Archive for February, 2013

Low Inventory Levels could be the story of 2013!

February 15, 2013
Raleigh, A Great Place to Live and Work!

Raleigh, A Great Place to Live and Work!

It doesn’t matter too much where you are living in the U.S. at this point as nearly every location is experiencing low inventory levels. The benefit is obvious that if you are selling a home, it should take you less time to sell that home due to the market. Where this trend is not universal, it tends to be the case in may of the highly desirable areas, which include the Raleigh-Durham-Chapel Hill areas. According to, some of those desirable areas around the country include Denver, Los Angeles, New York, and West Palm Beach; just to name a few. To read the article, please click on the link, Low Inventory.

In the Triangle, we are sitting on an average of 5.9 months of supply. As we have previously covered, the Triangle saw sales increase in 2012 of 21% as a whole and the median home price increased 2.6% from the previous year to $189,900 and the average home price was $226,561; up 1.5% over 2011.

For the year, nearly 24,000 homes were sold in the Triangle, which rivals our better years before the bust. In 2011, the number of sold homes in the Triangle was less than 20,000 to give you a gauge.

As also discussed in previous post, our inventory levels have been down nearly 25% over the previous year. This means that the Triangle has about 5.9 months of supply. This puts the Triangle in a seller’s market. Typically, anything less than 6 months supply is considered a seller’s market, but again, it is just barely in that range.

What does that mean to you, the homeowner? It means that if you have been considering selling your home or previously attempted to sell, that it is now one of the most opportune times to sell in recent years. According to NAR, 2012 was the most affordable time to purchase a house and they predict that 2013 will be the third most affordable year since 1970 to purchase a home.

So, with the low inventory levels and the high affordability index, it gives even more weight to the conception that it is a great time to sell a home in the Triangle. If you have been trying to sell and have not been successful, it means you are definitely overpriced for the market.

For more information about the market condition or to get a personalized Comparative Market Analysis (CMA) for your home, contact me immediately. We do not know how long this market trend will continue so you need to get ahead of it while there’s time. If the unemployment level begins to rise in 2013, then it will directly affect the housing market and your probabilities of selling your home will decrease dramatically.

The time to act is now!