Home News Triangle housing boom is over: Now a buyers’ market, prices drop, days to sell increase

Triangle housing boom is over: Now a buyers’ market, prices drop, days to sell increase

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Editor’s Note: Every Friday, WRAL TechWire takes a deep dive into the Triangle real estate market. This includes topics from this week’s report, such as the Triangle’s latest real estate market data and why the Triangle housing boom may be over (or not). WRAL TechWire Reporter Jason ParkerThe author of this report is a licensed North Carolina real estate agent.These special reports use the category tag “triangle real estate” Also “triangle real estate market

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Raleigh – At Triangle, the days of considering multiple offers and selling a home for more than the asking price within 24 hours are coming to an end. In short, the Triangle real estate market is no longer an extreme seller’s market.

And it may not even be a seller’s market due to changes in local housing market dynamics and macroeconomic conditions.

The proof is in the numbers, and here are the latest.

These four factors are changing the real estate market in the triangle

Falling Median Home Sales Price

Wake County residential property median sales price is down $25,000 in August 2022 compared to July 2022, further down from the previous high recorded in June 2022 .

According to the latest data from Triangle Multiple Listing Serviceor TMLS obtained by WRAL TechWire.

The data shows that the median price of properties sold fell to $475,000 in August, with about the same number of closed deals since July’s median sale price of $490,000. increase.

According to the dataset, Wake County sold 1,729 units in July and 1,724 units in August.

The all-time high for the county real estate market was in June 2022, with a median property sales price of $493,081 and 1,982 homes sold in that month.

Wake County property market sees price pause – agent still predicts prices will rise

Some real estate agents do this Return to a typical seasonal marketothers told WRAL TechWire this week that the market has been undergoing a rebalancing process since the beginning of the year.

Tony Fink, Authorized Agent for Linda Craft Team REALTORS in Raleigh, said: In his interview with WRAL TechWire this week.

“I don’t think we’re rebalancing anymore,” Fink said. “I think it’s being rearranged, it’s already happening.”

Home Sales Pace Closing

the people report A Realtor.com study released Thursday found that the average time a home was listed on the open market nationwide was 42 days before a home sale contract was signed.

That’s up five days from a year ago, according to the report.

However, in County Durham, the average number of days on the market increased by 50%, moving from 8 to 12 days when comparing August 2021 and August 2022. And as recently as July 2022, the average number of days on the market for properties in County Durham was 8. day too.

Also, in Wake County, the average number of days a home was listed on the market was 11 days in August 2022, up from 8 days the previous month and up from 7 days in 2022.

Across the triangle, this property market measure has changed from an average of 9 days to 12 days year-over-year, jumping from an average of 10 days in July 2022 to 12 days in July 2022. August 2022.

“Things are looking more even now,” Gold said. “It was impossible to sustain the growth that we have had so far.”

Want to buy a home in the Triangle? ‘Get ready to attack,’ says agent

Price ratio gap closed

There is also a final gap in the market, which is the difference, expressed as a ratio or percentage, between the list price of the home and the sale price of the home.

According to TMLS, on average, homes within the triangle sold at a 1:1 ratio, or 100% full list price, in August 2022.

This is also true for Wake and Durham counties, both of which measured a list price to sales price ratio of 100% in August 2022.

The gap that existed a year ago, or even early this yearwhen homes in Durham and Wake counties sold for an average of 104% of list price, homes across the Triangle area sold for 103.1% of list price, which are now closed.

Yet, both agents noted that there were still homes listed in the area in the last 24 hours and there were still homes for sale at a higher price than the asking price. and location related pricing.

“Properly priced homes that provide value to buyers will be sold within a reasonable period of time,” said Fink.

Economist: Raleigh housing is overvalued and could see significant shrinkage

A Balanced Market Doesn’t Mean A Crash Is Coming

But a balanced market doesn’t mean house value goes downor if they fell, they would drop significantly, says Fink.

“I don’t think we’re in a bad market,” said Fink. “We have a very favorable factor.”

Because there is still demand for housing.

Fink said price gains in the region may be slowing, but they won’t plummet. “This is a pause in a stagnant market when you think about the market as a whole.”

Still, according to Fink, buyer sentiment has shifted since the beginning of the year, from February to May, when buyers seemed euphoric.

Today’s buyers are patient, thoughtful, and discerning, says Fink.

Seth Gold, a licensed real estate agent for Bold Real Estate and Governors Club Realty, said in an interview with WRAL TechWire on Thursday that slowing growth doesn’t mean we’re in a “true buyer’s market.” He said there is no limit.

“I don’t think it will hit as hard as many other places,” Gold said. Market dynamics are changing across the country due to ongoing economic concerns. [of the Triangle] Major players in Corporate America are moving here. ”

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