Over the course of the last month in the Triangle area real estate market, a few important changes have taken place. First, closed sales are down 3.5% and listings are down 4.2%, but the median price is up by about 6%.
These statistics reflect the basic principle of supply and demand. Inventory has dipped, so demand (and therefore price) has risen. Currently, there are just 2.5 months’ worth of supply in our area, which means that if no new properties were listed in that time, we would run out of available homes.
Still, these statistics reflect our area as a whole. When you examine market trends, you should always do so with the understanding that overall figures may not apply to your specific market. In Wake Forest, for example, the median sales price is $350,000. This is much higher than the $275,000 median sales price recorded across the larger Triangle Area MLS.
This may initially sound like good news for sellers in Wake Forest, but higher prices generally translate to fewer interested buyers. As evidenced by five months’ worth of supply in Wake Forest, which is twice as much as the recorded statistic for the broader Triangle area, higher prices often lead to higher levels of inventory.
Another important note to consider regarding the Wake Forest market is that new construction properties make up about 52% of that market’s current pending sales. Additionally, new construction properties in Wake Forest have an average price point of $431,000. This is approximately $90,000 more than the average price of resale properties in that market.
That said, lower price points in Wake Forest are experiencing much lower levels of supply. For example, there is just one month’s worth of inventory for homes in Wake Forest priced at and below $200,000.
The bottom line is this: Headlines you see regarding statistics from our overall market may not reflect what’s going on in your area. To be successful in your buying and selling goals, you will need to speak with an agent about trends and conditions in your specific market. Working with an agent will also be the best way to ensure that your listing, or your offer, stands out.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
