,

W-S Real Estate Market Remains Healthy & Steady

While many real estate markets across the country continue to cool, activity in Winston-Salem remains relatively steady. Even with mortgage rate increases and lower inventory, home sales remain positive, according to Triad MLS data as of July 30.

  • The average sales price for all types of residential real estate rose to $345,925 in July, an increase of 30% compared to $265,867 in January 2023.
  • Price per square foot improved to $167 in July compared to $145 in January. Even with that healthy improvement, however, Winston-Salem remains a good value in relation to other metro areas in the state.
  • The number of homes closed in the Winston-Salem market totaled 376 in June, dropping to 267 in July. While a seasonal drop is not uncommon, it is again at least partially attributable to fewer homes on the market.
  • The percentage of listing price realized at closing has ranged from 98% to 101% thus far in 2023.
  • Days on the market again fell to just 18 at the end of July, compared to 38 days in February, which was the 2023 high to date.
Inventory remains low, making buyers more aggressive

One revealing statistic is that the current month’s home inventory stands at a very low 1.3 months. Generally, a supply of five to six months is considered a balanced market. This means active buyers have fewer choices and are more aggressive as shown by sales closing at or near the full listing price. However, the bidding that drove up prices and overheated markets in 2021-22 has cooled, lending more stability to the sales process.

Winston-Salem offers strong home values

Overall, the Winston-Salem market continues to move forward at a steady and realistic pace that should benefit both buyers and sellers. And it’s very clear this is a city that offers outstanding value to homebuyers, especially to those currently living in the state’s larger metro areas where home prices, property taxes and traffic have skyrocketed.

For additional information or answers to questions, contact us at bluebirdrealty11@gmail.com.

Image Courtesy of Visit Winston-Salem

,

Winston-Salem Real Estate Stable in 2022, Positive for 2023

An arial view of the Winston-Salem skyline in the evening.

The hope is we’ve survived the chaotic up-and-down 2022 real estate market with minor distress here in the Winston-Salem area, and can look forward to a more stable and manageable 2023. Here’s a quick recap of residential real estate activity in our area for 2022 (January – December):

— Despite overall uncertainty, the average sales price for residential properties (homes, condominiums and townhomes) rose 11.2% to $295,783 at year’s end, up from $265,950 in January 2022. The highest average came in June at $322,323 as the market was at its hottest.

— Price per square foot remained stable at roughly $150 over the course of the year. The highest price came in May at $176, but fell back to $150 at the end of 2022.

— Strong buyer demand and limited inventory kept theBlueBird Realty logo percentage of listing price received at close to 100% during 2022, moderating slightly to 98.5% at year’s end. May/June were again the hottest months, with the percentage topping 103%.

— In January 2022, the average days a home spent on the market was 26 days; however,  that number dropped drastically to just nine days in mid-year as the market hit its most active point. By year-end, average days on market had settled at 28 days.

— The local market has slowed some, particularly during the fourth quarter of 2022. Closed sales dropped from 267 in January to 246 in December, while new listings dipped from 276 to 186.

— Continued buyer interest and reduced inventory have kept activity on a positive note in the Winston-Salem area. But higher mortgage rates have affected buyer activity and confidence, with indications buyers are waiting and watching to see where interest rates and the overall economy trend.

— Realtor.com has projected home prices in the Winston-Salem market will increase by 5% in 2023, a positive note for prospective sellers.

Conclusion: For sellers, the increase in average pricing during 2022 appears holding into 2023, presenting a potential opportunity to cash in, particularly for those looking to downsize, retire or relocate. Buyers likely will remain cautious as they watch mortgage rates and the health of the overall economy. However, indications of lower rates and improved economic activity, plus more inventory, will encourage a pool of buyers motivated to move for more space, family growth, remote work space, etc.

In overall terms, the state of the Winston-Salem area residential real estate market appears positive heading into 2023.

,

Poll: Housing Affordability & Availability a Concern in North Carolina

Housing affordability and availability are seen as major issues in North Carolina, according to a recent poll undertaken by the state’s real estate association. While awareness is rising, the challenge remains in finding ways to deal with the problems.

In 2021, 52% of poll respondents saw housing affordability as a problem. That number increased to 65% in 2022. There also was a significant increase in identifying housing availability as another key concern. In 2021, 39% of respondents saw this as a problem with that number increasing to 50% in 2022.

Interestingly, poll participants were evenly split on whether building additional housing will help decrease the cost of housing, and whether there are too many local rules and regulations that inhibit building.

Density Versus Increased Supply

Reflecting the continuing dilemma for supporters of increased density and more residential building, 61% of poll respondents preferred to maintain the character and quality of life in their communities to increasing housing options. This includes limiting the construction of new housing and protecting existing neighborhoods. In response to advocating for denser developments, most respondents were more concerned with the strain on traffic (59%) rather than pressure on public services.

Short-Term Rental Remains a Dividing Issue

In a revealing disparity, there was strong support (77%) when asked if “property owners should be able to rent out their private property without government interference as long as the property meets all safety standards.” However, only a slight majority (52%) favored local governments being able to “set some limits or restrictions on private property rentals.” Such attitudes have been widely demonstrated in areas where the rise in short-term rentals has created issues for neighborhoods and governing bodies, and conflict between neighbors.

The survey, undertaken by NC REALTORS®, reached 827 adults, age 18 or older, who indicated they were registered to vote in North Carolina and were almost certain or probably will vote in the November midterm elections.

For more information or questions, please contact the Bluebird team. We’re always available and happy to share data and provide anything you need to better assess our local market.

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by Triad MLS®.