As always there are a few things to note about the data this quarter. First, I’m starting to see some repetition that indicates a trend.
For example, Expired Listings are usually an indication that the market is on the downswing. And we have seen expired listings increasing for the last several quarterly market updates. However, we have also seen a continued increase in sales price and decrease in days on the market. All that tells us that the expired listings are definitely not due to a lagging market.
If you look at the graph below, you’ll see that multiple offers have increased year over year since we started seeing them in 2014. Keep in mind that multiple offers still only constitute 14% of all sales. The strategies used to get multiple offers and the type of property that might experience this situation varies quite a bit. If you want to talk about strategies to market your home, you can contact me here.
Multiple Offers by Year (Percent of Total Sales)
|
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
|---|---|---|---|---|---|---|---|
|
0% |
0% |
0% |
3% |
3% |
8% |
10% |
14% |
2011
0%
2012
0%
2013
0%
2014
3%
2015
3%
2016
8%
2017
10%
2018
14%
2011
0%
2012
0%
2013
0%
2014
3%
2015
3%
2016
8%
2017
10%
2018
14%
2011
0%
2012
0%
2013
0%
2014
3%
2015
3%
2016
8%
2017
10%
2018
14%
2011
0%
2012
0%
2013
0%
2014
3%
2015
3%
2016
8%
2017
10%
2018
14%
But you know what I think is causing the expired listings?
Sellers are GUESSING at what their property’s value is. They are afraid of pricing too low, so they are throwing things on the market with absurdly high prices. In most cases, these homes expire and when priced closer to market value, they sell quickly. And surprisingly, in very rare occasions, these homes actually sell for the absurd price.
Scroll down to see sales for Raleigh, Durham, Chapel Hill as well as suburbs of Wake County. If you would like to see how the Triangle Real Estate Market has changed over the last 10 years, click here.
1st Quarter 2018
Triangle
Market
Recap
Wake County
Median Price
2018 ………….. 295,000
2017 ………….. 271,000
⇧ 8.8%
Days on Market
2018 ………….. 4
2017 ………….. 12
⇩ 66%
Expired Listings
2018 ………….. 357
2017 ………….. 355
⇩ .6%
RALEIGH
Median Price
2017 ………….. 237,500
2018 ………….. 263,900
⇧ 9.6%
Days on Market
2017 ………….. 11
2018 ………….. 5
⇩ 30%
Expired Listings
2017 ………….. 144
2018 ………….. 178
⇧ 24%
Cary
Median Price
2017 ………….. 355,990
2018 ………….. 369,825
⇧ 3.9%
Days on Market
2017 ………….. 6
2018 ………….. 4
⇩ 33%
Expired Listings
2017 ………….. 50
2018 ………….. 42
⇩ 16%
Apex
Median Price
2017 ………….. 345,000
2018 ………….. 354,000
⇧ 2.6%
Days on Market
2017 ………….. 10
2018 ………….. 2
⇩ 80%
Expired Listings
2017 ………….. 13
2018 ………….. 17
⇧ 30%
Holly Springs
Median Price
2017 ………….. 315,000
2018 ………….. 354,000
⇧ 12%
Days on Market
2017 ………….. 8
2018 ………….. 4
⇩ 50%
Expired Listings
2017 ………….. 16
2018 ………….. 17
⇧ 6%
Fuquay
Median Price
2017 ………….. 260,000
2018 ………….. 284,000
⇧ 9.2%
Days on Market
2017 ………….. 20
2018 ………….. 3
⇩ 85%
Expired Listings
2017 ………….. 24
2018 ………….. 13
⇩ 45%
Wake Forest
Median Price
2017 ………….. 329,950
2018 ………….. 324,919
⇩ 1.5%
Days on Market
2017 ………….. 27
2018 ………….. 3
⇩ 89%
Expired Listings
2017 ………….. 82
2018 ………….. 53
⇩ 35%
KNightdale
Median Price
2017 ………….. 223,000
2018 ………….. 257,250
⇧ 17%
Days on Market
2017 ………….. 10
2018 ………….. 2
⇩ 33%
Expired Listings
2017 ………….. 11
2018 ………….. 9
⇩ 18%
Garner
Median Price
2017 ………….. 228,500
2018 ………….. 240,000
⇧ 5%
Days on Market
2017 ………….. 22
2018 ………….. 2
⇩ 90%
Expired Listings
2017 ………….. 18
2018 ………….. 17
⇩ 5.6%
Durham
Median Price
2017 ………….. 215,950
2018 ………….. 244,000
⇧ 13%
Days on Market
2017 ………….. 16
2018 ………….. 4
⇩ 75%
Expired Listings
2017 ………….. 57
2018 ………….. 83
⇧ 46%
Chapel Hill
Median Price
2017 ………….. 345,000
2018 ………….. 385,800
⇧ 11.8%
Days on Market
2017 ………….. 20
2018 ………….. 5
⇩ 75%
Expired Listings
2017 ………….. 63
2018 ………….. 55
⇩ 12.7%
Pittsboro
Median Price
2017 ………….. 339,000
2018 ………….. 407,705
⇧ 20%
Days on Market
2017 ………….. 27
2018 ………….. 20
⇩ 26%
Expired Listings
2017 ………….. 9
2018 ………….. 12
⇧ 33%
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