Springtime is finally here! I hope you are enjoying the extra hour of daylight we received this month and are spending that extra time outdoors.
The real estate market is definitely telling us that spring has arrived. The frenzy of the spring market continues to see strong reaction to new listings coming on the market. The resale market below $450,000 is a segment of the market that often sees competing offers, a low Days on Market (DOM) and homes sold above final list price. Certain subdivisions or areas see more of this than others, but generally speaking being below the $450,000 range is the sweet spot for sellers in the resale market. One statistic that stood out for closed sales in February was that 68% of all closed sales reported a financial concession at closing. This could be money given in lieu of repairs made or seller paid closing costs for the buyer. Even though we remain in a strong seller’s market, sellers shouldn’t be surprised if a financial concession is asked for either at the time of contract or during repair negotiations.
As of this writing there were 1,609 resale homes and 1,583 new construction homes for sale in Wake County. This was an increase of inventory for both categories from the prior month. The resale homes had an average DOM of 59. The median sales price for the resale homes was $429,500, while the new construction homes had a median sales price of $414,990. There were 886 resale homes sold in February with a median sales price of $265,000 and an average DOM of 34, while 284 new construction homes sold with a median sales price of $369,870.