Real estate numbers tend to lag behind a bit, so the statistics we’re looking at today come from January. However, they can still give us a good look at where our market lies.
Comparing January 2019’s numbers to last year’s, the market has definitely improved. Home showings are up 8%, inventory is up 11%, and pending sales are also up 11%. Because we’re still early in the season, however, the number of days on market has increased a bit.
In the Triangle, we have two markets: homes under $500,000 and homes over $500,000. You can see a complete breakdown of the numbers at 1:05 in the video.
The market is very hot in Southwest Durham, and properties priced under $350,000 are getting many showings and multiple offers. In Chapel Hill, homes priced under $500,000 are also experiencing many showings and are going under contract quickly.
Overall, the market is improving. Average prices increased year to year across the board—they were up 8% in Chapel Hill, 4% in Durham, and 18% in Cary and Apex. Inventory is still very low, ranging from one to three months’ worth of homes on the market. That number fluctuates depending on your price range and location. Homes in the upper price ranges have gone above five months of inventory, for example.
Interest rates are holding steady; 30-year mortgage rates are at about 4.7% and 15-year rates are at 4.25%. This is great news for buyers.
As we move into spring, we need more inventory. Since there are more buyers out there, it’s a perfect time to put your home on the market. We’d be more than happy to help you prepare for a sale, answer any questions you have, and provide further information. We look forward to hearing from you soon.