This may sound repetitive to some but 'Oh how sweet the sound'! October Triangle home sales continue to rise! Recent market indicators, shared with me through our TMLS, by local appraiser Stacey Anfidsen, report great news for our local market. Watch this TMLS video for all the great news!

 

Monthly indicators show that home showings are up 16% this month from one year ago. Sales continue an upward trend rising to 31.5% and a new high of 34% in the pending homes category mean homes are going under contract AND closing at higher percentages than in 2011.

How we know this is by watching the monthly absorption rate ( or monthly supply ) of homes. In 2011, the Raleigh, Durham, Chapel Hill and surrounding areas, had a nine month supply of homes on the market. It is typically considered a buyer's market when there is more than a six month supply. Anfidsen reports this month we have a five months supply- meaning the market is more balanced and slightly tipped in favor of sellers.

 

 You may already know this if you happen to be a current buyer and have tried to buy a home recently in Chapel Hill or Durham and been outbid in a competing offer situation. I am seeing more of this every day and I'm preparing my clients to be ready, knowledgeable of the daily market, and competitive with their bid. Our plan is working for our buyer and seller clients and I would be happy teach you the steps if you want to buy or sell in the next few months.

More interesting facts:  We have 16 % more new listings for sale on the market ; and an average day on the market time that has come down to 114 days from 123 days one year ago.More homes are coming on the market and selling faster when they do which means it is a GREAT time to sell your home! Note that inventory is selling and we have another month of declining inventory- 20 % less in fact. YES, that makes 11 months in a row, of decline in the number of homes on the market.Incredible news!

What does this all mean? Well, when you have inventory going down and sales going up, eventually prices will start to go up as well. Anfidsen notes two things to keep an eye out for to show prices are going up in the local market: The average list price of new construction is going up when it had been in a declining pattern, and the monthly supply of houses changing to a smaller number. Two years ago we had a 12 month supply and now it is five.

Basically its all good news if you are buying a home because there are a lot of new homes to see; they are moving faster; but they are selling- which also makes it a great time to sell! Even in what is traditionally a slower time of month; my personal activity is higher than ever!



Masha Halpern has been selling homes in Chapel Hill and Durham for 20 years and is in the top 10 percent of Keller Williams Realtors in closed sales nationwide. Masha is also certified as a Luxury Home Marketing Specialist and a member of kwLuxuryInternational. Call Masha Halpern at 919-951-1780 or 877-478-4669, if you are considering buying or selling a home.