Market Trends Report, 2nd Quarter.
According to the News & Observer, this May showed a home price increase in every single city of theUSthat is tracked by a leading index. Good news! And the housing stock is down and decreasing in some areas, like Wake Country…. More good news because when the supply of homes comes down, prices start to rise.
So… What is happening with the inventory in Wake County?
There were 5,663 listings on the market at the end of the quarter: a decrease of 29% with new home inventory down 25% and re-sale inventory down 29%.
Second quarter pending sales increased 29% inWakeCounty. More good news!
Newer subdivisions in more remote locations still trail the market, but on the whole, we’re recovering pretty well!
Considering the rising house prices and the declining housing stock:
Is correct initial list price important?
According to TARR Report, it is! In Wake Countywhen the closed sales where the final price was equal to the original sales price, the days on market was 61 and the sales to list ratio was 98%. As compared with closed sales inWakeCountywhere the final list price was less than the original list price, the days on market was 192 and the sale to original list ratio was 90%.
Getting the price right the first time is still extremely important!