Triangle Region Market Update: March
Each month, real estate trends shift and change in ways that impact the local market. Whether you're considering entering the market as a home buyer or seller, or simply live in the area, it's important to stay up-to-date on current real estate market stats.
Here’s a quick breakdown of the Triangle region’s real estate market activity during February using data provided by Triangle Multiple Listing Service, Inc.
The number of new listings entering the market during February totaled 3,643. Compared to last February’s 3,993 listings, this number reflects an 8.8% decrease in new listings hitting the market year-over-year.
Closed Home Sales
In February, there were 2,585 closed home sales, a 13.2% increase in total closed home sales compared to last February’s 2,284 closed sales. On average, homes that sold in February sold for $299,385. This price reflects a 3.1% increase in average sales price from last February’s $290,394.
Days on Market
Based on last month’s trends, the average number of days that a home spent on the market before selling was 44. In February of last year, the average number of days a home spent on the market was 41 - a 7.3% difference year-over-year.
Inventory of Homes
Whether you're planning on buying a home or selling a home in the near future, it’s important to know that the area you're interested in offers a variety of homes to choose from and to evaluate the competition you'll face when listing your home. Last month, there were 7,532 active listings for sale in the Triangle region. Compared to last year, our local market has seen a 0.5% decrease in inventory from the 7,571 active listings available in February of last year.
List Price Specs
On average, individuals that sold their home during February received 97.4% of the original list price for their home. This is a 0.4% decrease compared to last February’s 97.8%. In situations where the price was altered from the original list price, 98.7% of the final list price was received.