The statistics from May offer some surprising revelations as the residential housing market in Moore County continues to thrive. Compared to April, May’s average days on market stayed the same, but the sold-to-price ratio rose from 102.7% to 105.2%. This means that, while it took the same average number of days to get a home under contract, many sellers were getting at least, and oftentimes more than, their asking price.
There is evidence that the market is slowing down a tad, as months of inventory rose from 0.77 to 0.85. However, because 6 months of inventory is considered a balanced market, inventory remaining at less than one month indicates that it’s still a strong seller’s market in Moore County.
Another interesting point to note is that, while the median sales price went down 2.7% from April to May, the average sales price went up from $469,065 to $514,571, rising by 9%. When compared to May of 2021, the average sales price rose by over 33%.
Rising interest rates are playing a role in slowing the market a bit nationwide, but Moore County has not been strongly impacted by it yet. We are seeing more price “improvements,” as sellers slightly lower their asking prices from the originals listed; but the numbers indicate that, for the near future, it will likely remain a seller’s market.
As the market adjusts to the changes in the economy, we still hold to this advice to give you the greatest edge:
SELLERS, if you are considering selling, now is a good time to take advantage of the market before Moore County’s market slows down.
BUYERS, you should always get 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.