New listings grew again this month to 4,064 homes listed for sale. This is up a modest 2.8% from last year. Even though the number of new listings increased, the total number of available homes has decreased. There are 201 fewer homes available now than in January, and 1,656 fewer homes than 6 months ago! This shows that more homes are being purchased than are being offered for sale each month. This has pushed months of supply below 2 months which has continued to support price increases across market segments as a whole.
2) Average Days on Market has increased slightly:
Days on market ticked up by 1 day this month across the Triangle to 34. However, we are finding that the hottest homes that are priced right, in great condition, and in the best locations aren’t staying on the market more that a few days in most cases and typically still with multiple offers or strong showings.
3) Average Sales Price is up a bit:
Average Sales Price grew again this month to $474,348. This continues to reverse the downward trend we saw in the later part of 2023. If we continue to see stability in mortgage rates, we would anticipate this trend to continue just as it did last year in the late spring. For those of you looking to sell, now would be a good time to reach out to have a conversation about your home. For those of you looking to buy, let’s jump into the market with two feet and beat the growth in prices we expect to see later this year.
4) Mortgage Rates have gone down slightly:
Mortgage rates have come down a bit since last month – averaging between 6.625% and 7.125%. We are still seeing some sellers opt to assist buyers in moving forward with purchases by utilizing 2-1 buy downs, but they are becoming less common with the consistent demand we are seeing throughout the market.
Here's what Joanne H. had to say about working with us:
“Friends referred me to Jeremy when I planned to sell my home in Raleigh to downsize to an apartment in a Senior Living Community near my family in Wisconsin. Jeremy was amazing!
He walked me through each stage of the complicated process of real estate sales. Contracts and legal requirements were explained in plain English. Recommendations to prepare my home for sale were practical and enhancing.
As a result, my home sold immediately for much more than the listed price! After the sale, he supplied advice for the many tasks associated with a move with timely referrals. My move to my new apartment was also seamless, as he set the closing and move-out dates in NC to coordinate with my move-in dates in Wisconsin.
I would describe Jeremy Kaplan as the “Ideal Realtor” as he has that rare combination of integrity, knowledge, experience, patience AND personality. I have since referred Jeremy to friends who have been equally pleased with the results of their home sales.!”
Downsizing out of a home you've been in for a long time is a big move! We have the resources to help ease your burdens and get you where you need to be. If you or a loved one need help with this type of move, we'd be honored to assist.
Thank you for your support of Kaplan & Co. Jeremy & Emily
