Spring is almost here and like the temperature is rising, so are home sales. This rise is likely to carry through the whole year, with more buyers expected to enter the market. We also expect economic conditions to improve with additional stimulus packages forthcoming and vaccine distribution already underway.
What Does This Mean for You?
If you are looking to buy or sell a home this spring, you are going to need someone in your corner who understands the market.
I would love to talk with you more about what is happening in real estate in the Triangle right now. If you’re a numbers geek like me, keep reading for a few stats* below and, as always, give me a call at 919-961-3277 or email me at Annie@HudsonResidential.com with any questions you have.
It’s a Seller’s Market
In January 2021, the demand for homes was more than twice as much as the supply!
Total New Listings
January 2020: 1,987
January 2021: 1,696
Active listings are lower than last year leading to an upward trend in prices.
January 2020: 1,234
January 2021: 1,425
Properties got sold 48.72% faster in January 2021 than in January 2020.
Average Sold Price
January 2020: $362,077
January 2021: $405,367
The median sales price was 8.1% higher than last year.
Total Dollar Volume (In Million)
January 2020: $446.80
January 2021: $577.60
Market liquidity is more than the previous year.
Months Supply of Inventory
January 2020: 1.9
January 2021: 0.7
The month’s supply level is lower than 2020 so prices will thrust upward rapidly.
*The data above is from the Triangle MLS.