The Triangle Multiple Listing Services just released its monthly local market update highlighting real estate trends and data collected in May. The results? Home sales were up significantly over April and home prices are the highest they’ve been in the past eight years—and you thought only the weather was getting hotter!
“Demand is high and buyers don’t have the luxury of waiting around in this hot market,” said Coldwell Banker Howard Perry and Walston President and COO David Jones. “Buyers want to take advantage of the low mortgage rates but are faced with high demand and low inventory. Those two things combined are sure to make certain that the summer real estate season will continue to be a seller’s market.”
According to the recent report, home sales were up nearly 11 percent over last May with 3,733 homes closed throughout the Triangle area. That figure becomes even more significant compared to the sales volume in April as the month of flowers posted figures nearly 20 percent over the month of showers.
The Triangle Business Journal article also reported the May real estate market data and expanded further on the state of the market including that “traditionally, the Triangle housing market hasn’t started reaching that high volume of home sales until the June, July, and August selling months.”
“Home prices in the region also hit a new eight-year high in May with the median sales price increasing 2.9 percent over the year prior to $232,500; the average home sale price increased 3.3 percent to $270,646.”
While the prospect of buying during this time may seem daunting, there are numerous ways homebuyers can prepare themselves for the task: hire an agent, do due diligence, and firm up financing. Want more details? Check out these tips our agents offered up for buyers taking on a seller’s market.
Read the complete Triangle Business Journal article entitled, “May home sales numbers suggest a hot sellers’ market for the Triangle this summer,” here.