It's not exactly a secret that Wake County is the hottest housing market in the Triangle - and one of the hottest in the country. But as temps warmed up over the month of March, the market got even hotter.
While there were more new listings that hit the market last month as compared to March of 2015 - it wasn't enough to keep up with a surge of buyers who are taking advantage of relaxed lending requirements and low interest rates.
We can see that supply isn't keeping up with demand by looking at the new listings (at the top) and the Months of Supply (at the bottom).
New listings were up 5% year-over-year. That's good!
However, the months of supply cratered almost 20% to just 2.1 months. Thats anemic.
Months of Supply means that at the current rate of sales, this is how long what is currently on the market will last. And two months isn't long. That's well into seller's market territory - with 6 months being a "balanced" market. This means that you have a swarm of desperate buyers descending upon any new listing and fighting over it. That drives up prices - which in theory would cause more sellers to sell and add more inventory but it's not.
Another way to see how competitive it is around Wake County is the "Percent of List Price Received". Not only are the Original and Last List percentages almost on top of each other (meaning homes are staying on the market long enough to drop the price), but they're also pretty close to 100%, meaning that there are lots of homes bidding up with multiple offers and going for more than asking price.
It can be hard out there. If you're considering North Raleigh, Cary, Apex or any other red-hot neighborhood (and don't have unlimited cash) you need to be prepared to submit multiple offers on multiple homes until you find the perfect fit.
Do I have some other tips? Yes! But those are perks I give my clients. ;)