This March was a very busy month of real estate sales here in Apex! After a few months of slower activity nationwide through the end of 2022 and into the beginning of this year, here in Apex we are seeing our market heat right back up - think lower days on market (aka quicker sales), multiple offers on a single property, and an average list price to sales price ratio of 100%.
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 March, a total of 75 homes sold in Apex with an average sales price of $543,219 and a median sales price of $525,000. The average days on market (i.e. the number of days from the home going “active” on the market until an accepted offer) was 36 days, while the median was 14 days. The average list price to sales price ratio was 100%, which means that homes sold for the full list price on average.
Quick Stats:
Least Expensive Sale - $221,000
Most Expensive Sale - $1,185,000
26% of homes sold in 3 days or less
49% of homes sold at or above the list price
Largest Gap Between List Price and Final Sales Price - $67,100
The property was listed for $629,900 and sold for $697,000
LAST MONTH | February 2023 | March 2023 | Analysis |
Total Homes Sold | 74 | 75 | Up <1% |
Average Price | $547,795 | $543,219 | Down <1% |
Median Price | $495,000 | $525,000 | Up 6% |
Average DOM* | 41 | 36 | Down 5 Days |
Median DOM | 23 | 14 | Down 9 Days |
Average LP/SP* Ratio | 99% | 100% | Up 1% |
*DOM = Days on Market
*LP = List Price, SP = Sold Price
LAST YEAR | March 2022 | March 2023 | Analysis |
Total Homes Sold | 105 | 75 | Down 29% |
Average Price | $564,603 | $543,219 | Down 4% |
Median Price | $535,000 | $525,000 | Down 2% |
Average DOM | 4 | 26 | Up 32 Days |
Median DOM | 2 | 14 | Down 12 Days |
Average LP/SP Ratio | 111% | 100% | Down 11% |
What does all of this mean for Apex homeowners?
If you’ve been on the fence about whether or not it's a good time to sell because of what you’ve been hearing in the news the past several months, always keep in mind that real estate is hyperlocal and thus varies wildly across the state and even within the same region. Here in Apex between just February and March of this year we saw an increase in median home prices and a decrease in the time it takes for a home to sell.
As I track what’s happening through April so far as well, I see that trend continue even more in favor of sellers. While gone are the days of an average of 11% above the listed sales price of a home (since those incredibly low interest rates are also gone), the low number of homes available for the people who would love to live in Apex are keeping prices strong.
If you’ve considered selling your home and just aren’t sure what price the market could bring you or even how to begin the process or where you may be able to move next, it sounds like we should talk more so click one of the options below!
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, 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 continue to rise each month.
Be prepared to possibly need to offer at or over the listed sales price for a home. Just about half of homes that sold in March 2023 sold for at or above the list price, with the average home selling for the full list price. Also, be prepared to act quickly - about a quarter of all homes sold in March went under contract within 3 days.
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}