Home prices continue to rise in the Triangle, but sellers are still not meeting buyer demand. The average sales price of homes sold in the first quarter increased by 8 percent from last year to $248,643. Shrinking inventories, however, have kept home sales stagnant for most areas.
Sellers who did recently list their homes saw a great benefit: speedy sales. The average days on market during the first quarter was 85, down from 112 last year, and 43 percent of those homes sold in 30 days or less according to Triangle Multiple Listing Services data.
Additionally, the lack of inventory has created multiple-bidding situations for many listings. Buyers are often renting while they search and wait for a dream home. Kenan and Julie Barnes are in the process of finding a new home in the Triangle and have lost out on two houses due to multiple offers, even when they offered above the list price.
The apartment industry has been constructing new communities at a record pace in an effort to pick up the slack. In fact, the Triangle is now has the third-fastest expansion rate in the country for apartment inventory, according to MPF Research. “We’re willing to wait and we’re able to wait, and that’s not the case for everyone,” says Julie Barnes.
Bottom Line: It’s a great time to be a homeowner in the Triangle who’s in the market to sell!