Whew, April was another very busy month of real estate sales here in Apex! I’m going to break down the activity as well as compare it to what happened both the month before and a full year before to help put it all into context. I’ll also discuss how this impacts YOU whether you are a current Apex homeowner or interested in buying a home here in Apex. Let’s jump into it!
This April, a total of 100 homes sold in Apex with an average sales price of $628,928 and a median sales price of $577,500.
The average days on market (or "DOM," the number of days from the home going on the market until an accepted offer) was 7 days, while the median DOM was just 2 days.
The average list price to sales price ratio was 112%, which means that homes sold for 12% above the list price on average.
Quick Stats:
Least Expensive Sale - $185,000
Most Expensive Sale - $1,480,116
25% of homes sold BEFORE showings even began
95% of homes sold at or above the list price
Largest Gap Between List Price and Final Sales Price - $255,000
LAST MONTH | March 2022 | April 2022 | Analysis |
# Homes Sold | 105 | 100 | Down 5% |
Average Price | $564,603 | $628,928 | Up 11% |
Median Price | $535,000 | $577,500 | Up 8% |
Average DOM | 4 | 7 | Up 3 Days |
Median DOM | 2 | 2 | No Change |
Average LP/SP* Ratio | 111% | 112% | Up 1% |
*LP = List Price, SP = Sales Price
LAST YEAR | April 2021 | April 2022 | Analysis |
# Homes Sold | 116 | 100 | Down 16% |
Average Price | $471,379 | $628,928 | Up 33% |
Median Price | $416,000 | $577,500 | Up 39% |
Average DOM | 6 | 7 | Up 1 Day |
Median DOM | 3 | 2 | Down 1 Day |
Average LP/SP Ratio | 105% | 112% | Up 7% |
What does all of this mean for Apex homeowners?
If you currently own a home in Apex, your equity in that home is at an all-time high! Due to the low number of homes available for sale in Apex, there are a large number of buyers competing for those homes and driving up prices in the process (think simple supply and demand). If you’ve ever considered selling your home, now is a wonderful time to maximize the amount of money you can take with you for that next chapter in life, whatever it may be.
If you’ve considered selling your home to an online homebuyer for the sake of convenience or to avoid having to show your home, note that 25% of homes that sold in April this year did so without a single showing! Marketing your home to the large number of buyers who want to live in Apex vs. just one internet investor is a no-brainer in this market right now.
Curious what your Apex home could be listed for in today’s market?
Ready to sell and want to learn more about the process?
What does all of this mean for home buyers in Apex?
If you are interested in buying a home in Apex, be prepared to compete against other buyers for that home. Because of that, it's even more important than ever to know the market well so that you make a competitive offer and get into a home quickly while prices (and interest rates) continue to rise each month.
Be prepared to offer more than the listed price for a home. 95% of homes that sold in April 2022 sold for at or above the list price, with the average home selling for 12% over the list price. If you are obtaining a loan to purchase your home, this may mean that you need some extra cash to do so in the event you offer more than the appraised value of the home.
You may also want to consider the possibility of making an offer on a home before getting the chance to go inside, as 25% of the homes that sold last month did so before showings began.
Ready to buy and want to learn more about the process?
Information provided by Jennifer Knox, Keller Williams Preferred Realty
Source: Triangle MLS {excludes new construction}