Here are the stats for the middle of the month in Triangle real estate based on MLS data.
The total number of active listings is 3,670. That is up from a low on March 15, 2022 of 1,280 resulting in an increase of 286%. It is also the highest number of active listings since December 5, 2020 when the total number of listings tallied 3,878.
Although that seems like a large number, it has only slightly moved the needle for absorption which has jumped from 2 weeks to a month.
Absorption is how it is determined whether the current market is a seller’s market, buyer’s market or balanced market. If the absorption rate is greater than 6 months, it is considered a buyer’s market. If the absorption rate is below 5 months, then it is considered a seller’s market. If it is between 5 and 6 months, it is considered a balanced market.
Follow Brian on Facebook for more real estate news.
On the same day in March, average days on the market for resale pending listings was 13 days with median days on the market of 3 days. Keep in mind that in the Triangle MLS, all new construction properties are listed at zero days on the market so they are not taken into account with the DOM.
Total pending listings is consistent with between 8,300 and 8,400 pending listings for both March 15 and today.
Many Realtors may ask if stats from the Longleaf Pine MLS in Fayetteville has been included. For this study, we are looking only at counties for active listings. Although there may be a slight increase due to the merger of TMLS and LPMLS, it is minimal and certainly not a contribution of more than 2-3% of total active listings from the traditional TMLS counties.