As we run full steam into the Spring Market, new data released by Triangle MLS shows a tight-real estate market to be getting even tighter.
From Hillsboro to Chapel Hill housing inventory contracted to near record lows with less than three months of housing stock.
What do I mean by that? If no new listings hit the market - at the current rate of sales there will be zero homes to buy in 2.8 months. That's one of the most extreme sellers market I've seen and points to a very lucrative spring for people wanting to sell.
Carolina Blue 2015, Duke Blue 2016, NC State Red, % Difference
As you can see in the appropriately colored chart above, every piece of data shows good news for Orange County homeowners. Both median and average home prices jumped thanks to buyer demand outpacing supply. As a result of those factors, we went from 3.7 months of supply to only 2.8 months. That means the seller controls the transaction and buyer should be prepared to make concessions in terms of price, condition, or timing.
You can see buyers making those concessions in that "percent of list price" line. It jumped almost a full point in the last year.
People in North Chatham County should also pay attention because - although the county isn't directly represented in the numbers above, places like Governors Club and Briar Chapel would reflect these trends more than places like Siler City and Pittsboro.
Having an expert negotiator represent you as a buyer can make all the difference and there are ways to end up paying less for the home you love.