Triangle Market Update 1st Quarter 2018 - Harmony Realty Triangle
Harmony Realty Triangle
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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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About the Author Ellen Pitts

Ellen is the founder of Harmony Realty, a socially conscious realty company. Ellen believes in empowering her clients through education and open communication. Ellen is a number-cruncher at heart and takes great pleasure in following and analyzing the trends of the housing industry. She loves communicating the big picture to her clients and helping them to understand how the market affects their sale or purchase. Her honest and down-to-earth approach allows her clients to make informed and intelligent decisions to get the most out of their offers and negotiations.

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