The Latest Real Estate Market News and Statistics
The numbers from May aren’t in yet, but we took a look at the April 2018 real estate market stats and compared them to April 2017. Here’s what we saw.
Today I’ve got a market update for Durham, Wake County, Johnson County, and Orange County. We took a look at the numbers for April 2018 and compared them to the numbers from April 2017 to give you an idea of what direction our market is trending in. We’re still compiling data for May 2018, so keep an eye out for those numbers at a later date.
As far as inventory levels go, supply continues to be super low. It was down by 2% from this time last year, and resale is down by 18%. On the flip side, new construction is up by 26% from April 2017 to April 2018. When you’re driving around, you’re probably seeing a lot of cleared land and bulldozers because we have a lot of builders building in our market right now.
"There are a lot of home builders building in our market right now."
As far as pending and closed sales are concerned, both are up by 4% from April 2017. Our average price point was at $318,200 at the end of April, up from around $275,000 average from last year.
Our data is also showing us that 31% of the homes that were listed in April were selling above their asking price. This leads me to assume that a lot of multiple offer situations were taking place. In addition, 68% of the resale homes that hit the market in April went under contract or closed in the same month. Those are crazy, crazy numbers, so if you’re thinking about selling your home, now is the perfect time.
Our average days on market has risen slightly to 44 days, but I believe there is a specific reason behind this. Any time new construction homes hit the market, those days on market always stay at 0.
That’s your market update for April 2018. If you’re thinking about buying or selling a home any time in the near future, give us a call or send us an email. We would love to hear from you.