number of days that a home spent on the market before selling was 40. Last January, the average number of days a home spent on the market was 40. This means that, on average, the number of days that homes spent on the market last month reflects the same amount of days on market as the previous year.
Inventory of Homes
If you plan on entering the housing market in the next few years, it’s important to know that the area you're interested in offers a variety of homes to choose from and, if you're a seller, to evaluate the level of competition you'll face when listing your home. Last month, there were 7,631 active listings for sale in the Triangle region. Compared to last year, our local market has seen a 3.9% increase in inventory from the 7,345 active listings available in January 2018.
List Price Specs
On average, those who sold their home during January received 97.2% of the original list price for their home. This is a 0.2% decrease compared to last January’s 97.4%. In situations where the price was altered from the original list price, 98.4% of the final list price was received.