While homes are still selling quickly, the residential real estate market in Moore County is changing. Year over year, the numbers still indicate a strong seller’s market. The August median sales price of $322,000 is a 12.98% increase over the median sales price of $285,000 in August 2020. Although that’s a 3.8% drop from July’s year-over-year median prices, many sellers are still getting over 100% of the list price for their homes.
The average days on market have increased from 51 in July to 73 in August. Many factors influence this number: it could be that the market is slowing down; or it could simply mean that things are moving a bit slower because service providers such as inspectors, attorneys and appraisers are backed up and simply can’t get their part of the transaction completed sooner. It is a number we will have to keep an eye on to determine the part it plays in the temperature of the market.
Inventory appears to have gone up slightly, changing from 1.3 months in July to 1.45 in August. This is good news for buyers, as there may be a bigger selection to choose from. Based on price range, it looks like buyers have the best shot at finding a home in the ranges of <$100k, $250-$299.9k, and $500k+, though houses <$100k are typically not move-in ready. This is not to discourage looking in the other price ranges, but there seems to be a slightly larger inventory in these ranges. Couple the increased inventory with interest rates remaining low at 2.88%*, and buyers’ opportunities are on the upswing.
BUYERS, It is still recommended that you be pre-approved. A good mortgage lender can discuss your loan options and help you find the best way to finance your new home, in some cases with no money down.
SELLERS, the real estate market is expected to stay strong through the fall. If you are considering selling, now is a good time to take advantage of the market before it cools off and you miss out.
*According to Freddie Mac’s 9/9/21 Primary Mortgage Market Survey, a 30 Year Fixed Rate Mortgage is 2.88%, with 0.7 Fees/Points (http://www.freddiemac.com/pmms/).