'For sale' signs not lasting long outside Triangle homes

Posted July 14, 2016 6:49 p.m. EDT

— Wake County's housing market is about as hot as the sweltering weather.

According to new data from Triangle Multiple Listing Services, home sales were up 8.6 percent in June from a year earlier, and the number of homes going on the market was up 11.1 percent from June 2014. Across the Triangle, listings were up 8.8 percent and closed sales were up 8 percent.

"It's absolutely a seller market. If the home is priced right, it's selling in a matter of one to three days," said Bo Bromhal, a real estate broker with Fonville Morisey.

MLS data shows homes in Wake County are on the market for 35 days, on average, down from 44 a year ago. Triangle-wide, the time from listing to sale has dropped from an average of 54 days to 43 days.

"The market is hot because there are a lot of people that want to move to Raleigh," Bromhal said. "Things are looking up. The local economy is fantastic, and so people are looking to buy houses again."

Phyllis Meyer is selling her 1,754-square-foot home in Cary, which she had built in 1985.

"I had a showing yesterday; I had an offer yesterday," Meyer said. "The calls are coming in like crazy, and I can't keep up with them. I actually got scared. This is moving too fast, moving too, too fast."

With homes selling so quickly, the inventory of homes on the market has dropped by 13.6 percent in Wake County and 17.3 percent across the region since this time last year, according to MLS. Meanwhile, the median sale price has jumped from $260,000 to $276,000 in Wake County and from $231,000 to $245,000 across the Triangle.

For those on the sidelines in the sizzling housing market, Bromhal says, "It's kind of like the stock market. If you're not selling, you're not seeing the gain."