LOCAL MARKET UPDATE - August 2022
Per the August report from Triangle MLS:
"In Chatham County, there was a 12.3% increase in new listings in August from last year. The number of closed sales decreased between 2021 and 2022, dropping from 1,064 to 877. Median sales prices also increased by 23.8 percent.
In Durham County, closed sales have decreased 9.1 percent year to date. Median sales price has increased 24.2 percent when compared to August last year, moving from $331,000 to $411,000. Average sales price increased by 18.9% year to date.
The number of listings in Orange County has decreased by 13.2 percent, from 1,608 new listings year to date last year to 1,396 new listings this year. There was a year to date 12.1 percent decrease in closed sales. Additionally, median sales price increased by 9.9 percent, from $413,845 to $455,000.
The number of listings in Person County has increased by 7.3 percent, from 355 new listings year to date last year to 381 new listings this year. There was a 0.6 percent increase in closed sales. Additionally, median sales price increased by 21.7 percent, from $217,750 to $265,000.
In Wake County, there was a decrease of 3.2 percent in the number of new listings year to date compared to last year. The number of closed sales decreased 13.5 percent. Median sales prices increased by 22.9 percent year to date, rising to $471,000.
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The August 2022 Institute for Luxury Home Marketing monthly trend report is out now! CLICK HERE to download the full report. We are happy to share this information to you from our personal resources! The following is per the Institute for Luxury Home Marketing August 2022 Market Report:
"SUMMER TRENDS This summer several trends are making waves in the luxury real estate market: from staycations and finding new luxury locales to collecting art, implementing high-tech innovations and the eco-friendly refurbishing of homes. Although the market is showing definite signs of slowing down and returning to a more normalized level of inventory and sales, the appetite for luxury has certainly not diminished. The affluent are still buying and selling in the upper tier but they are enjoying the opportunity of time to decide what fulfils their requirements for the long-term.
LONG TERM PLANS One significant trend emerging is just that “the long-term”. The feeling that we will remain in an unsettled economy, real estate market prices have reached their peak, together with a change in attitude towards a property’s value being more intrinsic sees decisions and plans made for the long-term. While statistics show the market has slowed, in terms of the number of sales, many real estate professionals believe given the uptick on real estate websites and requests for virtual tours over the last month that the affluent are taking the summer to formulate their plans. This demand is driven by the pent-up demand from buyers who previously struggled to buy in a market where prices escalated too fast and/or were not interested in getting into a bidding war. The market has swung in their favor, affording them the time and opportunity to find preferred homes to meet their future needs. Despite rates rising, they are still currently at historic lows, although above the rock bottom levels, we saw a year ago, and for those wanting to purchase their forever home or second home, locking into long-term financing is a great option.
DEMAND RISES FOR LUXURY SECOND HOMES We have also seen a rise in the demand for second homes over the last year – according to the Coldwell Banker Global Luxury Report 2022. “Today, the number of affluent individuals with a net worth $5 million+ who own two or more properties is over 70% in the U.S. Second homes in mountain, lake or beach settings were sought-after as places for leisure, but some savvy investors also chose to ride the price upswing of condos in major cities.” This trend is growing stronger, for several reasons. Firstly, as many of the affluent are not committed to one specific location for work anymore, they are often searching for properties that allow them a diametrically opposite lifestyle to the one in their current abode.
HOME DESIGN While the affluent are not looking to engage in full renovations, they are forever setting new trends in what’s new and in vogue. Even as we learn to live with COVID-19, the days of opulent parties and dinners have still not returned in force. This has led to a demand for less glitter and sparkle and a desire for the home to feel like a place of refuge and comfort. As we move further in 2022, the need for simplicity, clean lines and quality materials is driving design towards a more transitional contemporary palate with softer but luxurious furnishings. Colors focus on bringing in the light, with walls and cabinetry mostly in whites and greys. To offset this, and in acknowledgement of sustainability and eco-friendly trends, greenery, reclaimed and refurbished materials are adding texture and depth. In addition, lots of windows and ideally floor to ceiling windows that open out to large balconies or back yards, screening rooms, fire pits, fire pits or fire features, pools and water features, pizza ovens, outdoor kitchens – modern but flexible for all kinds of lifestyles – have become incredibly popular this summer
TECHNOLOGY IS KEY Technology within the home is now a standard requirement for affluent homes, but the trend that has become key this summer is the use of technology to search for a home. As the affluent chose to find properties away from their current locale, using the internet to search for homes has become increasingly more important. Searches are not always focused on location first either, there might be several destinations that an affluent buyer may find of interest. Access to technology that provides comparisons by location, amenities, lifestyle, home styles as well as price points has proven instrumental in helping affluent buyers make informed decisions. The affluent often do not need to buy, instead they want to buy, so properties for sale need to have an excellent online presence. High-quality images, video footage, and an attention-grabbing presentation are all musts for sellers looking to attain the maximum exposure for their property."
The following is the Luxury Monthly Market Review of Single-Family Homes for the Raleigh-Durham Market:
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