Here’s what the latest numbers have to say about our real estate market.
The real estate market has been on quite a ride this year. As soon as people started getting adjusted to living in a COVID-19 world, the market started to heat back up and it has not slowed down.
Compared to what we saw in October 2019, the numbers show that for October 2020:
- Closed sales are up 28.%
- Inventory is down 48.3%
- New listings are up 7.3%
- Median sale price is up 7.1% to $300,000
- Average sale price is up 9% to $350,761
- Average days on market is down 37.5% to just 20 days
What I really want to focus on is inventory. It’s down in every market in the Triangle Area. There are less than two months of inventory in Wake County, and slightly more than one month in Durham and Cary. Overall, the Triangle Area has just 1.2 months of inventory.
We clearly have a severe lack of supply that can’t keep up with our demand. There’s no indication that interest rates will creep up anytime soon, which will keep demand just as high.
Just because it is a seller’s market doesn’t mean that you don’t need to be positioned properly to sell for top dollar. That’s our job at Real Estate Experts: To do everything we can to position you properly for the market so you get the best return on your bottom line.
If you have any specific questions or real estate needs we can assist with, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.