February 2016 Market Update

The real estate market is incredibly hot for homes priced under $300,000. These homes are driving the market right now. Here are some of the statistics:

  • Showings are up 15% from February 2015 and 15% from this past January.
  • The showings in February were the highest number of showings ever.
  • Inventory is really low.  Resale inventory is down 14%.
  • New home inventory is trying to make up for this because it is up 17%.
  • There is a significant shortage of homes for first time home buyers and people looking to downsize.
  • An amazing statistic, 58% of homes that came on the market in February 2016 are either under contract or closed!  The average price for these homes was about $250,000.
  • On another note, there was a 27% increase in expired listings.  The average price of these listings is $450,000.
    • If you are in this category, Real Estate Experts can help.  We are experts in pricing and positioning homes for sale.  Contact us at 919-928-5131 or email us at [email protected].