Every month the Triangle MLS crunches the numbers and paints a pretty picture about how the housing market is doing. June's numbers are just out and every day this week I'll be sharing the info from some of our local housing markets.
We'll start the week with Wake County. This month is just like last month (and the month before that, and the month before that). The available listings are way down to just 2.3 months of inventory - and if you remember what I've said in some of my previous updates, that's not alot. The closer to zero you get, the more power the seller has during the transaction. At only 2.3 months the seller has MASSIVE control and has the luxury of picking the best out of (often) multiple offers.
And you can see that by the amount of list price received. Homes are selling for 99.4% of the list price at the time of the offer. That's only an average. Many homes around Wake County are selling for above list price.
In terms of appreciation - you want to see 4-6% growth per year. Less than that is bad for obvious reasons and more than that is approaching the bubble-range. Wake's average sales price is right where it should be - 4%.