Sales figures are in for the Triangle MLS, and there are some really good numbers to report, both for the month of December and the entirety of 2017. Additionally, we’re going to take a look at some predictions for the 2018 market.
In December of 2017, inventory levels were down 5% again versus 2016. A whopping 18% of the listings that sold in December were above list price. Fifty-three percent of resale homes went pending or actually closed. That is a really big number.
When we look at 2017 as a whole, it was a banner year. There were six records that were broken during the year, giving us a real sense of what was going on in the marketplace:
- There were 896,000 annual showings.
- Annual pending was nearly 40,000.
- There were 39,436 closes in 2017.
- The average price for home sales was $287,800.
- The median price was $250,00.
- The average days on market was an astoundingly low 35 days.
As far as our predictions for this year, the Triangle-area forecast is very strong. Since our employment forecast is also strong, that should indicate a robust real estate sales market for the coming year.
It appears as though resale listings are going to continue to be low, and new construction inventories are way up.
One thing that people have on their minds is the new tax reform bill. As far as I can tell, it doesn’t look as though things will be affected too much. The National Association of Realtors predicted that pricing would be affected in a downward fashion due to the tax bill, but I’m not seeing it yet; we’ll just have to see what happens.
If you have any questions about what happened in the 2017 market or the outlook on 2018, feel free to reach out to us.