Friday, December 03, 2010
The holidays are right around the corner and the real estate market is continuing to be slow. Although year-to-date home sales are up, this is largely due to the tax credit that was in effect until April of this year. Month over month sales are down considerably. The bright spots are we still have historically low interest rates, there is great inventory on the market and prices are steady.
Chapel Hill
- On average, in all price categories, there is 9 months of inventory on the market. Overall, it is either a buyers market, or in some cases, it remains an “extreme buyers market.”
Price Range
Months of Inventory
Market
$200-300K
7.6
Buyers Market
$300-400K
6.8
Buyers Market
$400-500K
Buyers Market
$500-600K
Extreme Buyers Market
$600-700K
Buyers Market
$700-800K
Buyers Market
$800-900K
Extreme Buyers Market
$900K-1M
Extreme Buyers Market
$1M+
Extreme Buyers Market
Overall Mkt
Buyers Market
-
Listings are up 15.5% from October last year.
- Sales are down 20.7% comparing October 2009 to October 2010, BUT, year-to-date, sales are UP 8.7% — this is in large part due to the activity generated by the home buyer tax credit.
- Median sales prices are up 4.9%.
- Average prices are down 0.1%.
- The list to sales price ratio is way down at 96.5% when a few years ago at this time of the year we were at 98 to 99%.
- The average days on market is also up 16.6% to 112 days.
Durham
- On average, in all price categories, there is 8 months of inventory on the market. Overall, it is either a buyers market, or in some cases, it remains an “extreme buyers market.”
Price Range
Months of Inventory
Market
100-200
8.6
Buyers Market
$200-300K
Buyers Market
$300-400K
6.6
Buyers Market
$400-500K
Buyers Market
$500-600K
7.8
Buyers Market
$600-700K
Extreme Buyers Market
$700-800K
15.6
Extreme Buyers Market
$800-900K
Extreme Buyers Market
$900K-1M
Extreme Buyers Market
$1M+
Extreme Buyers Market
Overall Mkt
Buyers Market
- Listings are up 1.5% from July last year.
- October sales in Durham are down 30.3% which is much more than Chapel Hill. Also, year-to-date, sales are down 4.2%.
- Median sales prices are down by 2.1%.
- Average prices are down 3.5%.
- Homes in Durham are also selling for about 96% of their list price.
- The good news in Durham is that, on average, houses are selling a bit faster with the days on market at 88 days.
Interested in knowing your homes value or getting a snapshot of the market? Visit https://www.trianglehomevalue.com/.
Interested in looking for a home in Chapel Hill, Durham or the surrounding area, visit www.TriangleHomeSearch.net and register for an auto home search with emails sent to you every time a property comes on the market that meets your criteria or when their is a price or status change in properties of interest.