I really enjoy numbers, and every quarter I study them to see how our market is performing and look for indicators of where we are heading for the future. The MLS just posted our 2nd quarter 2018 numbers and I was in shock. It was bound and determined to happen sometime, I just didn’t think it would be so quick.
Average sales price for the Triangle has crossed $300,000!
Lets break this down to two different numbers so you can really see where things are at.
- If you look at all homes including new construction the average sales price is $325,000!
- If you exclude new homes and just look at resale the average sales price is $308,000!
Just a few years ago we were hovering around $255,000-$260,000 so that is a pretty significant jump. I have been talking to my past clients about their value increasing $30,000-$70,000 in the last few years, and the average sale price increase represents that. I have even seen homes increase $100,000 and more in the last few years! Many areas ITB and around North Hills have seen this appreciation.
While this is big news there are still some additional numbers that are worth mentioning.
All of the numbers below are a comparison between 2nd quarter 2017 and 2nd quarter 2018.
- Inventory for all homes is up 3%. If you only look at resale homes the inventory has remained flat (still very low). This means more new homes are being built this year than last.
- Number of pending homes are up 3% (due to more new homes being built)
- The average days on market is 40 which is the same as last year. This includes the entire market. The higher price points tend to take longer to sell. The lower price points are selling much quicker than this. In a normal market the average days on market should be around 90 so we are selling homes very quickly right now. More than twice as fast!
What does this mean for you?
This is great news for people that own homes. Your value has probably increased a significant amount and you are sitting on a ton of equity. If you want to know exactly how much your home is worth Click Here. No guesswork and I give you an accurate current market value.
If you need to buy it’s still a great time. Home values are still on the rise so it’s better to jump in sooner rather than later. The longer you wait the more you pay! Get started with your search by clicking Here.