Our year-end home sales are in and the Triangle faired well in 2007. While certain real estate markets across the country have struggled, our market remained steady.
- In Chapel Hill we had a 4% decline in sales but we also saw a 7% increase in average prices.Much of the decline in Chapel Hill home sales is due to the overall lack of new construction.
- In Orange County, not only was there a 4% increase in home sales, there was an 11% increase in average sales prices.Orange County is seeing growth in new construction.
- In Durham, sales stayed relatively constant from 2006 to 2007.Despite static growth,average prices increased 5%.
- Wake County, the home of Raleigh, Cary and Apex, saw the largest decline in sales at 7% but their average prices also increased by 6%.
Overall, our real estate market did well in 2007 given what is happening nationally.We have turned the corner into the New Year and we are off to the races!