What happened in the Georgian Triangle Real Estate Market in October? Here’s what you need to know.

Record-Breaking October and Year-To-Date Dollar Sales

October Sales

Record volume of $99,404,833 – the first new monthly record since June – was up 5%from October 2016’s previous record of $94,406,889. Units of 203 were down 20%from last year’s record 254. New listings of 251 were down by 10%from the 278 of one year ago, while the sales/listings ratio of 81% was down 10%.

 

Year-To-Date Sales

2017’s record volume of $976,264,520 is up 8% from 2016’s prior record of $904,770,325. Units of 2,135 – the second highest YTD total ever – are down 12%from 2016’s record 2,437. New listings of 3,195 are down 11% from last year’s 3592, giving 2017 a 67% sales/listings ratio, 1% below 2016. Lastly, the average sale price of $457,267 is up 23% from a year ago.

 

Prices Way Up, Total Listings Way Down From 2016
October’s record volume sales and stronger unit sales were a welcome rebound from Q3’s slowing market. October also had 3% fewer new listings than last October, 15% fewer total listings,
and a 23% rise in the average sale price, all of which indicates that the regional demand for listings exceeds the supply.