The Triangle housing market is on pace to end the year with about 25 percent more sales than were recorded in 2011.
The market continued its run of double-digit monthly gains in November, with sales increasing 28 percent over the same period a year ago, Triangle Multiple Listing Services data show.
The strong end to the year is raising expectations for next year’s spring selling season.
“I’ve had more conversations with people about the springtime over the past 60 days than I had in previous years,” said Frank DeRonja, owner of Frank DeRonja Real Estate in Raleigh. “I’m really looking forward to the spring season based on those conversations.”
He said many of the people contacting him are families that have put off moving in recent years because of uncertainty about where the market was headed.
The November numbers tell a familiar story. While the level of sales activity is steadily rising, the inventory of homes on the market keeps falling.
There were 8,015 homes listed for sale in November, down 20 percent from the same period last year. The Triangle now has a five-month supply of homes on the market at the current pace of sales. That’s down from an 8-month supply in November 2011 and a 12-month supply two years ago.
There are now 33 price points within the Triangle that are considered to have an oversupply of housing – meaning they have 10 months or more of supply, according to Triangle MLS. That’s the lowest number of price brackets with oversupply since June 2008. The oversupplied price points are all over $800,000 and are scattered throughout the Triangle.
There are 18 price segments that have an undersupply of homes, meaning they have three months or less of supply. Those markets cover single-family homes priced under $300,000 in North Raleigh, inside the Beltline, Apex, Cary and Morrisville.
The lack of inventory in many markets is making it easier for many people to sell their homes. The average days on the market for the homes that sold last month decreased 15 days to 114.
The ongoing supply constraints also should help stabilize housing prices in the Triangle. The average price of the homes that sold in November was $252,400, up 2 percent compared to the same period a year ago.
“I think a lot of folks are hanging around waiting to see what prices do,” DeRonja said. “And if they push up it will be more palatable for folks to go ahead and market their homes, particularly if they’re moving up.”