The Long & Foster Market Minute

Focus On: Pittsboro and Siler City Area Housing Market May 2020

Zip Code(s): 27312 and 27344
Units Sold
28
Active Inventory
125
Median Sale Price
$414,500
Days On Market
64
Down
Vs. Year Ago
Down -31%
Vs. Year Ago
Up
Vs. Year Ago
Down -18%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in May, with 28 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 May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 57 units or 31%. The total number of active inventory this May was 125 compared to 182 in May 2019. This month's total of 125 is lower than the previous month's total supply of available inventory of 127, a decrease of 2%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last May, the median sale price for Pittsboro and Siler City Area was $331,250. This May, the median sale price was $414,500, an increase of $83,250 compared to last year. The current median sold price is 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
54
Current Contracts
52
Sold Vs. List Price
99.2%
Months of Supply
4.5
Down -25%
Vs. Year Ago
Up 33%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Up 32%
Vs. Year Ago

Months of Supply
In May, there was 4.5 months of supply available in Pittsboro and Siler City Area, compared to 3.4 in May 2019. That is an increase of 32% 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 54 homes newly listed for sale in Pittsboro and Siler City Area compared to 72 in May 2019, a decrease of 25%. There were 52 current contracts pending sale this May compared to 39 a year ago. The number of current contracts is 33% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Pittsboro and Siler City Area was 99.2% of the average list price, which is 0.7% higher than at this time last year.
Days on Market
This month, the average number of days on market was 64, lower than the average last year, which was 78, a decrease of 18%.
The Long & Foster 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 Long & Foster'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 Long & Foster Real Estate, Inc.