Triangle Region Market Update: May
With each passing month comes a shift in the local real estate trends that impact the way home buyers and sellers approach their next steps. Whether you're in one of these categories or you simply live in the area, it's important to stay current on what's happening in the real estate market in your area.
Here’s a summary of the Triangle region’s real estate market activity during April 2019 using data provided by Triangle Multiple Listing Service, Inc.
The number of new listings entering the market during April totaled 4,839. Compared to last April's 4,864 listings, this number reflects only a 0.5% decrease in new listings hitting the market year-over-year.
Closed Home Sales
Last month, there were 3,611 closed home sales, a 2.5% increase in total closed home sales compared to the previous April’s 3,524 closed sales. On average, homes that sold this April sold for $317,149. This price reflects a 5% increase in average sales price from last April’s $301,972.
Days on Market
Based on April’s trends, the average number of days that a home spent on the market before selling was 31. Last April, the average number of days a home spent on the market was 29 - a 6.9% difference year-over-year.
Inventory of Homes
Wondering what our local market offers as far as inventory of homes goes? Having a grasp on how many homes are actually for sale can help you evaluate the competition you'll face when listing your home or buying a new one.
Last month, there were 7,899 active listings for sale in the Triangle region. Compared to last year, our local market has seen a 5.1% decrease in inventory from the 8,325 active listings available in April of last year.
List Price Specs
On average, individuals that sold their home during April of this year received 98.3% of the original list price for their home. This is a 0.5% decrease compared to last April’s 98.8%. In situations where the price was altered from the original list price, 99.3% of the final list price was received.