“The most important thing was the inventory,” said market analyst and valuator Stacey Anfindsen, who wrote the report. “We had a large number of houses listed in November compared to the previous November. We have to have that. But the flip side is that demand is still higher than it was around the same time. last year. And so this is where the inventory under-supply continues to be exacerbated. “
You might think that real estate agents line their pockets with such a demand for housing. This is not necessarily the case.
“There’s nothing for sale, and it’s interesting because people think the real estate market has exploded and the agents are just raking in the sales and doing fabulous things, but the reality is that a lot of Realtors have struggled because there is nothing to sell, and there are so many people competing for every sale, ”said Kate Kenney, associate real estate broker at Compass.“ So the lack of inventory is without a doubt our biggest problem. “
But house prices are not going down.
The MLS market update shows that in November, overall selling prices were up 20% from the same time last year.
And just from October to November, overall selling prices rose 1%.
This spring, more than 100 people lined up for an open house in southeast Raleigh, hosted by Kenney. The house received 77 offers.
Today, things are not that hectic.
“It’s still a seller’s market, but the activity has slowed down a bit,” Kenney said. “The madness, as we called it throughout the year, slowed down a bit. In April, May, I was getting so many offers that I had to put them on spreadsheets to really compare them. Now, we might get more than one offer. We might not receive more than one offer. It’s a little different. The buying craze has slowed down a bit.
Kenney said she thinks it was a combination of frustrated buyers stepping out of the game and the cyclical nature of the Triangle real estate market slowing down at this time of year.
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