The Triangle housing market continued to follow a familiar pattern in November, with sales increasing by double-digits while the number of homes on the market kept falling.
Home sales increased 10 percent in November compared to the same period a year ago, while inventory levels fell 11 percent, Triangle Multiple Listing Services data show.
Sales activity this year has been strong, but market watchers continue to wonder when more people will be enticed to put their homes up for sale. The region now has a four-month supply of homes on the market at the current pace of sales.
The inventory decrease is kind of a surprise for me just because the market is pretty good, said Stacey Anfindsen, a Cary appraiser who analyzes MLS data for area real estate agents.
Anfindsen predicts that the year-over-year monthly increases in the Triangle will dissipate by early next year. Hes forecasting annual sales growth in the 1 percent to 2 percent range next year.
That would be well below the roughly 15 percent sales increase that the Triangle market has posted through the first 11 months of this year. Anfindsen believes that increase was largely the result of pent-up demand, and that such a pace is unlikely to continue unless the regions job growth pick ups substantially.
I dont think that can carry into 2014, he said.
Still, the homes that are selling are selling much quicker these days. The average days on the market for homes sold in November was 71, down from 114 days in November 2012.
Showings in November were also up 14 percent compared to the same period a year ago while pending sales increased 10 percent. The average price of homes sold in November was $250,000, up 2.5 percent from the same period a year ago.
Ed Willer, a broker with Berkshire Hathaway HomeServices York Simpson Underwood Realty in Raleigh, said hes seeing lots of activity up to about the $800,000 price limit, particularly inside the Beltline, where hes seeing an increasing number of tear downs.
Youve got new homes going up all over inside the Beltline, he said. A lot of that going on.
Bracken: 919-829-4548; Twitter: @brackendavid