The market in Moore County continues to heat up as spring nears, making it imperative to keep abreast of the local real estate market.
To interpret what’s going on in the market, we use statistics pulled from our local multiple listing service and compare them both to last month’s and to last year’s numbers. This comparison gives an accurate snapshot of the number of homes available and their respective price ranges, how long it’s taking to get a house under contract, how much the consumer is currently willing to pay for a home, and how much homes have increased or decreased in value.
Looking at February’s statistics, here’s what we see:
- The average days on market (length of time to get a house under contract) went from 18 days in January to 27.4 days in February.
- The months of inventory (number of homes available) went from 0.7 months in January to 0.6 months in February. Anything less than 6 months is considered a seller’s market, and we are currently at less than one month.
- February’s sold to list price ratio was 101.8%, indicating that some sellers were getting more than their asking price.
- The median sales price went down from 18.15% in January to 17.36% in February; however,
- The average sales price of a home went from $349,753 in February 2021 to $439,004 in February 2022, up by 25.52% and increasing almost $100,000.
- 63.9% of the market concentration for homes sold in February fell between the $200k – $499.9k price range.
What does an agent or consumer do with this information? Agents use it to advise their seller clients on matters such as list price, negotiations, and expectations in this market. They prepare their buyers by encouraging loan pre-approval, providing strategies for making an offer, and advising the next steps should the offer be accepted or rejected.
As a consumer, you can capitalize on the strong seller’s market by listing your primary residence, rental, or vacation property, potentially getting multiple offers or an offer higher than the asking price. A good agent will help you determine a marketable sales price that encourages interest while still reflecting the market value of your home. Buyers, you can still take advantage of historically low interest rates, allowing you to purchase more home for your dollar than you’d get at higher rates. While inventory is low, hiring a good agent to scan the market and let you know when a suitable home becomes available will allow you to get a jump on viewing the home and potentially getting an offer in.