May Market Update
Triangle MLS Reports that "New Listings in the Triangle region increased 0.3 percent to 4,380. Under Contract Sales were up 2.5 percent to 4,762. Inventory levels fell 69.6 percent to 2,175 units. The property type that lost the least inventory was the Townhouse-Condo segment, where it decreased 64.3 percent. That amounts to 0.5 months supply for Single Family homes and 0.5 months supply for Townhouse-Condo."
In Chatham County, there was a 16.9 percent decrease in the number of new listings in May, conversely the year to date new listings, compared to last year, increased from 698 to 720. The number of closed sales increased from 516 to 618, a 19.8 percent increase. Median sales prices also increased by 13.3 percent. In May, Chatham County median sales price was slightly above the median sales price for all MLS listings.
In Durham County, new listings decreased by 3.2 percent and closed sales have increased 4.4 percent year to date. Median sales price has increased 12.5 percent from this time last year, moving from $281,424 to $316,740. Average sales price increased by 15.9% percent year to date. In May, the Durham County median sales price was comparable to the median sales price of all MLS listings.
The number of listings in Orange County has increased by 5.8 percent, from 942 new listings year to date last year to 997 new listings this year. There was a 14.9 percent increase in closed sales. Additionally, median sales price increased by 21.9 percent, from $319,500 to $389,450. In May, Orange County median sales price exceeded the median sales price for all MLS listings.
The number of listings in Person County has increased by 3.4 percent, from 204 new listings year to date last year to 211 new listings this year. There was a 28.7 percent increase in closed sales. Additionally, median sales price increased by 17.9 percent, from $183,450 to $216,375. In May, Person County median sales price exceeded the median sales price for all MLS listings.
In Wake County, there was a decrease of 4.3 percent in the number of new listings year to date compared to last year. The number of closed sales increased 10.5 percent. Median sales prices also increased by 18.9 percent for May 2021 compared to May 2020. Compared to the median sales price for all MLS listings, Wake County median sales price were level in May.
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To see market stats for communities in the Triangle, mouse over communities on this website and click on the community you would like market stats on and scroll to the bottom of the page. This resource is current to the date you pull data. Just another resource we offer to assist you with increasing your knowledge base about Real Estate.
For a summary of Dr. Lawrence Yun's presentation Market Update and Economic Forecast, click here.
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