March building permits jumped 70% over the same month last year. This is a huge increase. Permits for the first three months of the year were up 51%. Since 2011, the market has seen an 83% increase. The average permit value was $214,000.
Selling a home in the Triangle is taking less time than in recent years. This is good news for homeowners looking to move but can be frustrating for potential buyers.
The average area home is now on the market for 109 days, which is down 11 percent from this time last year and inventory of homes for sale is at its lowest point in over a decade. This has caused more competition for buyers and many sellers are receiving multiple offers on their home.
If you’re thinking of selling your home, now would be a great time to do it. For those of you currently looking to buy a home, be ready to act fast. Homes are going under contract quicker than ever.
The luxury market continued its slow and steady healing process during 2012. The combination of decreasing inventory and higher closed sales lowered the months of supply down to 8, which is a 3 month improvement compared to a year ago.
Compared to a year ago, overall luxury inventory decreased by 14%. New home luxury listings decreased by 2%. The average days on market decreased to 190 from 207.
Here is a break down of Housing Supply by Price Bracket:
The months of housing supply indicated a vastly oversupplied market with the majority of activity will occur between $500,000 – 599,999. The luxury market continued its slow and steady healing process during 2012. That shouldn’t change too much for 2013.
According to CoreLogic, a leading residential property information, analytics and service provider, home prices nationwide including distressed properties increased 8.3 percent in 2012 compared to 2011. This is the biggest increase since March of 2006.
More more details on current home prices, check out RIS Media.
According to the National Association of Realtors’ quarterly report, the median price of homes nationwide saw its biggest increase in seven years this last quarter. Meanwhile, the number of available homes is at a 12 year low and on an annual basis, the median sales price increased 10% to $178,900.
For more on the current housing trend, check out Inman News.
1. Demand is High – Annual sales have increased over 9% in 2012 from 2011.
2. Supply is Low - The monthly supply of available homes is at a 7 year low.
3. New Construction is Coming Back – As the market is recovering, builders are building more homes.
4. Interest Rates are Projected to Inch Up - The Mortgage Bankers’ Association has projected mortgage interest rates will inch up approximately one full point in 2013.
5. Timelines Will Be Shorter - There are fewer transactions this time of year. Therefore, timetables on each component of the home buying process will be friendlier for those involved in transactions over the next 90 days.
Good things happening in the Triangle’s real estate market! Home sales were up 21 percent in 2012 compared to the previous year. When the market was at its worse in 2011, 19,733 homes were sold. In 2012 that number grew to 23,829 homes.
Please follow this link for the complete article and interview with Go Realty’s very own Zach Schabot!