The Real Estate market in Raleigh, Durham, Chapel Hill and surrounding towns - The Triangle - North Carolina is definitely a "Buyers' market" but is not experiencing the severe downturn of other metropolitan markets. The following detached home sales statistics were provided by the Triangle MLS for the month of February:
|Year||# Closed||Avg Sales Price||% Sales Price/List Price||Avg Days On Market|
*Note: data only includes home sales reported to the Triangle MLS*
As you can see, while our market is not all "Sunshine and Smiles", over 1200 home sales were closed and (not shown on the chart) there were 1499 "pending" transactions at the end of February. The bad news for Sellers is that our inventory is continuing to increase and the Sales Price to List Price ratio is continuing to decline.
So, if you're considering selling your home, it's more important than ever to retain the services of a qualified, professional, REALTOR who will: prepare a thorough and accurate Comparative Market Analysis, assist you in determining the List Price that will sell your home within your desired timeframe, assist you in preparing your home to appeal to the widest range of buyers, market your home to the greatest number of potential buyers, and effectively negotiate a fair & reasonable price and your desired terms.
If you're a Buyer, realize this market is not as soft as many others around the country. Again, a qualified REALTOR can help you find the home that best fits your lifestyle and help you negotiate the best price at which that home can be purchased.