GOOD THINGS are happening in the Raleigh real estate market!

August data for the Triangle multiple listing service is just out today. The summary is as follows and indicates GOOD THINGS are happening in the Raleigh real estate market:

Inventory is trending back toward a Sellers market from a Buyers market – good news for home sellers, not so great if you are a buyer waiting on the fence to buy… Inventory overall is increasing and sales are up! We have a 5 month supply with last year this time a 7 month supply. The indicator for the market to flip from a buyers to a sellers market is 3 months… we are on our way to better place in the Triangle!

  • Only 1/3 of the market has an oversupply and most if that inventory is in the remote areas outside of the 540 window.
  • DOUBLE DIGIT increases in sales including a 26% increase in closed sales (homes sold), 22% increase in homes pending for sale (under contract not closed out yet) and an 11% increase in new listings or homes for sale on the market.
  • Days a home stays on the market for sale before going under contract (DOM) was down from 122 this time last year to 110.
  • Showings reach their seasonal peak from January to March, so we are in a time of decreased activity, but the showings are still UP compared to this time last year. Sellers can expect activity to continue to decrease as we get closer to colder weather and the holiday season.

To listen to the full overview, check it out here: