As many of you know I am on the Board of Directors for the Triangle Multiple Listing Service. I wanted to share some info which I hope will help you to get a better understanding of the direction the market as a whole is headed.Total Homes Sold in TMLS:
For May 2011 there were 1857 residential homes closed in TMLS, where in May of 2012 that number increased by 25.7% to 2335. That is a significant number all by itself but the real interesting fact lies in the eleven months prior.
The last time there was a decrease in the number of homes closed in the Triangle (month over prior years month) was June 2011 where there was a 19.4% decrease. There has been an upward trend in the number of closed residential units in the Triangle for the past 11 months. A positive sign we may be on the road to a sustained recovery.
Average and Median Sales Prices:
Both average and median sales prices have risen in the Triangle MLS for the past 3 previous months with the Average sales price at $234,263 and Median standing at $194,200. Before this upward trend began there were twelve straight months of decline of average and median sales prices.
Note: The average sales price number is the total price of all the properties divided by the total number of properties. The median sales price number is the midpoint of all the properties.
Monthly Pending Sales:
Pending Sales data provides us with a glimpse of what closed data might look like over the next 1-3 months. The past twelve months has seen positive numbers in pending activity. With May 2012 seeing a 36.2% increase over May 2011. This large increase may show that June will also be a positive number for closed sales. Another probable indicator of a recovery.
Days on Market:
Both April and May of 2012 have seen the average days on market go down. Prior to April 2012 there was a 22 month straight run where Average DOM increased month over prior years month.
CSS Showings:
May of 2012 also saw an increase of showings logged at Centralized Showing Services by 7.1%. A total of 64,120 showings were logged in May 2012 up from 59,868 in May 2011. Ten of the past thirteen months have seen increases in showing activity.
REALTOR Member Numbers:
The total number of TMLS members has dropped from a high of 8706 in 2007 to current member total of 6954. TMLS is comprised of the Raleigh Regional, Durham Regional, Chapel Hill, and Johnston County Associations of Realtors.
The state of NC issued 1067 new licenses in 2011 down from a high in 2004 of 11,300. There are less agents in competition, so as the sales numbers continue to rise there will be more opportunities for the survivors who hung on during the downturn.
The market changed and is different this month from last month, and it will most likely change yet again in the future. Learn to dance with the market… take on a “when I move, you move” mentality. The more closely you follow the market trends... the more likely your success will follow close behind!
Info taken from TMLS dated update June 12 2012
Eddie Brown
www.ICU-Coaching.com
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