Today’s Stats:
Total Active Listings: 4,950
Avg DOM Active Listings: 26
Med DOM Active Listings: 0 (New construction always at zero)
Avg List Price Active Listings: $575,261
Med List Price Active Listings: $434900
RESALE Active Listings: 2,147 (new construction is 56.5% of inventory)
RESALE Pending Listings: 2,713 (up 56% from January 1, 2023)
RESALE Pending Avg List Price: $427,859
Total Pending including new const: 5,643 (up 37% since January 1, 2023)
The indications are that buyers are starting to appear again with a dip in interest rates in the first half of February. The inventory of homes available has dropped approximately 10% since the start of the year. This is not unusual as it is a seasonal effect.
Indications from local appraisers are that homes are not appraising for the first time in a few years. That could impact lending also as buyers will once again have to bring money to the table to meet the difference between appraisal and sale price, or the seller must be willing to drop the price. More likely, a combination of the two will be needed when negotiating right now.
We are also starting to see situations of multiple offers again. Interestingly enough, there have been numerous situations in the past two weeks where a home has been on the market for 3-4 weeks, and suddenly has multiple offers. If you are a buyer, remember that just because a house has been on the market for a month, does not mean the seller is ready to take a low ball offer.
As always, consult your local Realtor® to find out what is going on in your market today.
* Data based on Triangle MLS data for the core 16 counties of the Raleigh, Durham and Chapel Hill Market. Including Chatham, Durham, Franklin, Granville, Halifax, Harnett, Johnston, Lee, Nash, Orange, Person, Vance, Wake, Warren, Wayne and Wilson counties.