The Spring market is now in full swing again here in Apex! The trend of faster home sales, multiple offers, and homes selling for above the listed price continued growing through the month of April. In just one month, we saw the average sales price in Apex jump up 12%!
I’m going to break down the activity as well as compare it to what happened both the month before and this time last year to put it all into context for you. 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 69 homes sold in Apex with an average sales price of $608,904 and a median sales price of $570,000. The average days on market (i.e. the number of days from the home going “active” on the market until an accepted offer) was 16 days, while the median was just 6 days. The average list price to sales price ratio was 101%, which means that homes sold slightly above the list price on average.
Quick Stats:
Least Expensive Sale - $250,000
Most Expensive Sale - $1,850,000
32% of homes sold in 3 days or less
62% of homes sold at or above the list price
Largest Gap Between List Price and Final Sales Price - $60,000
The property was listed for $510,000 and sold for $570,000
LAST MONTH | March 2023 | April 2023 | Analysis |
Total Homes Sold | 75 | 69 | Down 8% |
Average Price | $543,219 | $608,904 | Up 12% |
Median Price | $525,000 | $570,000 | Up 8% |
Average DOM* | 36 | 16 | Down 20 Days |
Median DOM | 14 | 6 | Down 8 Days |
Average LP/SP* Ratio | 100% | 101% | Up 1% |
*DOM = Days on Market
*LP = List Price, SP = Sold Price
LAST YEAR | April 2022 | April 2023 | Analysis |
Total Homes Sold | 99 | 69 | Down 30% |
Average Price | $629,063 | $608,904 | Down 4% |
Median Price | $575,000 | $570,000 | Down 1% |
Average DOM | 7 | 16 | Up 9 Days |
Median DOM | 2 | 6 | Up 4 Days |
Average LP/SP Ratio | 112% | 101% | Down 11% |
What does all of this mean for Apex homeowners?
The amount of inventory (or number of homes for sale) is still incredibly low here in Apex - which means there is very little competition out there right now for any homeowner that’s considering selling right now. As a result, the home prices and high level of buyer activity on a single property is quickly creeping back up to what we saw this time last year.
The biggest fear I hear from homeowners right now is “But where will I go next?” If you’re thinking about selling and just aren’t sure how or where to buy your next home OR are overwhelmed by the idea of buying and selling at the same time in a fast-paced market, I can help you understand all your options - so let’s talk more!
Call or Text Me Now at 919-272-6905
Ready to sell and want to know what comes next?
What does all of this mean for home buyers in Apex?
If you are interested in buying a home in Apex, I recommend beginning the process sooner than you think. I regularly meet with my clients several months before they need to be in their new home so that they have time to not only financially prepare for a competitive market, but also to get acclimated to the fast pace with some time built in for moments when they don’t “win” the first house they go after.
Some advice I’m offering now is to be prepared to act fast. We are definitely seeing homes that show well and are priced correctly selling immediately upon hitting the market - often with multiple offers and above the list price. Because of that, it's SO important to understand the market well so that you make a competitive offer and get into a home quickly while prices continue to rise each month.
Be prepared to possibly need to offer at or over the listed sales price for a home. Over half of homes that sold in April sold for at or above the list price, with the average home selling for 1% over the asking price.
It can be overwhelming to navigate a competitive and fast-paced market like we have in Apex right now, so be sure to partner up with an experienced agent who knows exactly what’s going on so that you don’t miss out on the right opportunity or end up paying more down the road. Click one of the options below for more information:
Call or Text Me Now at 919-272-6905
Ready to buy and want to know what comes next?
Information Provided by Jennifer Knox, Realtor® at Keller Williams Preferred Realty
Source: Triangle MLS {excludes new construction}