Hey there, friends. Thanks for joining me today. My name is Ellen Pitts, I'm your
Raleigh Realtor. I serve the Raleigh and surrounding areas in Wake County, North
Carolina. Today we are talking about the 2018 annual market update. If you've seen
my videos before, you know that I do these quarterly. We're gonna cover three
different metrics like we do every time. We're gonna talk about the median
home sale price, we're gonna compare that to 2017 to see if it grew or shrank.
We're gonna look at the median days to sell a home in 2018 compared to 2017 and
we're gonna look at the expired listings. How many homes expired this year
compared to 2017. There's something a little bit different with the metrics
this year. The MLS made some changes and it's actually skewing our metrics a
little bit, but I'll talk about that in the video. So stick around we're going to
talk about it right now.
So like I said in the intro video, there's something a little bit different
with our metrics this year compared to previous years. The MLS made a change and
it's affecting our days on the market. I always do three different metrics
because I think it gives us a really good overview of the health of the
market and if things are moving in a more positive or negative manner.
Those three metrics are the median price, the median sale price, the days on the
market to sell, and expired listings. So this year the MLS changed the days on
market for new home construction. So all new home sales actually show zero
days on market no matter what, no matter how many days it takes to sell. I'm not
sure exactly why they made that change but it had something to do with the fact
that when a new home builder puts a property in the MLS, there might not be
anything there to actually sell. It might just be dirt and they've just pulled
their permits and so it doesn't really make sense to say it took 400 days to
sell when there was really only something available to be sold for the
last you know 60 days that it was listed in the MLS. So they brought that number
to zero and as you can imagine that has really skewed, especially for areas and
you'll see in the data, but it has really skewed our days on the market numbers.
They have dropped dramatically so whereas last year in some
areas it was taking eighteen days to sell this year it took only one day to
sell. But that's really not accurate because these zero days on market with
new construction is really skewing that and you'll see that as we move farther
in. If you don't want to watch the whole video I've actually got links to the PDF
files down below so you can get the information without actually watching
the video, or if you like me explaining as I go along feel free to watch. But
let's go ahead and dig into that data. So in Raleigh the median price in 2017 was
two hundred and fifty thousand dollars and in 2018 it was
two hundred and seventy one thousand dollars. That was an increase of 8%. The
days on the market in Raleigh were seven in 2017 and five and 2018 which was a
decrease of 29%. And expired listings in 2017 were at 733 and in 2018 was 591
which is a decrease of 19%. In Morrisville, the median price in 2017 was
$310 thousand and in 2018 $312,895 which was an increase of under 1%. The days on
the market in Morrisville were six in 2017 and five in 2018, a decrease of
sixteen percent. In 2017 expired listings were 30 and in 2018 there were 48
which was an increase of 60%. In Apex the median home price
was three hundred and fifty one thousand twenty-five in 2017 and in 2018 it was
three hundred and seventy thousand nine hundred and fifty an increase of six
percent. The days on market were nine in 2017 and two and 2018, a decrease of 77
percent. Expired listings... there were 96 expired listings in 2017 and 107
in 2018, an increase in 11 percent. Now I noticed a lot of increases in expired
listings in this data. Almost every area had an increase in expired listings and
normally I would look at the days on the market and see if we also had an
increase in the days on the market and that those two metrics together I think
would show us that the market was changing, shifting a little bit to more
of a buyers market. But we really don't know that. It's a little frustrating
we'll know better next year, even the first quarter of next
year, when I'm comparing that to 2018 we'll have a better idea if
those numbers are really moving in that direction. Anyway in Holly Springs the
median price in 2017 was three hundred and forty nine thousand nine hundred
fifty and in 2018 was 355,000 an increase of
1%. The days on the market was 10 in 2017 and 3 and 2018 a decrease of 70%. Expired
listings there were 64 in 2017 and 73 in 2018 an increase of 14%. in Cary
the median price in 2017 was 363 thousand and in 2018 it was three
hundred and seventy five thousand seven hundred and ten. The days on the market
in 2017 were seven and in 2018 it was four. The number of expired listings in
2017 in Cary were 193 and 178 and 2018. In Fuquay Varina in 2017 the median
price was two hundred sixty seven thousand and in 2018 it was two hundred
eighty five thousand an increase of 7%. The days on the market was thirteen in
2017 and three in 2018, You see how all of those days on the market are just
dropping like flies. And then expired listings, there were 98
expired listings in Fuquay in 2017 and 59 to 2018 that was one of the areas
that expired's were still dropping which was really interesting. Also look at how
different the median price is in Fuquay compared to Cary, Apex, Holly
Springs so that has something to do with that. In Garner, the median price in 2017
was 234,975 and in 2018 was 254,997, an increase of 8.5%. In Garner
again the days on the market was 15 in 2017 and only one in 2018. I'm sure it
took more than one day to sell a home or most homes in Garner. There's a lot
of new construction down there. Expired listings in Garner, there were 56 in
2017 and 65 in 2018, an increase of 16 %. In Knightdale, the median price was
$239k in 2017 and $246k in 2018 which is an increase of 3%.The days on the
market were 8 in 2017 and 3 in 2018. Expired listings there were 56 in
2017 and 26 in 2018, a decrease of 54% I still think Knightdale's a phenomenal
area because it's so so close to like downtown and North Raleigh and you know
all kinds of stuff and yet the price is still really reasonable in Knightdale
and it's a great little town. Wake Forest in 2017 the median price was $325
thousand and 2018 it was $335 thousand. Days on the market in 2017 were 23 and
in 2018 was 3, a decrease of 87 percent. In 2017 expired listings were two
hundred and seventy and one hundred and forty eight in 2018 for a
decrease of 45 percent. In Durham the median price in 2017 was $230,000 and in
2018 it was $251,555 and that was an increase of 9%. The days on the market in
2017 was 8 and in 2018 it was four, a decrease of 50%. Expired listings there
were 272 in 2017 and they were 263 in 2018 and that was a decrease of
9%. And in Chapel Hill the median price in 2017 was three hundred and seventy
eight thousand in 2018 it was three hundred ninety thousand and that was an
increase of three percent. The median days on the market in 2017 was sixteen
and in 2018 it was six, for a decrease of sixty two percent. And the expired
listings in Chapel Hill were at 295 for 2017 and 228 for 2018 which is a
decrease of 23%. So I hope all that information was
really useful to you. Like I said you can download the PDF in the link below if
you would like to look at those or have them for your records. Don't forget to
subscribe to my channel. I post new videos pretty much every week and it's
always really great information for living in the Raleigh/Cary area. So
thanks for watching and y'all have a great day!