Triangle Market Report: September 2018
New housing data from The Durham Regional Association of REALTORS® and The Triangle Multiple Listing Service was recently released for September, which we summarized below.
In Durham County, new listings dropped by over 17 percent last month compared to September of 2017, continuing to tighten inventory in an already limited market for home buyers. With the overall inventory falling 10.5 percent, market supply is now at 1.7 months and far from what’s considered a healthy market.
Not surprisingly, the median sales price in Durham County jumped 7.9 percent in September to $245,000, while contract sales dropped 5.2 percent to 380.
For the Triangle Region as a whole, new listings dropped a whopping 15.9 percent, allowing for overall inventory levels to fall 5 percent to 8,679 units. Under contract sales throughout The Triangle also fell 11.6 percent in September compared to last year, while the median sales price jumped 6.5 percent to $262,000.
Also mentioned in the report is that while the residential market should continue to remain positive for the rest of 2018, rising home prices, higher interest rates, and salary stagnation could start leading to a further decline in sales.