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Market Update May 18, 2020

Raleigh showings up, contracts even as market gets more interesting. Raleigh SFR detached homes realized an increase in week over week showings. All segments increased this week with the number of showing over $1m nearly doubling to 106. Seven homes with a list price over $1M went under contract last week (down from 12 previous week) and the trends continue with two to be built, one spec and four existing. The spec and existing homes were all located inside the beltiine. There were 1766 showings under $500,000.00 and 185 contracts showing incredible demand, willingness and competition in the lower end of the Raleigh market. The Raleigh mid-market, $500,000.00 - $1,000,000.00, had 544 showings and 33 contracts. This represents the most challenging market segment, especially for existing properties. Total Wake County contracts came in at 550 vs 553 the week prior. Average sales price was consistent at $388,000.00. After nine weeks of shelter in place, the trends are developing. One thing that is becoming apparent is that the over exuberance of the "old market" is not present in most segments of the new market. Data from the Triangle MLS- ShowingTime.

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