Hello Friends, welcome to March "Madness"!
As you are all aware, the Triangle region of North Carolina has seen the sale price of homes skyrocket over the last several months. To better understand the reason for this, let us take a look at the most recent stats from the Triangle MLS for the "entire Triangle" and the "Cary/Apex/Morrisville" areas.
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MARKET UPDATE
(Entire Triangle)
January 2021 vs January 2022
NEW LISTINGS: 3572 vs 2923 -18.2%
CLOSED SALES: 2959 vs 2791 -5.7%
MEDIAN SALE PRICE: $298,000 vs $370,000 +24.2%
PERCENT OF LIST PRICE RECEIVED: 100% vs 102.2% +2.2%
DAYS ON MARKET UNTIL SALE: 23 days vs 15 days -34.8%
INVENTORY OF HOMES FOR SALE: 3457 vs 1853 -46.4%
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(Cary/Apex/Morrisville only)
January 2021 vs January 2022
NEW LISTINGS:
413 vs 282 -31.7%
CLOSED SALES:
374 vs 288 -23%
MEDIAN SALE PRICE:
$402,406 vs $514,159 +27.8%
PERCENT OF LIST PRICE RECEIVED:
99.8% vs 105.3% +5.5%
DAYS ON MARKET UNTIL SALE:
22 vs 9 -59.1%
INVENTORY OF HOMES FOR SALE:
320 vs 101 -68.4%
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We can clearly see a huge drop in "New Listings" and "Inventory of Homes for Sale", but that has not stopped our area from attracting new residents at a rapid pace! This low supply/high demand is continuing to raise "Median Sale Price" with most homes selling for over the asking price.
It is certainly an ideal time to sell, but the questions we are hearing so frequently are...
"If I sell my home, will I be able to find a home to buy?"
There are some great ways to balance home buying and selling, but there's no one-size-fits-all answer. Reach out to us and we can discuss the best way for you to maximize the sale of your home and find the perfect, new home as well.
"When will prices go back down?"
We can never predict what’s going to happen with 100% accuracy, but looking at the data would suggest the market will stay very strong.
The bottom line is that in 2022, home prices will likely continue to rise (but hopefully at a slower pace).
If you have questions or need guidance, we are here and ready to assist you with all of your real estate needs. For us, going above and beyond is just the beginning. We promise to be caring, accountable, and loyal.
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Thinking of selling in 2022?
We would be happy to assist.
Give us a call today to get started!
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Ready for MARCH MADNESS?
Make sure you've got the winning team of Linda Trevor & Co. of Compass for the "Real Estate March Madness"!
Also, l
et us know who you have winning the "NCAA March Madness."
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Are out-of-towners to blame for the Triangle’s skyrocketing real estate prices? A new report from Redfin shows people moving from out of state are playing a big role in driving up home prices here in the Triangle.
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Addressing the challenges of the Triangle’s housing markets.
“We’ve been underbuilding housing,” said Dr. Jenny Schuetz.
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Art in Bloom at the NC Museum of Art
(2110 Blue Ridge Road, Raleigh)
Floral masterpieces inspired by art in the Museum’s collection. P
resentations and workshops offered. Learn more
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Raleigh St. Patrick's Day Parade & Festival
When: Saturday, March 12, 10am
(100 Fayetteville St, Raleigh)
Fun for one and all! See dancers, pipers, floats, dogs and much more! Raleigh comes alive, dressed in green and ready to go! Learn more
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Come follow us on Twitter!
Stay up-to-date on design trends, decorating ideas, local real estate, and everything happening in the Triangle area. We would love to have you join us!
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The 8 Best Places to Buy Plants Online
They add life to any room, purify your air and boost your mood.
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4 Bed | 3 Bath
Acres: .48 | Sqft: 2,885
$585,000
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4 Bed | 3 Bath
Acres: .87 | Sqft: 3,025
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3 Bed | 2.5 Bath
Acres: 1.07 | Sqft: 2,069
$370,000
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4 Bed | 2.5 Bath
Acres: .96 | Sqft: 2,541
$550,000
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1502 Vandora Springs Road
3 Bed | 3 Bath
Acres: .46 | Sqft: 3,580
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3 Bed | 2.5 Bath
Acres: .098 | Sqft: 1,950
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© Compass 2022 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity.
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