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You are here: Home / Market Updates / Triangle Market Update 1st Quarter 2018

Triangle Market Update 1st Quarter 2018

April 25, 2018 by Ellen Pitts

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%

Enter your text here…

Filed Under: Market Updates

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Harmony Realty at Compass
3800 Glenwood Ave Suite 150,
Raleigh, NC 27612

919-725-1885

ellen.pitts@compass.com

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