Local Market Update – May 2019
At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
New Listings in the Triangle region decreased 0.3 percent to 5,303. Under Contract Sales increased 8.5 percent to 4,477. Inventory levels decreased 7.0 percent to 8,343 units.
The Median Sales Price increased 5.5 percent to $281,500. Days on Market increased 8.0 percent to 27 days. Months Supply of Inventory decreased 7.4 percent to 2.5 months.
An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession. As a whole, the selling season is looking fairly stable across the nation.
Click on the links below for more detailed information about the Real Estate Markets in Durham, Orange & Chatham counties:
Durham County
Orange County
Chatham County
For information about how the local market affects your real estate needs, contact any of the real estate experts at Peak Swirles & Cavallito Properties.
