The Fonville Morisey Market Minute

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

Zip Code(s): 27312 and 27344
Units Sold
35
Active Inventory
147
Median Sale Price
$360,000
Days On Market
76
Down
Vs. Year Ago
Up 19%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -17%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in March, with 35 sold this month in Pittsboro and Siler City Area . This month's total units sold was lower than at this time last year, a decrease from March 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 23 units or 19%. The total number of active inventory this March was 147 compared to 124 in March 2018. This month's total of 147 is lower than the previous month's total supply of available inventory of 152, a decrease of 3%.

Median Sale Price
Last March, the median sale price for Pittsboro and Siler City Area was $326,500. This March, the median sale price was $360,000, an increase of 10% or $33,500 compared to last year. The current median sold price is 8% higher than in February.

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


New Listings
60
Current Contracts
55
Sold Vs. List Price
99.1%
Months of Supply
4.2
Down -9%
Vs. Year Ago
Up 31%
Vs. Year Ago
Up 1.3%
Vs. Year Ago
Up 22%
Vs. Year Ago

Months of Supply
In March, there was 4.2 months of supply available in Pittsboro and Siler City Area, compared to 3.4 in March 2018. That is an increase of 22% versus 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 60 homes newly listed for sale in Pittsboro and Siler City Area compared to 66 in March 2018, a decrease of 9%. There were 55 current contracts pending sale this March compared to 42 a year ago. The number of current contracts is 31% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Pittsboro and Siler City Area was 99.1% of the average list price, which is 1.3% higher than at this time last year.
Days on Market
This month, the average number of days on market was 76, lower than the average last year, which was 92, a decrease of 17%.
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.