Spring Market By The Numbers

Dated: 06/02/2017

Views: 112

While we might have a couple of weeks left before summer officially hits - the spring market wrapped up at then of may.  How did we do compared to 2016?  


2017
Number
of Sales
2017
Average
Price
2017
Average/Median
Days on Market 
2016
of Sales
2016
Price
2016
Days on Market
Regional 10,454 $285,494 46/10 9856 $265,920 54/16
Wake 5603 $323,919 37/7 5400 $297,399 42/10
Durham County 1391 $249,198 34/6 1296 $229,358 44/10
Orange 508 $355,265 50/11 510 $357,213 70/25
Chatham 329 $386,830 68/22 307 $369,116 81/33

The median days on market is really telling the story of just how little time homes are typically staying on the market.  Even in Chatham County, homes are on the market for less than a month before finding a buyer.  In Wake and Durham Counties you're looking at less than a week.  

That means that websites like Zillow or Trulia will often totally miss a home that comes on the market.  If you're looking in a red-hot neighborhood you won't ever see an available home because those websites only update every few days.  Luckily, you're on a website that updates several times an hour so stick with us, kid, and you won't miss out.

Let's drill down to specific cities and see what the data says:


2017 
of Sales
2017 
Price
2017 
Average/Median 
Days on Market 
2016 
of Sales
2016 
Price
2016 
Days on Market
Raleigh 2594 $310,725 32/6 2534 $277,489 41/10
Cary 766 $396,452 31/5 764 $376,887 30/6
Durham (City) 1304 $249,719 34/6 1213 $229,229 44/10
Chapel Hill 284 $408,754 52/9 298 $406,205 74/26
NE Chatham 224 $435,963 67/20 219 $404,540 78/35

Again, look at that median days on market.  If you're looking in Cary you have to be in the door on the first or second day to stand a chance, so it pays to have an alert set up on fantastic websites like this one.  Your phone will buzz as soon as a home becomes available.  If you want help setting one of those alerts up, just let me know!  

Besides crazy time on market, every submarket saw an increase in average sales prices.  Raleigh saw a staggering 10.7% increase this spring.  

Want me to break down the data for your town or neighborhood?  Just drop me a line!

Michael Cunningham

Michael Cunningham is a Real Estate Broker as well as the go-to tech and marketing wiz at Domicile Realty. A native of Tennessee, Michael arrived in Chapel Hill by way of Washington, DC where he help....

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