I’m Christy, broker-owner of Christy’s Distinctive Homes and you’re watching the latest edition of Christy’s Market Minute.
Well the average sale price of resale homes in the Triangle now sits at just over $411,000. Homes are on the market just 10 days on average, with some homes selling sight unseen before hitting the market. And sellers are netting about 104.6% of list price.
Inventory continues to tighten, forcing home buyers to fork over more and more cash for homes, AND offer seller concessions that are borderline ridiculous. In addition to the outrageous due diligence fees being offered to sellers, some buyers are also waiving their repair and appraisal contingencies, and offering other financial perks like paying for seller closing costs, and paying agent commissions.
So sellers definitely have the upper hand right now and they are making out like bandits, leaving frustrated buyers and their agents in their wake. [funny meme} The questions I’m asked almost daily now, are “When will prices peak? And when will the market get back to a balanced supply of houses?” Well finally, it appears there may be some light at the end of the hallway.
This chart shows how prices have steadily climbed every month of this year by $15,000 to $20,000 on average. But look at July…the increase was miniscule. Could we be approaching a pricing peak? Only time will tell. Until then, stay cool everyone, and catch me on the next episode of Christy’s Market Minute.