The real estate market in the Triangle continues to surprise us with its week-to-week shifts! Whether you’re planning to buy, sell, or invest, understanding these trends can help you make informed decisions. Let’s dive into this week’s updates and see what’s happening in our local market.
New Listings
New listings took a significant hit this week, with numbers dropping 35.7% from 981 to 631. This decrease means fewer options for buyers, which could lead to increased competition for the properties currently available.
Back on Market
The number of homes returning to the market also fell, dropping 28.3% from 127 last week to 91 this week. This decline might indicate stronger deals holding together during the contract process.
Pending Sales
Pending sales slowed down as well, showing a 24.6% decrease from 816 to 615. This slight cooling could be due to a seasonal slowdown or buyers exercising more caution as we approach the end of the year.
Price Changes
The number of price adjustments also fell this week by 23.5%, going from 980 last week to 749 this week. Sellers may now be pricing their homes more competitively upfront, reducing the need for mid-listing adjustments.
Sold Properties
The number of sold properties saw a 35.1% decrease, with 651 homes sold this week compared to 1,004 the week before. This decline may reflect fewer closings as we approach the holiday season.
Expired Listings
Expired listings saw a massive 260.5% increase, jumping from 114 to 411. This dramatic rise suggests some sellers might be reconsidering their market strategies or waiting for a more favorable time to relist.
Active Listings
Active listings experienced a modest 2.6% decrease, dropping from 8,209 to 7,996. This small shift highlights a slightly tighter inventory as the year winds down.
Wrapping It Up
This week’s stats paint a picture of a cooling market as we head into December. With fewer new listings and sold properties, buyers and sellers alike may find the market shifting in their favor or against their goals depending on their timing. Whether you’re looking to buy, sell, or invest, understanding these trends is critical to making smart decisions in the Triangle’s ever-changing market.
At Brazoban Realty Group, we’re here to guide you every step of the way. Have questions about the market? We’d love to help!
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Source: Doorify MLS
