Wow, what happened to spring? What should we expect for the summer?
It seems like spring just started but it's already over and summer is here. The kids are finishing up EOG's and they will be complaining they are bored before we know it. So what happened in the market this spring in the Triangle and what should we expect for the summer?
As we predicted in our Let's get ready for the Spring Market article, buyers faced a challenge here in the Triangle. Prices continued to rise as inventory dropped to historic lows. Most buyers in the Triangle faced multiple offers and selling prices well above asking prices. However, this seems to be the case with all of our competition as prices continue to rise across the east coast.
Below are the updated numbers comparing Durham and the Triangle in general with other similar East Coast possibilities, and we still look pretty good. Looking at the median asking price of homes currently on the market I find the following data:
|Triangle Area||Median Listing Price|
I then took a look at other areas that I know our buyers also consider when looking at relocating. For example areas around DC, Atlanta, New York, and Boston:
|DC Area||Median Listing $|
|Atlanta Area||Median Listing $|
|NY/CT/MA||Median Listing $|
Durham is still looking quite attractive and the best deal around but all of our areas are still looking quite competitive.
Where Will The Real Estate Market Go This Summer?
So what do we expect for the summer? The biggest concern we have is the continued drop in inventory which will continue to put upward pressure on pricing. Right now there is only 1.63 months of inventory available in Durham where 6 months would be considered a normal, or balanced market. Cary has 2.12 months, Apex has 2.53, and Morrisville is the toughest with only 1.47 months of supply. Chapel Hill is closest to balanced with 4.3 months, which is still a sellers market. Now granted these numbers change daily and this is just a snapshot in time.
Over the last few months we have seen buyers cooling off a bit, both here in the Triangle, and nationally. Buyers seem to be holding off in hopes of the inventory situation improving where they might face less competition and less multiple offer situations.
However, it seems clear, that the Triangle is still a good value and although buying might be tougher than usual, buyers should not be deterred. We believe that this is still a great time to buy in the Triangle, and in Durham particularly.
The longer you wait the more likely you are to face higher interest rates and higher prices so if you have been sitting on the sidelines, now is the time to give us a call and start looking! To learn more about the real estate market in your neighborhood, send us a mesage or give us a call at 919-659-5173 to speak with our Triangle area real estate experts.Posted by Andrew Palumbo on