Inventory Is Up for the First Time in 44 Months
A lot has changed in our market lately. Today I’d like to demonstrate this by showing you how statistics from this May stack up to those from last year.
It’s time for a look back at how our Triangle area real estate market performed this May.
If you’ve tuned in for our previous market updates, you know that we like to compare the statistics on a year-over-year basis. And today we’re excited to report that this May marked the first time in the past 44 consecutive months that inventory levels have experienced year-over-year growth.
The increase in inventory between May of 2017 and May of this year was small, but this still marks a significant change for our market.
Moving on, pending sales are also up, having risen 5% since this time last year. And, despite the increase in inventory, the average price point is also up by 3%. This means it’s still a great time to sell, even though current buyers also have an amazing opportunity to succeed in our market.
"It’s still a great time to sell, even though buyers now also have an amazing opportunity to succeed in our market."
Another area of growth we’ve seen is in the number of closed sales, which has risen 1% since last year. The average time listings spend on the market has also seen an increase, moving from an average of 36 days on market in May of last year to an average of 39 days on market in May of 2018. In other words, homes are selling at a slightly slower pace than what was previously the case. This is due, in part, to the new construction projects taking place in our area lately.
Still, as we mentioned before, these changes do not mean sellers have missed their chance. This May, 34% of listings sold above asking price.
So if you’re thinking of buying or selling a home, our team would love to be a resource to you. You can visit our website www.AColeRealty.com to learn more.
And if you would like to get an idea of what you could sell your home for, feel free to text the word “Listing” to 555888 for information about your home’s value.
As always, feel free to give us a call or send us an email. We look forward to hearing from you soon.