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Triangle NC Real Estate News in a Nutshell

Posted by admin on January 13, 2017
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Throughout 2016, the Triangle NC real estate news has been that the market is hot and inventory is low. The year ended in much the way it started. Multiple offer situations were common, homes in decent condition sold quickly, prices are inching up, sellers are happy and buyers are frustrated.

More and more people are heading to the Triangle, attracted by our strong job market, great retirement communities, temperate climate, and proximity to both the ocean and the mountains. And tTriangle NC real estate news: good place to retirehe numbers for 2016 show it.  Whether you are thinking about buying a house in NC or selling one, the following Triangle NC real estate news is worth paying attention to, as it both shows what happened in the past year and sheds light on what we can expect in 2017.

Here’s a quick summary for the year vs 2015 broken out by area:

  • Triangle Closed Sales increased (+10.1%)
    • Durham (+12.5%), Chatham (+10.5%) Chapel Hill/Carrboro (+11.1%) and Hillsborough (+11.7%) all outperformed the Triangle
    • Orange County came in slightly less (+9.8%) but still strong
      • Comment: We live in an area that continues to grow, keeping demand strong
  • Triangle Median Sales Price increased (+5.5%)
    • Only Durham County increased more (+9.1%)
    • Orange County (+3.4%), Chatham County (+5.1%), Chapel Hill/Carrboro (+2.9%) and Hillsborough (+3.6%) still showed increases.
      • Comment: Simple supply and demand economics.
  • New listings had varied results
    • More listings than 2015 in Triangle (+4.2%), Durham (+6.8%), Chatham (+7.5%)
      • Comment: These areas encourage new construction
    • Fewer listings than 2015 in Orange (-7.2%), Chapel Hill/Carrboro (-4.2%) and Hillsborough (-5.1%)
  • Not surprisingly, the Month’s Supply of Inventory is historically low everywhere:
    • Triangle (2.4 months), Durham (1.5 months), Chatham (4.4 months), Orange (2.6 months), Chapel Hill/Carrboro (2.9 months), Hillsborough (3.2 months)
      • Comment: That’s what happens when new listings can’t keep up with strong demand

Triangle NC Real Estate News: Home for sale in Cary NCFinal comment: as it looks right now, 2017 will continue these trends and the expected Triangle NC real estate news will remain much the same.  Lack of inventory will surely hold back growth.  Even modest increases in mortgage rates shouldn’t inhibit demand much.  If you are hoping to buy a home somewhere in the Triangle, be ready to move very quickly when a new listing hits the market and be prepared  for  multiple offer situations. Be sure you’ve been pre-approved by a lender and are ready to go.

 

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    Andrew & Rhonda Stults
    RE/MAX Winning Edge
    1526 E. Franklin St., Ste.101
    Chapel Hill NC 27514

    919-423-0225 (Andrew)
    919-225-2814 (Rhonda)
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