My friends at https://raleighdurhamrealestatenews.wordpress.com/ sent over this awesome video explaining just how hot the real estate market in the Raleigh-Durham market has been over the past nine years.
I thought it was vital information for anyone looking to sell your home for cash in the Triangle.
If you are interested in selling your house fast in Durham or Raleigh, call us at 919-724-4751 or fill out the form below where we never charge fees or commission and listen to your situation about how you can get our best offer to home to your new house, or get rid of the stress and headaches of tenants or a vacant house.
Hi this is Brad Millon of Triangle Real Estate Buyers.
I saw a pretty cool blog article where they put together the Triangle MLS real estate data over the past nine years and it was pretty amazing to see just how crazy the real estate market has been in real numbers.
I mean everybody can feel it and stuff is flying off the market with multiple offers but you know if you’re looking to sell your house and want to get some more information about the real estate market in general take a look at this new video.
All right, so last month I wrote an article about the local market update for the Triangle Region looking back from January 2017 to April 2018, which gave us a little bit of insight into the number of listings, days on market, and how the sales price has gone up over the past … What is that? 16 months, or so.
You can see kind of in this, as we’ve said, the new listings really dipped down in the November time frame and really popped back up during the spring of both 2017 and 2018, and the sales price just keeps ticking up.
Then as the new listings spike, an increase in the sales price seems to be three months or so later, and as the new listings dip, there’s this little blip just a little bit later.
Again, with days on market falling over the last bit, and months of inventory kind of steady, popping back up, but now let’s get into the data from up to nine years ago now.
You can take a look at this data is from May 2009 to 2018, the number of listings has just been consistent sawtooth type shape, where it just kind of peaks at 5,000-5,500 or so listings. Kind of the lowest maximum was around 4,000 back in 2012, and it just keeps going pretty up and down.
But as you can see, the average sale price and median sale price keep going up with all the new people moving into the area from the northeast, Midwest, west coast. Even with the listings kind of picking up over, at least the maximum, over the last five years keeps going up, it’s just driving the prices up. Simple supply and demand.
As we go forward, you can kind of draw a trend line from the average sale price, median sale price, and really it’s kind of flattish from say 2009 to mid 2013, and then it really kind of turns up, so kind of that.
There wasn’t a big collapse in prices in the Triangle when the 2008 to 2010 time frame happened, but stuff was soft and as you can see, it didn’t really go up, and the number of listings went down as people weren’t comfortable selling just because of the economic uncertainty at that time.
Then if you look at over this nine years, the average median sales price has gone up a little over 40%. The average sales price has been up 35%, so it’s 4% to 5% per year increase.
Then if you just zoom into the last four years, that’s where stuff has kind of broken out of that flat area and really gone up. It’s almost doubled … Well, doubled percentage wise, I should say. It’s up approximately 30% over the last four years, which is 6% to 8%, where when you look back, it’s 4% to 5%. I guess not quite doubled, but a majority of this percentage increase has really been captured in the last four years.
Then this really tells a story with the days on market and months of inventory of why the price just keeps going up. You peaked back in 2011 with almost a year’s worth of inventory on the market, and that’s just gone straight down to where the months of inventory is two months, or so. And the days on market has just come down a ton as a result, where the average days on market in 2010 to 2012 was over 130 days, and now it’s less than 30 days.
If you’re looking to buy a house, make sure you have your loan paperwork, or your cash ready, because sellers expect quick closings, and when you’re bidding for a house or putting offers on a house that could have multiple offers, you just have to be ready to pull that trigger.
Anyway, that’s what I have looking back at the last nine years worth of data. We’ll keep tracking this as new data’s released from Triangle MLS.
Thanks to the team for putting this together, and thanks for watching this video.