2007 Orange County North Carolina Market Update

What is going on in the job market?

The rate of growth in the combined MSA for Raleigh/Cary/Durham has slowed down.There were 0.49% more employed workers in 12/07 vs. 12/06.The rate of growth between these years was 5%.

What is happening with Average Prices?

The average list price is $452,100, an increase of 7% compared to the average at the end of 2006.The average sold price is $342,700, an increase of 8% compared to last year.There were 1,744 closings during 2007 which represents a decrease of 1% from 2006.

What is happening with Inventory?

Overall, inventory increased 17%, re-sale inventory increased 26% and new home inventory decreased 4% compared to 2006.

How Does the Current Supply Compare with Other Areas in the Triangle?

The current supply for all housing located within the county is 5 months.The current supply of housing located in the four main counties of Durham, Orange, Johnston and Wake is 5 months.

How Long is it Taking for Homes to Sell?

The average days on market for homes that have close during the year has been 82 days.The average at the end of 2006 was 67 days.The overall average for the Triangle is 73 days.

Are House Prices Appreciating?

Yes they are.The average percent per year gain has been 7.29%.The average gain for housing located in the Raleigh/Cary MSA has been 7.17%, in Durham the gain has been 7.78%.The North Carolina average gain has been 6.5% and the United States average gain has been 1.79%.