Raleigh Real Estate is Back.
Quick Numbers : Contracts ratified last week: 579. Same Week Last Year: 484 (Wake county)
Showings last week: 2186 Showings same week last year: 2347 (Raleigh, < $2m, Detached)
Homes listed last week: 484 Homes listed same week last year: 576 (Wake County)
Market velocity is better than back, it is way up.
Inventory has been a talking point for a couple of years and will be a larger issue. Last week in Wake County we were net negative 95 active homes vs a net positive 92 this time last year.
Existing and new construction sales over $750,000.00 staying primarily in proven neighborhoods located in ITB, West Cary, North Raleigh.
One observation from last week: homes put under contract over $750,000.00 nearly doubled from the same week in 2019. We have been hearing from all over the country that SIP has changed buyer preferences, and it appears we are seeing buyer willingness to step up to the home that makes them comfortable.
Deal fall out has remained very modest. Only 25 homes that indicated closing dates last week remain in contingent or pending status. The majority in lower price ranges. Based on weekly trends we anticipate most of these homes will move to closed status with a small number going back on the market.
We are looking for solid May and strong June closing numbers, but going forward lack of supply, especially new construction may have negative impact in total sales.
Other trends we are watching: What can builders learn from iBuyers about buyer self-entry applications?
We use these fluid data points and buyer trends to create strategies and certainty for our clients. If you are interested in maximizing your sales we can help. On average over the last 18 months our clients have are selling 3% higher than comparable homes in half the time, ask us how.