Triangle home sales surge 15 percent in April

Triangle home sales surged 15 percent in April compared with the same period a year ago, as rising demand and a lack of inventory continue to push up prices.

There were 2,613 homes sold last month in Durham, Johnston, Orange and Wake counties, Triangle Multiple Listing Services data show. Home sales are now up 9 percent through the first four months of the year.

The average overall sales price of the homes that sold in April was $277,400, up 6 percent from the same period a year ago and 18 percent higher than four years ago.

With inventory levels at historic lows, buyers are pouncing on many homes just days after they are listed.

Last month 63 percent of the existing homes listed for sale had their status change to pending or sold during the month. Sixty-nine percent of sales were on the market for less than 30 days, and 20 percent sold for above the final list price.

Stacey Anfindsen, a Cary appraiser who analyzes Triangle MLS data, said he’s never seen metrics like that for re-sales in this market.

“If you’re a re-sale – certainly under $400,000 and in some areas under $500,000 – you have about as liquid an asset as you’ve ever had,” he said. “You don’t really think of housing like that, but it really is.”

Few expect market conditions to change anytime soon. While new home construction has been slowly ramping up in the Triangle, it has not been able to offset a precipitous decline in the number of existing homes on the market.

Housing experts continue to wait for home prices to rise significantly enough to entice more owners to put their homes up for sale.

The rapid pace of sales means that the MLS monthly snapshot of Triangle inventory levels no longer provides an accurate reflection of the market. A better gauge, Anfindsen said, is the number of homes listed during the month.

In April, there were 4,025 homes listed for sale, up 5 percent from the same period a year ago.

This story was originally published May 19, 2016 at 9:58 AM with the headline "Triangle home sales surge 15 percent in April."