Real Estate Inc. Report: Durham, Chapel Hill home sales led in growth of Triangle in February
With spring and summer buying season around the corner, Raleigh, Durham, Chapel Hill home sales in the Triangle are revving up earlier than usual.
Homes sales in February were up 11 percent compared to the year prior with 2,047 homes sales recorded within the the 16-county region tracked by Triangle Multiple Listing Service.
It was the strongest February sales month since 2008.
The bulk of the new home sales growth was in Durham and Orange counties where 275 homes and 92 homes sold in the month, respectively. For Durham, it was a 34 percent increase over the year prior. For Orange County, it was an 18 percent increase over the year prior.
Home sales in Wake County, where more than half of the region’s home sales occur, was up 4 percent with 1,098 homes sold in February.
The price of new and existing homes sold in the Triangle also continues to escalate with the change in median sales price up 9.4 percent to around $216,450 in February and the change in average price up 6 percent to $252,342.
That will probably be the lowest price rates of the year, though, since January and February are usually among the slowest sales months of the year. In 2015, the median sales price for a home sold in the Triangle peaked at around $231,000 in June. The average home price for that month almost topped $270,000.
At the same time, the inventory of homes listed for sale in the Triangle is still way below normal with only a 2.8-month supply of inventory available in February, according to MLS, meaning that potential buyers have fewer options from which to choose.
Amanda Hoyle covers commercial and residential real estate for Triangle Business Journal. Follow her on Twitter @TBJrealestate
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