Triangle area homes listed for sale this summer are selling in the quickest time and for the highest average prices of the past six years, according to a review of reports from Triangle Multiple Listing Service.
The number of July home sales in the Triangle was up a meager 2.2 percent compared to the year prior.
But, among the 3,191 homes that were sold in July, the properties were only on the market an average 89 days compared to an average 94 days on market a year ago.
Not since 2008 has the days-on-market average been so low.
Also, the average home sale price for the Triangle market was $250,047 in July, the second consecutive month with an average sale price of more than $250,000. That is also is a high-water mark since the 2008 selling season.
Marti Hampton, broker-owner of The Marti Hampton Team at Re/Max One Realty in Raleigh, says she is seeing appreciation in homes in both the top neighborhoods in Raleigh and in the more modest neighborhoods, but both sides of the market have peaked and flattened out.
“I would have preferred to see consistently higher monthly sales from 2013, but that is not happening,” she says. “Also, there have been hundreds of homes sold to hedge funds over the past two years which tend to make the real estate market look stronger than it actually is currently.
Tessa Hultz, CEO of Raleigh Regional Association of Realtors, notes also that pending sales in July were up 5.9 percent, an indicator that August sales activity should be more robust.