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.
“We got more sales out of less inventory.”
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.
