We’re giving you our quarter two update on the triangle real estate market.
Today we’re going to be talking about what we saw in the Triangle real estate market during quarter two, and what we might expect to see in the future.
The triangle market was already at a fever pitch, but since Apple announced on April 26 that they were coming to our area, things have become even hotter. In Q2, 93% of homes sold at or above their list price. Also, 18% of those homes sold during the ‘coming soon’ period, meaning the buyer had not even been in the home until after their offer was accepted. The median sales price has also skyrocketed. In January 2021, the median sales price was $295,000—by June, that number jumped up to $390,000.
So, what do we expect to see in the next 90 days? Mainly, we have noticed two big trends from June that we are calling ‘the buyer protest’ and ‘vaccine vacations.’ The buyer protest just refers to objections that have been ignored by buyers during the hot market but are starting to come back into play. Meanwhile, vaccine vacations refer to all the vaccinated individuals taking trips that have been put off during the pandemic. These factors have combined to slow the market down a little bit.
“Mainly, we have noticed two big trends from June that we are calling ‘the buyer protest’ and ‘vaccine vacations’.”
Despite these factors, it is still heavily a seller’s market. The Triangle area currently has about a month and a half worth of supply. A typical market has around six months of supply. The slowdown is mostly affecting less desirable homes, so a well-prepared home is still going to be highly sought after in this market.
If you are in the market to purchase a home, do not be discouraged. We have a number of options for helping our clients find homes that are not on the market yet. If you have any questions about buying a home or anything else, do not hesitate to give us a call at (919) 810-2188 or visit our website.