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
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%
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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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