Homes in Sunset Beach, Ocean Isle Beach & Vicinity
George and Elisabeth Smith

Wake County Real Estate Update

The Triangle MLS covers 16 counties, but since most of our clients live in Wake County, we are focusing on that segment of the market in this report. Not only has the level of activity been strong, but the pace of new listings and sales has increased throughout this year.

For the year to date (through the end of May), the number of new listings increased by 4.5% and the number of closed sales increased by 6.2% over the previous year. And the month of May, which is always quite active, saw an increase in closed sales of 8.1% over May of last year. With the strong demand, prices have increased quite a bit. The average sale price year-to-date was $292,698 (5% above the same period last year) and for the month of May, the average price of sold homes was $303,591.

Another indicator of market strength is that homes are selling at 98.2% of the original list price. In addition, homes are staying on the market an average of 46 days, versus 56 days for the same period last year. Even more compelling is the fact that it has become almost commonplace for a really nice home to receive multiple offers within a day or two, and to sell for a price that is above the list price. Buyers find that they must rush to see an attractive home as quickly as possible, make a decision and submit a strong offer without delay.

Finally, the total dollar volume of closed sales in May was $638,000,000 which is an increase of 16.1% over May of last year. The main ingredients that contribute to the strong market are the fact that demand remains very strong; interest rates are wonderfully low and there is still a relatively scarcity of available homes that are in good condition and priced right.

Leave a Reply


Picture of George and Elisabeth Smith

George and Elisabeth Smith


919-614-1402919-614-1402 main

Sunset Beach and Beyond Realty

211 Olde Oak Lane, Sunset Beach, NC 28468

George and Elisabeth Smith are the Realtors of choice for those who want real personal attention. They are proactive professionals who are on your side! Elisabeth is a Strategic Pricing Specialist (SPS), and she is fluent in German. George is a Certified Residential Specialist (CRS), a Graduate of the Realtors Institute (GRI) and a Certified New Homes Sales Specialist (CSP).