You have heard the news and it is true. The market is moving!
Showings were up 12% in March,
Overall, inventory levels are down 15%. Re-sale inventory is down 26% but new home inventory is actually up 21%. New construction is trying to make up for the shortfall in the market,
At the same time, listings were up in the first quarter so it is better than you have been hearing about,
As you would expect, pending sales are up! They were up 13% in March alone,
Average Days on market are about as low as they can go at approximately 60 days,
Average prices are up! Overall, they are up about 7%.
For more detailed information on each market segment in the area, visit Real Estate Experts and click on the different areas on the heat map for reports on each market area.
In the Raleigh, Durham, Chapel Hill area, the market is starving for inventory. Oveall, in January, showings were flat which was largely due to weather.
Inventory is down 25% and demand is up. This is an excellent time for homeowners to get their homes on the market if you want to sell.
One very interesting point in this video, 60% of homes that have come on the market have had to make price reductions. In other words, only 40% of the homes on the market have been priced right. We know that sellers who have to make price reductions have their houses sit on the market longer and ultimately they get less for their homes.
Pricing homes is an art form not a science. At Real Estate Experts, we are pricing specialists. We are happy to price your home and help you position your home for sale.
The other important news is that prices are trending up. This is good for sellers. Buyers that have been sitting on the fence may want to get moving.
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