Sales in Briar Chapel surged 45 percent YTD over the same period last year. This is very much in line with Triangle home sales, which are up 41 percent in April as buyers continue to snatch up properties from an ever-shrinking inventory of homes on the market.Increasing demand and dwindling supply is creating plenty of frustrated buyers, as the most sought-after homes sell quickly – typically after receiving multiple offers. More specifically, the average time on market to sell across the Triangle is down 14% to 107 days.
In fact, the Triangle now only has a 3-month supply of homes on the market at the current pace of sales. This is down from an 9- to 10-month supply a year ago.
Low inventory levels, and the intense competition for the homes that are selling, is helping to boost home prices 4.5 percent in the Durham-Chapel Hill market in March compared with the same period a year ago, according to CoreLogic. In addition, 70 percent of the homes that sold in April were at or above their list price, up from 58 percent in January, according to MLS.
To learn more about these latest statistics, read the recent article by News & Observer.
