1st Quarter 2018 GDP Stronger than Expected
The National Housing Market overall has been strong in most recent months as well as here in the Triad and Winston-Salem area. Much of the success in the housing market is a byproduct of a strong economy. The first quarter GDP was better than expected measuring at 2.3% above the consensus 2.0%. Consumer spending was weak as consumers recovered from the holidays, but this was offset by strong business investment from the tax cutsimplemented by President Trump.
Home Sales Increase - Buyers Battling Low Inventories
Nationally, sales of previously owned homes rose 1% in March from last month and close to the numbers from a year ago. Sales of new homes increased 4% from February and were 9% higher than last year. Both of these stats were higher than expected. Inventories are still an issue for home buyers as the previously owned home inventory was at a 3.6 month supply and 7% lower than 2017. The inventory of new homes have improved slightly being 13% higher than 2017 and an estimated 5.2 month supply. New home construction is still low overall compared to years past.
Low Home Inventories and Strong Demand Pushing Home Values Up in Winston-Salem
Home sales have continued to be strong in the Winston-Salem area. Year to date 2018 there have been 2,030 home sales with an average price of $206,357. The most sales are in the $140,000-$159,999 price range with 238 total homes sold. With inventories being lower than normal and buyer demand being strong, prices are increasing. This is shown with the average home sale in Winston-Salem for March being $209,449. Total home sales in the Winston-Salem area for March was 625 with the most sales in the $120,000-$139,999 range, which was 63. With only 103 active listings, there is 1.6 months of inventory in that price range. Over half of all home sales sold in 30 days or less.
With low home inventories, many first-time home buyers are missing out on four or five offers before actually getting an offer accepted. Inventory levels are much stronger in the $300,000 and up ranges with most upper range inventory levels ranging from 4.5 to 8.7 months. To summarize, the market is strong with interest rates low and buyer demand strong. It's a seller's market mostly in the $300,000 levels and below, and home values are rising due to low inventories in most price ranges. Search our Winston-Salem area homes for sale.
You can view all of these Winston-Salem housing market stats in the images at the end of this post. Can you see how knowing some of these stats could help you be more educated in making an offer on a house in your price range? Knowledge is power. Don't hesitate to contact us if you have any questions or would like a more thorough explanation.
It's a Great Time to Sell Your Home
If you are thinking about selling your home, it's definitely a great time, especially those priced under $300,000. Things are always subject to change with the threat of interest rates increasing, so don't wait and miss out on this seller's market. Contact us and we'll develop a marketing strategy to get your home sold for the most amount possible in the shortest amount of time and allow you to move on to the next stage in your life!