The Fonville Morisey Market Minute

Focus On: Pittsboro and Siler City Area Housing Market May 2019

Zip Code(s): 27312 and 27344
Units Sold
Active Inventory
Median Sale Price
Days On Market
Up 29%
Vs. Year Ago
Up 27%
Vs. Year Ago
Down -1%
Vs. Year Ago
Up 63%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 54 sold this month in Pittsboro and Siler City Area versus 49 last month, an increase of 10%. This month's total units sold was higher than at this time last year, an increase of 29% versus May 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 35 units or 27%. The total number of active inventory this May was 166 compared to 131 in May 2018. This month's total of 166 is higher than the previous month's total supply of available inventory of 149, an increase of 11%.

Median Sale Price
Last May, the median sale price for Pittsboro and Siler City Area was $333,500. This May, the median sale price was $331,250, a decrease of 1% or $2,250 compared to last year. The current median sold price is 4% higher than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Up 18%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -0.6%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In May, there was 3.1 months of supply available in Pittsboro and Siler City Area. The amount of supply is similar compared to a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 72 homes newly listed for sale in Pittsboro and Siler City Area compared to 61 in May 2018, an increase of 18%. There were 42 current contracts pending sale this May compared to 41 a year ago. The number of current contracts is 2% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Pittsboro and Siler City Area was 98.6% of the average list price, which is 0.6% lower than at this time last year.
Days on Market
This month, the average number of days on market was 78, higher than the average last year, which was 48, an increase of 63%.
The Fonville Morisey Market Minute Pittsboro and Siler City Area are defined as properties listed in zip code/s 27312 and 27344.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Fonville Morisey's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by TRIANGLE and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TRIANGLE or Fonville Morisey Real Estate, Inc.