Per the February report from Triangle MLS:
Across the entire Triangle region, the median sales price went from $374,900 to $385,000, which is a nearly 3% increase compared to February of last year. New listings were down, though, by 12.5%, not unusual for this time of year. Also decreased was the number of closed sales, which were 2,431.
In Chatham County, year-to-date, there the number of closed sales decreased by just over 6%. The median sales prices also dropped, by nearly 21%. The average sales price decreased as well, to $605,928, while the inventory of homes for sale increased to 240.
In Durham County, closed sales have decreased 12.5% year to date. The average sales price increased by 2.9% to $418,917, while the median sales price fell to $383,067. New listings decreased to 402 or by 7.2%. The inventory of homes for sale went up by nearly 52% to 461 homes.
The number of listings in Orange County has decreased by 28.9%, from 121 new listings year-to-date last year to 86 new listings this year. There was a year-to-date 42.1% decrease in closed sales. The median sales price, also fell by just over 4%, from $425,000 to $407,450. The inventory of homes for sale rose to 105.
The number of listings in Person County decreased by 8.8%. There was 27% decrease also in closed sales. But the median sales price increased by nearly 4% to $249,000. The inventory of homes for sale went up by 58.3% to 38 homes.
In Wake County, the median sales price increased by 2.6% to $446,355. But there was a decrease of 19.4% in the number of new listings year-to-date compared to last year and a 14.4% drop of closed sales. The inventory of homes for sale rose to 1,797, which is a nearly 150% increase.
If you’re ready to buy outside these markets, Carl Johnson Real Estate can help you look for your dream property at the Crystal Coas. Give us a call at Carl Johnson Real Estate--919-880-0904—to learn more about how we can help get you to where you want and need to be.
To learn more about the Crystal Coast Communities CLICK HERE
According to an article by WRAL Tech Wire on February17, 2023, the Triangle real estate market is heating up: More people are deciding to move to North Carolina and to the Triangle than are deciding to move away.
Both the Durham-Chapel Hill areas and the Raleigh area were among the regions of the country that are gaining the most number of people. In the greater Durham-Chapel Hill statistical area, which includes Chatham County, where VinFast and Wolfspeed are planning to build massive manufacturing plants that will hire thousands of people, 53% of movers are moving INTO the region while only 47% are moving away.
Home buyers love the Triangle for a variety of reasons. Home prices are affordable. You’re never far from the mountains or the beach. Whether you’re a first-time home buyer looking in Durham-Chapel Hill area or an experienced buyer looking for a Crystal Coast property, at Carl Johnson Real Estate, we walk you through all the details of each and every purchase and always protect your best interests. Our goal is to create an agent-buyer team that has a full understanding of the processes involved in buying a property and what is needed to get the buyer into their dream home to improve their quality of life. Give us a call at Carl Johnson Real Estate to learn more about how we will help get you to where you want and need to be. Call us TODAY 919-880-0904
The February 2023 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 February 2023 Market Report:
Real Estate Cycles – Norms, Exceptions, and Expectations Shaping 2023
As we move out of two and half years of one of the most dynamic luxury real estate markets and transition into a new cycle, there is still an underlying apprehension as to what 2023 will bring, especially in the upcoming spring market. For the most part, expert and media expectations of a recession causing major impacts on the market have quieted, and the talk is now of ‘correction’ rather than ‘crash.’ It has long been a common belief that the real estate market is cyclical, with predictable patterns emerging both in the short term as well as over multiple years. It is contended changes are not random, and most patterns involve cyclical trends that recur both seasonally and in the long term. However, there is also an expression “there are always exceptions to the rule,” and certainly, the last three years have seen outside influences impact the speed of change and some of the expected norms in traditional cyclical periods.
Understanding real estate cycles are important as they can provide reliable information about how and when to buy and sell, particularly when a market is moving through a transition. Typically, the short-term real estate cycle in North America happens over the four quarters of the year, when generally the overall market sees definite and distinctive ebbs and flows. In normal years, expectations are that the winter months will see the build-up of interest by sellers to list. This is in anticipation of buyers wanting to purchase in the spring market, which is usually the most prevalent time for buying and selling. Summer typically sees a decline in sales, and as inventory remains on the market longer, the negotiation power starts to shift to the buyer’s favor. Fall sees inventory levels that have increased significantly during September create the second busiest time of year, only for inventory and sales to decline as we head toward the end of the year.
Driven by economic forces, the long-term cycle usually overlays the short-term’s cyclical patterns and is responsible for providing a bigger picture of the status of the market (i.e., whether it’s buyer, seller, or balanced) and the overall direction of consumer demand. It is comprised of four main phases: Peak, Recession, Trough, and Expansion, and unlike short-term cycles, there is no exact science on when and how long each of these phases last. Historically, these cycles will be experienced consecutively as you cannot have a sustained expansion or peak without an eventual recession and trough. How strongly each of these phases impacts the market also varies considerably.
Current expectations are that the market will return to more normal patterns in 2023’s short-term cycle, so it’s highly likely a marked uptick in properties entering the market will occur this spring. Equally, it is anticipated that sellers will no longer expect over-asking or multiple bids; instead, their pricing will reflect an understanding that price growth has slowed with the need to counter increased costs associated with buying. In the long-term cycle, the market has entered into the Recession Phase, an expected transition as no market can indefinitely continue in the Peak Phase of high demand and increasing prices, so it naturally finds its tipping point. Typically, during a Recession Phase, we would see expect to see downward pressure on prices as supply exceeds demand. Our analysis of 125 markets in this report indicates that inventory levels are increasing, and so long as there isn’t a corresponding uptick in sales, the spring could well see a slight correction in prices.
Exceptions and Contradictions
However, one of the reasons that we will probably not see a significant decrease in prices typically experienced in a Recession Phase, is that inventory levels are still below historic norms, and demand for desirable properties remains relatively stable.
National figures will likely contradict local results as we expect to see a contrast in demand between markets that offer more affordability over those where prices have grown disproportionate to the demand of buyers.
While some markets may be more affected by the downward pressure on their prices, others are still reporting increases in prices. This disparity is likely to manifest in greater demand for markets that provide an opportunity for either more affordability or potential price growth. As stated by Dr. Lisa Sturtevant, chief economist for Bright MLS, “Prices could rise 5% or more in these more-affordable markets in 2023. On the other hand, high-cost markets where housing affordability is a challenge could be poised for price drops of 10% or more."
Equally, expect to see contradictions within the same market for different price points and the types of homes being purchased, with shifting demographic demand creating unexpected anomalies. Indeed in 2023, it is predicted that the millennial generation will become a strong investor in the entry-level luxury real estate market, while the mass affluent will continue to increase demand for second and third home investment purchases. Contrary to this, the very high-net-worth are looking for homes that offer more than just a luxury abode. Lifestyle has become their driver, and homes that offer unique experiences, access to adventure, and are filled with high-end amenities are more their concern than worries about higher interest rates.
At Carl Johnson Real Estate we use our experience and knowledge to lead our clients in the right direction. CLICK HERE to read more about Carl Johnson, REALTOR®, Broker, Owner, and Founder of Carl Johnson Real Estate. Carl is certified as an Institute for Luxury Home Marketing Specialist, CLHMS, which means he offers superior knowledge and experience in the luxury market. His CLHMS membership also provides him with access to an elite network of contacts and resources that help drive the perfect buyer to your high-end listing or find you your dream home! Using the most up-to-date marketing information, Carl positions your listing ahead of the market curve. Call 919-880-0904 for a consultation or CLICK HERE
Our Triangle economy will be one of best metro areas in the US for growth. That’s according to an article by WRAL Tech Wire on January 20, 2023. The American Growth Project report from the Kenan Institute of Private Enterprise at UNC-Chapel Hill forecasts that “the Raleigh and Durham area to experience the fourth highest GDP growth rate among the 50 most populous extended metropolitan areas during 2023. The region outpaces San Antonio, Salt Lake City, Dallas, Denver, Oklahoma City, and Nashville. Overall, the Kenan Institute continues to predict that a recession will come during the second half of 2023 or early in 2024,” the report notes.
What does this mean for you in the Triangle?
Positive GDP growth means our regional economy is growing. Businesses are producing and selling more products. The housing market figures into the GDP in two ways: with the construction of new single- and multi-family homes and the remodeling many undertake, as well as all the money spent on housing services, such a rent and utilities.
Positive growth will likely lead to an increase in pending home sales across the Triangle. As the market shifts and evolves, it becomes even more important that home buyers and sellers work with experienced REALTORS, because with the right price, the right marketing, and the right agent that puts YOU first …your home buying or selling experience doesn’t have to be stressful. Give us a call at Carl Johnson Real Estate to learn more about how we can help get you to where you want and need to be in any market. Call us TODAY 919-880-0904.
CLICK HERE to read our testimonials. See what others are saying about us.
Real Estate Trends in 2023
The real estate market has changed so much over the past two years and continues to do so! I am sharing details on some of the interesting trends we are seeing for 2023. If you have any questions on these or any other real estate-related concerns, please feel free to reach out to me. I’ll be happy to help you out!
CLICK HERE and Carl will make your home buying/selling process less stressful.
Top 5 Paint Colors for 2023
Incorporate Color Into Your Home
Happy Spring! As we get ready for this new season, you may be thinking about making some changes to your home décor. Adding color can be a simple and impactful way to do that.
I have enclosed information on five of the newest colors forecast by paint companies to be the hottest choices in 2023. They include deep, saturated colors borrowed from nature as well as a pretty, creamy white neutral. Additionally, Pantone has chosen a bold color from the crimson red family, Viva Magenta, as their choice for 2023. While that may not be something you decide to choose for a major project, it may be fun to use splashes of this vibrant color in accent pieces.
Choosing a new color can be a bit overwhelming, so I have provided some great hacks you can use to try out different choices. It’s an inexpensive way to let you try out as many options as you like. Or if you need a referral to a great interior designer, i'm happy to help.
Don’t hesitate to call me with your questions on the current state of the real estate market! I’m honored to share more market updates and serve all of your buying and selling needs. Please feel free to reach out to me any time!
2023 is a great year to sell Real Estate. Click here to learn what to expect.
It is true that house hunting in the Spring is a pleasant experience. The weather is generally better, and properties simply look better surrounded by fresh flowers and green grass. But does that mean you should wait until Spring to start your house hunting journey? No. Far from it.
According to the National Association of Realtors, the slowest months for the real estate market are traditionally November, December, January, and February. Inventory tends to be lower, but the truth is homeowners are just as motivated to sell quickly this time of year as they are in April or May when demand and prices increase. In other words, waiting until Spring could cost you. Start your home search now.
Another reason to start your home search now is the availability of real estate professionals. Due to the seasonal nature of the real estate market, many real estate professionals, whether agents or mortgage brokers, are naturally less busy in the winter months. To you the buyer this means even top-producing agents now have the time to sit down with you to finetune your home search.
Here at Carl Johnson Real Estate, we always take the time to sit down with our buyers. We pride ourselves in the time we take to discover what our buyers truly want and need. We take the time to discuss quality of life and lifestyle, and this is in the forefront of our minds when we team up with you to find a match. We are quality of life and lifestyle matchmakers.
At Carl Johnson Real Estate our direct and intentional approach is customized to each buyer client. CLICK HERE or call us today—919-880-0904—to learn more about how we help get you to where you want and need to be in any market and at any time of year.
On February 09, 2023, the News & Observer reported that according to a new study by online lending marketplace LendingTree, single women in North Carolina own about 389,716 homes, while single men own about 283,139 homes. Put another way, single women own nearly 14% of the 2.8 million owner-occupied homes in the state, while single men own just over 10%.
That gender gap is a nationwide trend. Single women own a larger percentage of homes in 48 of 50 states. North Dakota and South Dakota are the only states where single men own a higher share of homes than single women.
Contributing to this trend are single mothers. “About 80% of single parents in the U.S. are single mothers,” said Jay Nelson, communications director for the Raleigh Regional Association of Realtors (RARR).
Whether you’re a single mom or a single dad, we are here for you at Carl Johnson Real Estate. Call us TODAY at 919-880-0904 to learn more about how we can help get you to where you want and need to be and about our direct and intentional approach that is customized to each buyer client.
Ready to move? CLICK HERE to see our resource on 10 Moving Tips to help you have your best move yet!
local market update - january 2023
Per the January report from Triangle MLS:
Across the entire Triangle region, the median sales price went from $370,575 to $385,000, which is a nearly 4% increase compared to January of last year. New listings were down, though, by less than 1%. Also decreased was the number of closed sales, which were 1,964.
In Chatham County, year-to-date, there was a 10.7% increase in new listings, while the number of closed sales decreased by 22.7%. The median sales prices also dropped, by 5.1%. The average sales price increased to $643,629.
In Durham County, closed sales have decreased 28.8% year to date. The average sales price increased by 1.1% to $411,715, while the median sales price showed no change at all. New listings decreased to 321 or 9.6%. The inventory of homes for sale went up by nearly 44% to 477 homes.
The number of listings in Orange County has decreased by 44.7%, from 132 new listings year-to-date last year to 73 new listings this year. There was a year-to-date 43.3% decrease in closed sales. The median sales price, however, increased by 5.9%, from $392,900 to $416,175.
The number of listings in Person County decreased by 3.2%. There was 21.4% decrease also in closed sales. But the median sales price increased by 40.6% to $246,740. The inventory of homes for sale went up by nearly 104% to 49 homes.
In Wake County, the median sales price increased by 6.2% to $426,000. But there was a decrease of 1.6% in the number of new listings year-to-date compared to last year and a nearly 30% drop of closed sales.
Buying a new home or selling yours? Have you heard of the word "radon" thrown around but have no idea what it is? CLICK HERE and check out our resource on the Dangers of Radon and learn what it is and how it affects you as a buyer or seller of a home!
The January 2023 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 resources! The following is per the Institute for Luxury Home Marketing January 2023 Market Report:
A Year in Review - 2022
The best way to describe 2022 might be that it started with a ‘boom’ and ended with a ‘fizzle’ – certainly this is an apt description when looking at the declining sales each month over the last year. At the start of 2022, new inventory, especially for property types in high demand, flew off the shelf, but by the end of 2022, sales had all but stalled in comparison.
Predictions versus Reality
2022 had been predicted to be a calmer year, with trusted trends, such as the spring real estate market returning with increased inventory levels, that would help plateau price increases. Demand was still predicted to be strong for luxury properties, but with the frenzy of 2021 replaced with a more discerning consideration of the property’s value.
What had not been predicted was the influence of variables such as Ukraine, inflation, interest rates, and speculation about recession, which created a year of contradictions, uncertainty, and unexpected consequences.
However, despite all these mitigating factors, the overall luxury real estate market remained resistant to any dramatic or negative change and still retains its safe investment appeal to the affluent. Even though there has been a continued slowdown in sales activity in the last quarter, prices have not only remained stable in most luxury markets but at near-record levels.
Sales activity and price growth at the rate seen from March 2020 to March 2022 could not continue indefinitely, and although the slowdown may have felt dramatic compared to these last two years, the reality is that the market has returned to the more normalized pace of pre-pandemic days rather than there being a significant correction.
Inventory A Major Player in 2022
Inventory levels certainly controlled much of the buying narrative during 2022. The number of sales in the first quarter of 2022 was only limited by the lack of new inventory entering the market, as the number of homes for sale hit a 20-year low.
While there was a significant increase in the listing of properties in the market in the second quarter of 2022, this only served to bring the level back up to the point that gave buyers a little respite–the result of which was an increase in the number of sales.
By the third quarter, interest rate hikes saw luxury sellers hesitate to put their homes on the market as they were unwilling to give up their low interest rates. According to Jim Egan, Morgan Stanley’s U.S. housing strategist, “Over 90% of the market is fixed rate, for one. Most people have locked in their affordability.”
Inventory, especially new inventory, is critical in the luxury real estate market. The lack of it helped stabilize the price and saw many markets remain more favorable to sellers. Consequently, by the end of 2022, the market had all stalled. Luxury sellers chose not to enter the market because they saw that rising inflation and interest rates were causing hesitation in buyers, and they feared they would not get the same price their neighbors had received the previous year.
Outside Influences Impact on the Luxury Market
Three key influences played a significant role in the slowdown of sales.
Getting ready to move? CLICK HERE to see our resource on 10 Moving Tips to help you have your best move yet!