Triangle Home Sales Up 9.8 Percent in February
The sun is shining brighter for longer, the birds are chirping a bit louder and people have a renewed spring in their step. And then there's the climate. Home buyers and sellers are readying themselves for an exciting spring market. Buyers are motivated by an attractive affordability environment, while more and more sellers are receiving near top dollar for their home. We've come a long way over the past 12 to 18 months but we're not there yet. Here's how February stacked up.
New Listings in the Triangle region increased 10.3 percent to 3,548. Pending Sales were up 21.6 percent to 2,081. Inventory levels shrank 13.4 percent to 12,804 units.
Prices reached for the clouds. The Median Sales Price increased 4.6 percent to $182,000. Days on Market was down 11.1 percent to 119 days. Absorption rates improved as Months Supply of Inventory was down 28.4 percent to 6.3 months.
A few consumers may feel less confident due to Washington's latest self-inflicted crisis. Others would advise not to read the news in the first place. The fact is, the economy continues to grow, but at a snail's pace. Sequestration is more of a nuisance than a real threat to recovery; and there's significant pent–up demand from renters, first-timers, parental basement dwellers and investors to counteract it.
Credit: TMLS
We are feeling this increase in activity with both our buyers and our sellers. Now is the perfect time to buy or sell!
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