New listings are up significantly from last month rising in January to 3,456. We have not seen this level of new inventory since October 2023.
However, total inventory has continued to decline leaving only 5,421 homes on the market at the end of January. As a result, the “Months Supply” has continued to decline to 1.8 months – meaning if all the homes on the market were purchased at the average rate for the Triangle market, we’d be out of inventory in 54 days!
A few months ago, we talked about how buyers were beginning to gain an advantage but the tables have turned, it’s again a seller’s market with fewer homes and more interested buyers.
2) Average Days on Market has continued to rise:
Average Days on Market has continued to rise across the Triangle with an average Days on Market of 53. This is 10 days greater than last month, however it is not uncommon to see the pace of sales slow across December and January. Writing this on February 5th, the market is looking like it’s continuing to accelerate with several of our clients currently waiting to hear back on multiple offer situations from this weekend.
3) Average Sales Price is down slightly:
Average Sales Price is down a bit from last month as days on market has climbed. Across the region, the average sales price is $454,446 however, this is up 3.9% from this time last year.
4) Mortgage Rates have ticked up a tiny bit:
Mortgage Rates are up just a bit. According to Mortgage News Daily, the average 30 year fixed is hovering around 7% while the average adjustable rate is 6.6%. Some of our clients are using adjustable rate products to limit their monthly payments knowing that they can always refinance into a fixed rate product (like a 30 or 15 year mortgage) when rates settle down further.
Here's what Julia & Taylor Y. had to say about working with us:
“Jeremy was amazing to work with, he is committed to making his clients feel like they are his #1 priority and found us our dream home in just one showing!
He goes above and beyond for his clients, unlike any realtor we have ever worked with. He truly provides white glove service, from working closely with our mortgage broker and attorney, to coordinating all of our inspections and working to get us quotes from various vendors during the due diligence period.
Jeremy was ultimately able to negotiate a new roof for our house less than two weeks before closing! I would absolutely recommend Jeremy to family and friends and work with him again in the future.”
And they have recommended us to friends and family!
We are always thrilled to work with our referral clients.
A big thank you to Julia & Taylor for your referrals - we are so appreciative.
Thank you for your support of Kaplan & Co. Jeremy & Emily
