Total new listings for September fell from last month by 7.1%. The Triangle had 3.689 new listings in September. Locally, we have seen an uptick in the number of overall home sales (5.2% more pending home sales from last month) total active inventory at the end of the month came in at 7,759. This is an increase as compared to the same time last year.
2) Average Days on Market has held steady:
Average Days on Market remained steady, averaging 19 days. However, many homes that are going under contract are still going under contract within the first few days. The median number of days also fell to 7. This shows that while some homes that have been on the market for a couple of weeks are finally finding their buyer – typically after a price reduction. While others are priced right, in excellent condition, and contracting quickly.
Despite the Federal Reserve moving the Federal Funds Rate, mortgage rates are hovering around 6.2%. This is a significant decrease from this time last year, but still above where the industry would like to see them. In fact, while this is 14.2% less than this time last year, it is still not yet enough to significantly increase the available inventory. We need lower for longer interest rates so that our community can choose to move when their housing needs change.
Here's what Christine B had to say about working with us:
“Jeremy guided me through the entire process of buying my first house. He was always easy to get a hold of and quick to set up tours of any house I wanted to see. When looking at houses, I never felt pressured.
When I was ready to make an offer, he immediately got the ball rolling and had comps, buyer costs, and the offer paperwork to me within a couple of hours.
Due to my work schedule, I wasn’t able to be present for my inspection and other due diligence appointments, and I trusted him completely to take care of everything. He got it all done very efficiently, and always kept me in the loop. He took so much of the stress out of the process, and was fun to work with.
I referred him to my parents who worked with him about a year later, and they have similarly nice things to say!”
We will get you from contract to close efficiently and with thorough communication.
Let us take the stress out of the process and make it fun!
Thank you for your support of Kaplan & Co. Jeremy & Emily
