The Latest Numbers for Our Raleigh Area Market
What is happening in our local market? Let's take a look.
It's time for another market update. Today we will be comparing the conditions of July 2018's market to that of July 2017.
Starting with inventory, our levels are up by 1% this year versus last year. However, new inventory was down by 5% in 2018 compared to 2017.
Pending sales were also up for July of this year, seeing a 4% increase compared to last year at the same time. Compared to June of 2018, though, sales are down 4% for July of 2018. Don't let this scare you; it is normal to see pending sales taper off during the summer months.
Closed sales for July 2018 was up a huge 11% versus July 2017. We think a lot of this is due to the amount of new construction being put onto the MLS database for our area.
"It is normal to see pending sales taper off during the summer months."
As I mentioned in my last update, our MLS no longer counts the days on market for new construction. This is to encourage builders to add more inventory to the MLS. By doing this, we are now allowed to track the number of closed sales for all the inventory which is why we see such an increase.
Days on the market has stayed pretty much stable with July 2018 seeing 41 days on market.
Meanwhile, the average price point is also up by 5% this year versus last year. Of course, this is due to low inventory and an increased number of pending sales.
If you have any questions about this, or if you're interested in buying or selling, please feel free to contact me by calling, emailing, or texting “LISTING” to 555888. I look forward to speaking with you soon.