Monday, July 13, 2009
The Chapel Hill Real Estate market is still going strong but, like the rest of the country, our market is experiencing a great deal of change. The table below compares Chapel Hill homes for sale and the associated statistics from 2008 to 2009.
- From 2008 to 2008, Chapel Hill homes for sale, otherwise referred to as new listings, decreased by 20.6%.
- Closed sales in the Chapel Hill Real Estate market are off 36.6% from 2008.
- While sales are down, average prices are up 5%.
- On average, sellers are getting slightly less than what they got last year. In other words, the list-to-sales price ratio is down to 96.5% from 97.6% in 2008. It is important to note that prior to 2008, the average list to sales price ratio was closer to 98-to 99%.
- Average days on marrket are stretching out. We are now seeing it take approximately 107 days to sell a home compared to 82 last year. In years past, this number was closer to 60 days.
Chapel Hill
2008
2009
Change
New Listings
1,337
1,061
-20.6%
Closed Sales
483
306
-36.6%
Average Sales Price
$372,912
$391409
+5%
List/Sales Ratio
97.6%
96.5%
-1.1%
Avg Days on Market
82
107
+31.2%
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Data Source: Triangle MLS