Local Housing Market Data Reveals Interesting Trends

This week’s market update for the Triangle area presents some intriguing data points for both buyers and sellers. We’re seeing a decrease in new listings and active inventory, alongside a continued rise in sales. Let’s explore the details.

Fewer New Listings Enter the Market

Compared to last week, new listings entering the market saw a -12.5% decrease. This could be due to seasonal trends or sellers waiting to see how the market adjusts with recent price reductions.

Sales Activity Heats Up!

Despite fewer new listings, closed sales increased by a significant 43.7%. This suggests a healthy buyer demand, potentially fueled by lower mortgage rates.

More Homes Back on the Market

Similar to last week, the number of homes returning to active status also increased by 9.9%. This could be sellers re-evaluating their pricing strategies or a natural market fluctuation.

Pending Contracts Show Slight Change

There’s minimal change in pending sales with a -1.8% difference. This suggests continued buyer interest, but they might be waiting to see if more price adjustments emerge before finalizing contracts.

Price Reductions Remain a Trend

The average listing price saw another decrease of -6.8% compared to last week. This trend could be a response to the increased sales activity and a strategy to attract more buyers.

Expired Listings Show Improvement

There’s a small improvement for sellers! The number of expired listings dropped by 14.7%, indicating properties are finding buyers more readily.

The Triangle housing market is experiencing a dynamic shift. As a local real estate expert at Brazoban Realty Group, we can help you navigate these evolving trends.

Thinking of Buying? With fewer new listings but strong sales activity, it might be a good time to act quickly on properties you love. We can help you craft a competitive offer!

Considering Selling? A strategic pricing plan can attract motivated buyers in this active market. Let’s discuss how to get the most out of your sale.

Let’s Talk!

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Sources:

  • This blog post is based on data analysis from Triangle MLS