Market Update 2019 in One Sentence
One Sentence Summary: As housing affordability hit a 2 year high at 120, new listing inventory continued its downward trend by 13.1% to 2323, and a continued increase in median sales price from $270,000 to $276,900 year over year, the December Triangle real estate market proved to be more hot than cold.
3 Key Numbers For December
Under Contract Sales
YOY Change: +21.1%
December was a top contender for year over year growth in the under contract sales category as it blew the doors off expectations.
PS – this brought our yearly totals to 42,808 total under contract sales, making it the highest under contract year the Triangle has ever seen!
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: +14.7%
Flashback to last month’s market update when we wrote this gem: “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.”
That, my friends, is called knowing your locacl market, and December’s days on market proved it to be true.
We expect to see more of the same in 2020, as sellers will be tempted to sell based on the bullish 2019 market numbers.
Original List price to Sales Price
YOY Change: -.5%
And the beat goes on…
Why, you ask?
In conjunction with longer days on market, this number will continue to drop as people price their homes ABOVE CURRENT market value as they chase the market of the past decade.
Here us out: 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
The entire Triangle region had 36,545 total showings in the month of December, with the average home on the market getting 5.4 showings before going under contract.
Which area had the lowest number of showings per listing? Chatham County at 4
I know, I know, you want to know the highest too: Durham – East had an average of 7.5