Triangle Region Market Update: January 2019
The real estate market is ever-changing and varies significantly from place to place. That's why it's important to stay current on the local region's real estate market trends whether you're planning on buying a home, selling a home, or simply live in an area.
Here’s a breakdown of the Triangle region’s real estate market activity during December 2018 using data provided by Triangle Multiple Listing Service, Inc.
The number of new listings entering the market during December 2018 totaled 2,185 listings. Compared to December 2017’s 2,229 total listings, this number reflects a 2.0% decrease in new listings hitting the market year-over-year.
Closed Home Sales
In total, there were 2,904 closed home sales in December, a 9.0% decrease in total closed home sales compared to December 2017’s 3,192. On average, homes that sold in December 2018 sold for $310,442. This price reflects a 5.6% increase in average sales price from December 2017’s $294,018.
Days on Market
Based on last month’s statistics, the average number of days that a home spent on the market before selling was 34. Last December, the average number of days a home spent on the market was 39. This means that, on average, the number of days that homes are spending on the market reflects a 12.8% decrease from last year.
Inventory of Homes
If you’re considering entering the housing market, it’s important to know that the local area 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 7,705 active listings for sale in the Triangle region. Compared to December 2017, our local market has seen a 2.6% increase in inventory from 7,509 active listings.
List Price Specs
On average, those who sold their home during December 2018 received 97.6% of the original list price for their home. This is a 0.2% increase compared to last December’s 97.4%. In the situations where the price was changed from the original list price, 98.9% of the final list price was received.