RALEIGH —Home sales in the Triangle area are on the rise; however, supply is not keeping up with the demand.
Triangle Multiple Listing Services’ (MLS) recent data shows more than 6,000 homes were on the market in the area in February, down 13 percent from 2014.
While several for sale signs are still seen throughout the Triangle area, Realtor Johnny Chappell said they are becoming more rare.
“I could take a buyer out a couple of years ago, show them 15, 16 smaller houses in the downtown Raleigh area, and they could take a week or two and think about it… now a buyer senses the urgency,” he said.
That urgency comes from lower inventory, as recent statistics from Triangle MLS show in Wake County alone, new listings are down 8.9 percent from February 2014.
Fonville Morisey Realty’s vice president of sales, Mark Parker, says buyer confidence could be leading to the inventory shortfall.
“We’ve definitely seen a significant increase in activity over prior years, part of it could be from up in demand, or buyers could be feeling a little more confident,” he said.
The low supply mixed with high demand could contribute to higher prices.
“We’ve seen prices go up a little bit, and I think it’s a steady and healthy increase from just a couple of years ago,” said Chappell.
However, he said this situation still comes at a good time for buyers.
“Interest rates are still low enough that you can own something in a lot of cases for less than you can rent or very similar,” said Chappell.
With fewer options on the market, timing is everything when buying a home in the Triangle area. Parker said the Triangle is marketable for home buyers because of the convenient distance between the mountains and beaches, as well as job opportunities.
See Triangle MLS’ reports here: http://www.trianglemls.com/market-trends.cfm/trend/7