The 2016 year-end numbers are in for the Triangle MLS.
Overall, we saw some great things happening in our market. Sales were up 10% over the previous year and amazingly, the number of listings was down a full 12% as well. We got more sales out of less inventory, which is a sign of a fantastic market. On top of that, showings were up 5% and at the highest level since 2007. That was the last peak in the market.
The average prices were up as well, as you can imagine. They were up 5% across the board and 6% for resale homes specifically. A full 17% of homes, almost 1 in 5, sold for above list price. Two-thirds of resale listings had a contract on them within 30 days of being on the market.
We had a great year in 2016 and, by every indication, 2017 should be another great one. The one thing we do see that could be a bit of a problem is the shortage of inventory in most price ranges. If you’re a homeowner considering selling your home, now could be a very good time to list your property, particularly if you’re looking to trade up to a larger home.
If you have any questions, please don’t hesitate to give us a call or send us an email. We look forward to hearing from you.