The Long & Foster Market Minute

Focus On: Southern Cary Housing Market March 2021

Zip Code(s): 27518
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -15%
Vs. Year Ago
Down -68%
Vs. Year Ago
Vs. Year Ago
Down -24%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in March, with 17 sold this month in Southern Cary versus 24 last month, a decrease of 29%. This month's total units sold was lower than at this time last year, a decrease of 15% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 46 units or 68%. The total number of active inventory this March was 22 compared to 68 in March 2020. This month's supply remained stable as compared to last month.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last March, the median sale price for Southern Cary was $377,500. This March, the median sale price was $485,000, an increase of $107,500 compared to last year. The current median sold price is lower 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
Current Contracts
Sold Vs. List Price
Months of Supply
Down -32%
Vs. Year Ago
Down -3%
Vs. Year Ago
Up 3.2%
Vs. Year Ago
Down -62%
Vs. Year Ago

Months of Supply
In March, there was 1.3 months of supply available in Southern Cary, compared to 3.4 in March 2020. That is a decrease of 62% 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 32 homes newly listed for sale in Southern Cary compared to 47 in March 2020, a decrease of 32%. There were 31 current contracts pending sale this March compared to 32 a year ago. The number of current contracts is 3% lower than last March.

Sale Price to List Price Ratio
In March, the average sale price in Southern Cary was 102.5% of the average list price, which is 3.2% higher than at this time last year.
Days on Market
This month, the average number of days on market was 16, lower than the average last year, which was 21, a decrease of 24%.
The Long & Foster Market Minute Southern Cary are defined as properties listed in zip code/s 27518.
*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.