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Slow and Steady Wins the Race

The Triangle area real estate market is as solid as it could be. Here are some facts, not opinions (scroll down if you're interested in those).

585 existing homes have closed at least $1,000.00 over asking price since April 01, 2023 in Wake County. With 40 days left in the quarter we are already 100 more than last quarter.

The average list price of homes under contract is rising, and therefor so is sales price. We will finish this quarter below last year, keep in mind the AVERAGE home sold for over $50k over list price and interest rates where substantially lower.

Unit sales are down considerably. This impacts the real estate industry not property owners.

Showings have been pretty consistent:

January 2023 20,950 Showings

February 2023 21,824 Showings

March 2023 25,538 Showings

April 2023 24,424 Showings

May 2023 22,000 Showings (estimated based on MTD 707 a day)

Opinions: There has been very little consistency in agent performance and this impacts listing quality. Due to shrinking number of sales they will do what ever, we are seeing homes that closed six months ago "testing the market" with $200,000.00 price increases. To be sure they are not moving.

Property prepared listings are selling in days, as seen in first topic above. Properly prepared means different things in different price points. If you have questions email us we would love to share any knowledge we have to make your sale successful.

Too many unnecessary price reductions. Many times the answer is re-arranging photos, fixing comments, $500 dollars worth of painting, not a $15,000 price reduction. We have many suppliers that will do work on a listing and get paid at closing. It makes no sense for agents and sellers to liquidate when they can invest.

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