Hello! Happy August! We are more than halfway through the year, I hope it’s been a great one for you. Check out my latest video for your real estate market update.
Key points include:
– Mid-Year Update for Entire MLS:
— New listings are up almost 18%.
— Sales are down almost 2%.
— Low inventory is keeping pressure on prices. The average sales price is up 3.5% for the year.
– When we drill down to Raleigh, Cary and Durham:
— Cary and Durham have also seen increases in their average sales price, while Raleigh has seen a slight decline.
— I encourage buyers in the market today to act quickly. The days on market is less than 20 days in Raleigh, Cary and Durham. If you find a home you like, don’t wait, it could be gone by the weekend.
— Closed sales are down in Cary and Durham, but up in Raleigh. This could be due to availability and affordability.
– In the real estate market today in Raleigh, Cary and Durham:
— Almost 2200 homes available for sale including new construction listings.
1777 homes are under contract.
— 942 have closed, and we are pacing slightly behind last years sales pace. We closed 1081 sales in July 2023.
– The big question on a lot of people’s minds is how the presidential election will affect the real estate market.
— Ultimately, uncertainty, policy expectations and consumer confidence can impact real estate sales. Sales that might have been lost in November get pushed to December or the next year. People might put things on hold, because they are nervous, but it doesn’t mean they will never buy another home. Historically, home sales went up after 9 of the last 11 elections.
— Existing home prices went up after 7 of the last 8 elections.
Let me know if you have any questions. Have a great August!
Liz Toth is a dedicated residential real estate agent with EXP Realty, and can help you through the process of buying or selling a home.
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Phone: 919-538-1784
Email: Liz@LizTothProperties.com
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