2010 Chapel Hill & Durham Market Update

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The year-end numbers are out.  Overall, sales were down 6.7% and average prices were up 4%.  A 6.7% decline is trending in the right direction.  Over the last two years, sales were down 30% and 12%, respectively.  Being down only 6.7% is, as I said, trending in the right direction.

In Chapel Hill, sales were up 2.7% and average prices were up 3.8%.

In Durham, sales were down 7.6% and average prices were flat.

The bright spot is interest rates — they are still at historic lows.

  • 30-year fixed:  4.625%
  • 15-year fixed:  3.75%
  • 3/1 Arm:         2.75%
  • 5/1 Arm:         2.875

Inventory is on the rise and with rates still as low as they are, it is still a great time to buy.