Here are the latest stats to sum up the first quarter of the 2021 market.
The number to focus on in early 2021 is 9. So far this year, we’ve seen the number of homes under contract increase by 9% year over year. Coincidentally, the number of closed sales and the average sales price in our market have both increased by 9%, as well! That brings the average sales price up from $279,000 to $301,000.
That’s fantastic news; more homes are selling, and your home’s value has already seen some great appreciation. Here’s the kicker: The average days on market has been nearly cut in half—i.e., a 46% decrease in the amount of time it takes for a property to go under contract from the same period last year. Our market is moving along at a lightning-fast pace, and the inventory shortage is as real as ever.
Last year, we had about 7,200 homes on the market here in the Triangle area. As of the recording of this video in late April, we have a little over 2,000 homes available on the MLS. That means buyers have much fewer options to work with—and sellers have plenty of reason to rejoice.
Our market is moving along at a lightning-fast pace, and the inventory shortage is as real as ever.
If you need help buying or selling a property or have any questions about this crazy market of ours, don’t hesitate to reach out. We’re always here to help, and we look forward to hearing from you soon.