What Do the February Numbers Tell Us?

Raleigh Real Estate Video Blog with Greg Ismay

Today I want to give you a quick recap of our market for February 2017.

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Unfortunately, inventory for February of this year was down 8% compared to last year. The good news is that February inventory was actually up 4% from January. New listings were also up 7% compared to a year ago, which I think is an indication that we are getting the word out to sellers that now is a great time to sell.
Here’s a fun fact! In the month of February in 2017, 54% of all the inventory that was on the market went under contract. A good year in the past meant 20% to 25% of the inventory going under contract, so February was fantastic. We are really burning through inventory.

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We are really burning through inventory.

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This means prices are going up. All home sales were up 7% and resale homes were up 3%. New construction is hot right now, which is why all home sales are up a bit more than resale.
If you have any other questions about our market, or if you’re looking to buy or sell a home, please feel free to give me a call or send me an email. I look forward to hearing from you!