The Winston-Salem Regional Association of Realtors (WSRAR) reported recently that existing home sales in March of 2013 increased over 37 percent from March of 2012.
There were 546 existing homes sold by WSRAR members in the greater Forsyth County area last March, compared to 400 homes sold in March 2012. In February of this year, 386 units were sold.
WSRAR officials said that March ’13 was the strongest in terms of sales since March of 2007, when 655 units were sold. In fact, the 546 units sold in March was the largest single month of home sales since the summer of 2008. It also marked the 21st month in a row that same month sales have increased from the previous year, an unequaled run in the Triad area.
“Clearly the housing rebound in our market has continued,” said WSRAR President Kristina Farrell. “March has broken through to record levels, which should help usher in a very strong spring buying period. Historically, home sales are at their peak in late April through the end of July. The only impediment we see to this strong pace of sales continuing is a lack of inventory of homes to sell.”
The average home price for the month of March was $151,089. The average home price in March 2012 was $154,985, and the average price in February of 2013 was $119,886.
“As home sales pick up, prices tend to increase. Couple that with a declining level of inventory, and you have the perfect formula for a rapid rise in home prices,” she added. “Add in historically low interest rates, and you have the perfect storm. Homebuyers have never seen affordability like they see in this market right now. Buyers would be wise to act quickly before prices increase more, inventory reduces further or interest rates tick back up.”
WSRAR is a professional trade organization representing more than 1,200 members located primarily in Forsyth, Stokes, Davie, Yadkin, Guilford and Davidson counties.