Here are the latest stats and news from our Triangle real estate market.
Today I am sharing the latest Triangle market statistics from August and some advice for sellers. To begin, here is what Lawrence Yun, chief economist for the National Association of Realtors, said a few days ago:
"Total housing starts and housing permits made decent gains in August compared to the prior month, but the focus was on multifamily units. Single-family starts fell 2.8%, while single-family permits, a gauge for future activity, were essentially unchanged after falling in each of the past four months... There is certainly a housing shortage. Home price gains will surely moderate after experiencing gains of nearly 20% in the first half of this year. But given the housing shortage and the lack of big increases in the construction of single-family homes, home prices will continue to move higher than most people’s income gains. That’s good news for property owners, but bad news for those wanting to become homeowners.”
Now let us dive into the Triangle market stats. In August, new listings increased by 1.5% to 4,542, homes under contract fell by 5.5% to 4,427, and the number of homes closed grew by 3.4% to just a little over 4,300. Days on market was flat at nine days, which is amazing. The median sales price declined for the first time in 2021, but do not get too concerned. I believe that is simply an anomaly, and we will see prices continue to escalate. In fact, prices climbed 15.5% this August compared to August 2020.
Sales price as a percentage of list price slipped 1%; it had been at about 105% and is now around 104%. I expect that trend to continue for the rest of the year, and we will have to see how it goes heading into 2022. Inventory decreased to 2,978 homes, and I foresee this number going down a bit more through the rest of 2021, then begin to trend back upward in 2022. Our months of supply fell slightly to 0.7 and has been less than a month all year. We anticipate a slightly larger decline in the fourth quarter, then predict that number to tick up in 2022.
“We will see prices continue to escalate.”
We hit an incredible 22 showings per listing in April but have slowly declined since then; in August, we are seeing about 13 per listing. I think that number will stay flat or drop just a bit for the rest of this year and into early 2022.
The bottom line for sellers: 73% of sellers believe it is a good time to sell. Nationally, the average homeowner received 3.8 offers on their listing, prices climbed 18% in the past 12 months, and your home should sell within a week or likely even in a weekend here in the Triangle if it is priced and prepared properly. It is not too late; you have not missed the boat. If you are considering selling, it is still an excellent time.
We would love to speak with you and help you make the right decisions for yourself and your family. If you are thinking about selling or have any questions, reach out to us via phone or email. We hope to be your real estate resource.
