As you saw from the last post on Raleigh NC real estate market trends inventory is down and prices are up! This is still the case for homes in Wake County NC as of May 2020. This is still the case for May but the numbers are different from last month.
Let’s take a look at the data for May 2020 via the Triangle Multiple Listing Service (TMLS).
You’ll notice that I added another data point to reflect the year to date numbers.
|May||Year To Date|
|May 2019||May 2020||+/-(%)||2019||2020||+/-|
|Median Sales Price||$320,526||$328,000||+2.3%||$313,000||$330,000||+5.4%|
|Average Sales Price||$365,910||$373,327||+2.0%||$354,033||$370,878||+4.8%|
|% Of Orig List Price Received||98.7%||98.7%||0%||98.4%||98.5%||+0.1%|
|% Of List Price Received||99.5%||99.4%||-0.1%||99.3%||99.3%||0.0%|
|Days On Market||24||20||-16.7%||30||29||-3.3%|
|Inventory Of Home||4,333||3,110||-28.2%||—||—||—|
|Months of Supply||2.5||1.7||-32.0%||—||—||—|
New Listings in Wake County NC May 2020
There were 2,132 new listings in Wake County in the month of May which is a 21.7% drop from 2,723 listings in 2019.
There were 10,435 listings in Wake County year to date vs 11,427 from May 2019 (YTD). Basically, there is less inventory to choose from which means less competition for sellers to find buyer, but it’s more competitive for buyers to find a suitable home.
Closed Sales In Wake County May 2020
Closed sales were down by 22.3% from 2,183 in May 2019 to 1,697 in May 2020. This is a result of less inventory. The argument can be made that fewer sales mean some areas may lack comparable sales and not appreciate as quickly as a result, but the numbers reported here are for Wake County in general which show signs of strength for home values.
Median Home Sales Price In Wake County NC May 2020
The median home sales price in Wake County rose 2.3% from $320,526 in May 2019 to $328,000 in May of 2020.
For those of you that read our market trends article for April 2020, you’ll notice that the median sales price in Wake County came in at $344,135. I’ve included the year to date trends to put these numbers into context.
The median home sales price in Wake County year to date is $330,000, up 5.4% from $313,000 in May of 2019. What does this mean? Home prices in Wake County are trending upward. We have to keep in mind that the median sales price is influenced by the sale of some very expensive homes, some over $9,000,000, and cheaper houses under $100,000, which have a tendency to pull median and average numbers up and down.
Average Home Sales Price In Wake County May 2020
The average home sales price came in at $373,327, up 2% from $365,910 last year.
The average home sales price year-to-date rose 4.8% from $354,033 to $370,878. If you’re curious about the difference between average and median sales price I wrote a separate article on that topic.
Percent of Original List Price Received
98.7% of list price received. There was no change in this since last year. Sellers are getting close to asking price. Original list price means what the property was originally listed for nor counting any drops in price. However, this does not account for seller concessions (money conceded to pay buyer closing costs, repair concessions, etc).
Percent of Total List Price Received
99.4% of list price received this year vs. 99.5% last year. Note these numbers are slightly higher than the percent of original list price received above. Some price too aggressivley and have to decrease their price later on.
Days On Market Until Sale
The Average Days on Market until sale sell from 24 days to 20 days over the last year, a drop of 16.7%. YTD data shows a 3.3% decrease from 30 days in 2019 to 29 days this year. Overall this is positive data. Houses are selling faster then they did last year.
Inventory of Homes For Sale in Wake County 2020
Inventory dropped from 4,333 houses for sale in 2019 to 3,110 in 2020. A decrease of 28.2%. This number is not reported on a year to date basis so that row is blank on the chart above.
Months Supply of Inventory in Wake County May 2020
Inventory dropped from 2.5 months of supply to 1.7, a 32% decline.
Summary Of Real Estate Market Trends for Wake County May 2020
Overall, Wake County NC is showing strong signs of price appreciation despite a global pandemic, stay-at-home-orders, and civil unrest. Residential homes in Wake County are selling faster, as shown by the lower days on market, and for more money, as seen in the year to date numbers. The problem that the Wake County real estate market is inventory. There isn’t enough supply to satisfy the demand for housing. Even though large numbers of people are unemployed, there is still not enough housing to satisfy the buyers who are ready, willing, and able to buy a home.