Market Update 2019 in One Sentence
One Sentence Summary: With new housing permits increasing 5% in November to 1.46 million units, new listing inventory decreasing by 1.1% to 3119, and a continued increase in median sales price from $269,900 to $279,900 year over year, the Triangle market remains robust in the winter months and appears poised for a strong 2020.
3 Key Numbers For November
Under Contract Sales
YOY Change: +22.2%
Even in November, often considered a “down month” due to holidays and kids being out of school, we can see strong gains made as more buyer’s continue to purchase homes.
Side note – potential home sellers. Let’s chat for a second. So many of you are trying to time the market, and we’re here to tell you, it’s impossible. We’ve been in a rising market for 10 consecutive years, and there are zero signs of a regression in the next year (remember, we need two consecutive quarters of negative GDP growth to be in a recession, so we’re at a minimum 6 months away from one of those.)
If you’re thinking about selling, we should talk. At least get a game plan together because, as you can see from the numbers above, the demand for homes continues to be strong!
Average Days On Market
YOY Change: -3%
This is a solid number to keep an eye on because as we see days on market creep up, it can indicate a shifting market (notate the word “can”).
While we saw a general decrease across the Triangle, we actually saw increases at the city level, hence our favorite saying – “real estate is hyper local”. We cover these changes in the market update video.
PS – shifting home prices combined with lack of market knowledge (read that: what buyers actually want in a home) can swiftly increase the days on market.
Original List price to Sales Price
YOY Change: -.3%
This is my favorite number to watch, even though it’s a relatively unsung hero.
Why, you ask?
It’s a great indicator of whether people are overpricing their homes and chasing the market.
If we see the gap widen or continue to drop, it’s a solid sign people are pricing their homes on dated info.
Want to know how we price homes to stay ahead of the market? Message us and we’ll give you the whole enchilada.
Fun Fact of the Month
Under contract sales peaked this year in May at 4215 under contract properties.
December 2009 at 1224 under contract properties!
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