Welcome to this week’s edition of the Triangle’s real estate update! Every week, we bring you the latest stats and trends to keep you informed about the housing market in our area. Here’s what’s happening this week as of May 13th, 2024.
New Listings: A Slight Decline
This week saw 882 new listings, down from 972 last week, marking a 9.3% decrease. This reduction in new homes entering the market could signal a tightening inventory, potentially increasing competition among buyers. If you’re looking to buy, staying prepared and moving quickly on desirable properties is essential.
Back on Market: Notable Drop
Homes returning to the market decreased significantly by 17.8%, falling from 331 to 272. This trend suggests fewer deals are falling through, possibly due to better-qualified buyers or more stable purchasing conditions. This is good news for both sellers and buyers, indicating a more reliable and predictable market.
Pending Sales: Modest Increase
Pending sales saw a modest increase of 2.4%, rising from 6,899 to 7,068. This uptick is a positive sign of continued buyer interest and activity, suggesting that despite market fluctuations, demand for homes in the Triangle remains strong. If you’re selling, this could mean a quicker path to closing.
Price Changes: On the Rise
There was a notable 13.5% increase in price changes, with the number rising from 794 to 901. This could indicate that sellers are adjusting their expectations to meet market realities, possibly due to changing buyer demand or economic factors. For buyers, this might present opportunities for negotiating better deals.
Homes Sold: Sharp Decline
The number of homes sold experienced a significant drop of 30.2%, decreasing from 1,088 to 759. This sharp decline might reflect a lag in transactions closing or potential seasonal fluctuations. It’s an important trend to watch as it could signal changes in market momentum or a temporary slowdown.
Expired Listings: Major Decrease
Expired listings saw a dramatic decrease of 57.9%, falling from 202 to just 85. This reduction might indicate that more homes are selling before their listings expire, a sign of a healthier, more active market where properties are moving more quickly. Sellers can take heart in knowing that well-priced and well-marketed homes are likely to sell.
Open Houses: Increased Activity
Open houses in the Triangle area saw a 12.4% increase, with 1,615 events compared to 1,437 the previous week. This rise suggests growing interest from prospective buyers who are actively looking at properties, driven by favorable buying conditions and possibly the warming spring weather.
What Does This Mean for You?
For buyers, the decrease in new listings and the rise in pending sales means the competition might be stiffening. It’s crucial to stay prepared and act quickly when you find the right home.
For sellers, the increase in price changes suggests it’s important to price your home correctly from the start. The decrease in expired listings is a positive indicator that if priced and marketed well, your home is likely to sell.
For investors, the trends indicate a dynamic market with potential opportunities in both buying and selling. The increase in open house activity is particularly noteworthy as it signifies ongoing robust interest in the market.
At Brazoban Realty Group, we’re here to help you navigate these changes. Whether you’re buying, selling, or investing, our team of experienced agents is ready to assist you. Have questions? Leave a comment below and don’t forget to subscribe to our newsletter for the latest updates!
Source: TriangleMSL
