October 2012 data is out and home prices may start to trend UP based on the recent statistics. A summary is as follows with one common trend… Up, Up, Up:
- Showings on homes listed for sale, UP +16%
- Closed sales UP +31.5%
- Pending sales UP +34%
- Average list price of new construction is UP to $325,000
- New listings on the market (inventory added, which we need) UP +16%
- Days on the market decreased from 123 to 114, trending in a good direction
Inventory has decreased from 9 months to 5 months… indicating that the market may be turning from a Buyers market to a Sellers market for the first time in awhile. We are not at an under supply yet, but this is the first time we have seen multiple metric causing prices to head in a positive direction. All good news as we head into the colder months when we typically have a slower real estate market in the Triangle area. Hopefully this will set us up for a positive start to the spring selling season!!