We are officially in the spring selling season and while it may be cool outside, the Triangle housing market is hot, hot, hot.
According to recent reports released by the Triangle Multiple Listing Services, home sales were up 9 percent in the first quarter with 6,882 homes sold throughout our ever-poplar Triangle metro area in the first three months of this new year. Home sales also rose in March with a 6.3 percent increase compare to the same period last year.
And, while all of these percentage increases are great for home sales, the Triangle is faced with a dropping supply of inventory making for a market that has more buyers than sellers.
According to a recent Triangle Business Journal article, which reported this housing market data, “… the number of available homes for sale in March dropped to 8,422 units, or about a 2.9-month supply of inventory.”
“We certainly have some crazy things happening in our market,” says Mark Parker, president of the Raleigh Regional Association of Realtors. “In short, we have many more buyers than we do sellers. Homes in the lower price point are selling extremely quickly, often within 24-48 hours with multiple offers and go for over asking price.”
“Part of the market dilemma, Parker says, is some potential sellers are afraid to list their home in fear of not having another home to relocate.”
“I am not sure how long we can sustain this kind of buying frenzy but this may be the ‘new normal’ for now as we are in the peak of the home selling season,” he says. “Builders are building new homes as quick as they can – which will help – but it is not keeping pace with demand.”
If you’ve been thinking about selling your home, now is certainly the time to do it. Make sure to stage it well, keep up your curb appeal and work with your agent to price it correctly and you will be on your way to a home sale.
Ready to buy? Be prepared. Narrow down your search to the areas or neighborhoods that you like the most. Work with your real estate agent to review area comps and be ready to act quickly with a strong first offer.
Read the complete Triangle Business Journal article entitled “Competition among Triangle home buyers getting ‘crazy’: inventory down in March” here.