What's Happening in the Market?
Hey there, welcome to The Weekly Update for Raleigh real estate. I'm Gretchen Coley with The Coley Group at Allen Tate. And I thought it would be helpful for you to get an update on what's happening in this market at this moment. We are moving really fast. No pun intended. There are many different metrics that we can study to look at and determine what's happening in the market. With Covid-19 it's much better to look at week over week of metrics versus year over year.
As we can all agree 2019 and 2020 are completely different. For example, the summer in our market is typically when the market winds down we take a breather on after the craziness of spring. Well this year spring was interrupted. Now what we are seeing is a spring market plus some in the middle of summer. So I'd love to share a couple of stats with you then I'll talk about what they mean.
Looking at week over week, so the week of June 13th over the week of June 6th. Showings are up in our market by 21%, Houses listed are down 1% and Pending listings are up 30%. That's a huge number of pendings considering that listings are down one percent. So let's put that into perspective. This week versus the same week in 2019. Showings are up 10%, Houses listed are down 14%, and Pending listings are up 28%. It's apparent that buyers are absorbing inventory at a rapid pace and that's happening way before that inventory can be replenished.
New construction is helping to keep inventory at levels that keep prices from skyrocketing. So huge shout out to all you local builders for keeping inventory flowing even when Nationals pulled back. You are our heroes. So what does all of this mean to you? If you're a seller thinking about selling your home now is an incredible time to get your home on the market. And with proper positioning, marketing and pricing, you're going to net the absolute most money possible and you're probably going to get the best terms for your goals.
You could say you are in The Perfect Storm. If you're thinking about making a move, we would love to help explore that possibility with you. We’ll discuss your goals and give you an honest opinion of value for your home. It'll cost you nothing for us to craft a strategy to get your home sold quickly and for the most amount of money. Now, if you're a buyer the market is different at every price point and it's different in every area. The lower price points we are seeing lots of multiple offers. So it's really important to match up with an agent that understands how to win in those kinds of situations and crafting a winning offer is an art and a science. It's also important to have access to properties that are not on the market yet. Thirty percent of the homes that we sell are off-market. By finding off-market properties we eliminate a lot of multiple offer situations, a lot of heartbreak and we helped make sure you win your dream home.
If you have questions we have answers. | Reach out to me Gretchen Coley at 919-526-0401 for a virtual coffee and we’ll help get you moved.