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As you read through the infographic data below, here are a few points to keep in mind...
- Regarding the color coded percent changes
- Green means the metric is moving toward a more competitive market (seller's market).
- Yellow means there had been no change in that metric since 2016.
- Red means the metric is moving closer to a buyer's market
Just because there has been a change to a particular metric, that doesn't mean it applies to all price points. For example, the median price for expired listings in Cary was $469,000, but the median price for all closed sales was $362,000. Lower priced properties are still hot in Cary, however, there have been significant expired listings in the $200k price point. Surprising, I know.
My Opinion on Hottest Markets for 2018 (in no particular order)
- Raleigh (particularly East Raleigh, which has been slower to develop over the last 10 years.)
- Durham
- Chapel Hill
- Garner
- Knightdale
This data is for informational purposes only. It is simply my opinion. I am not an economist, nor do I have a crystal ball. If you have specific questions, feel free to leave a comment below or message me privately.
2017
Triangle
Market
Recap
Wake County
KNightdale
Median Price
2017 .............. 238,000
2016 .............. 203,000
⇧ 17%
Days on Market
2017 .............. 8
2016 .............. 12
⇩ 33%
Expired Listings
2017 .............. 56
2016 .............. 45
⇧ 2.4%
Garner
Median Price
2017 .............. 234,700
2016 .............. 212,000
⇧ 5.5%
Days on Market
2017 .............. 15
2016 .............. 15
⇧ 0%
Expired Listings
2017 .............. 56
2016 .............. 78
⇩ 28%
Notable metrics: The cities with expired listings in green (continuing to decrease) are more likely to continue to see larger increases in value over 2018. Cities where expired listings are increasing (in red) will likely see a little bit slower growth, particularly in higher priced properties. That does not mean you shouldn't buy in the areas not on the list. It just means have your agent check pricing metrics to make sure you don't overpay. And if you are selling, base your opinion of your home's value on real, current data.
Sometimes there is discrepancy between the days on the market and the number of expired listings. Usually when we start seeing more expired listings, we also see the length of time on the market to sell increasing as well. In cases such as Wake Forest, where the days on the market is dropping but expired listings are increasing, we need more information to determine what might be causing the discrepancy.
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.
