New listings grew again this month to 4,588 homes listed for sale. This is up 21.9% from last year. This month, the total number of available homes finally increased, meaning that supply of homes is building. There are about 250 more homes available now than in January, and yet there are 1,457 fewer homes than this past October!
2) Average Days on Market has decreased:
Days on market dropped this month across the Triangle to 17. We are finding that while some homes are taking price reductions to find their buyer, 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:
Average Sales Price grew again this month to $493,456. This continues to reverse the downward trend we saw in the later part of 2023. The continued stability in mortgage rates has provided would-be buyers and sellers a bit of confidence as they go about home shopping. While we would love for rates to come back down, the fact that they have been relatively stable month over month, has encouraged parties to make a move decisively. 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 continue later this year.
4) Mortgage Rates have gone up some:
Mortgage rates have gone back up since last month – averaging 7.39%. 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 Emilia & Doug had to say about working with us:
"My fiancé and I worked with Jeremy Kaplan on finding the first home that either of us have ever purchased. Before meeting Jeremy, we had done a ton of research about the home buying process and felt confident in our ability to navigate Raleigh’s particularly hot real estate market.
Jeremy was able to simply explain everything we didn’t know and, more importantly, he respectfully walked us through everything we had incorrectly assumed! He is incredibly hard-working, quickly responsive to the smallest of questions, honest in his business, intelligent and very likeable.
We’ve been impressed from the day we met him till our closing day. We intend to work with him again for any real estate endeavors in our future and we would highly recommend Jeremy to anyone looking for a home now. Thanks, Jeremy!!"
It can be tricky to understand the Triangle Real Estate Market and everything that goes into a real estate transaction, even if you ARE a regular reader of our newsletter and/or do your own research. Let us walk you through, one step at a time.
All you have to do is bring your questions & an open mind!
Thank you for your support of Kaplan & Co. Jeremy & Emily
