Durham County First Quarter 2007 Market Report: T.A.R.R Report

Durham County First Quarter 2007 Market Report

The most recent population (2005) estimate for the county shows a resident population of 247,427. That is a 1.3% increase from the 2004 Population. Per IRS data for tax years 2000 thru 2005, the majority of new Durham County residents came from Wake County,

Mecklenburg County (Charlotte) and Cook County (Illinois). The people that left Durham County went to Wake, Mecklenburg and New York City.

Per the N.C. Employment Security Commission, the February, 2007 workforce in Durham County stands at 137,503. This is a 3.3% increase from the workforce in 2/2006. The current unemployment rate is 3.7%, down from the 4.1% rate in 2/2006.

Many people are inquiring about what is going on with interest rates. They have gone down. The national average for a 30 year fixed rate mortgage is 5.8%, compared to 6.43% in April of 2006. The national average for a 15 year fixed rate mortgage is 5.55%, compared to 6.1% in April of 2006.

So what are the numbers for what is happening in Durham County? The average list price is $243,275, an increase of 7.7% compared to last year. The average sold price is $204,700, up 14.6% compared to last year. There were 910 closings during the first quarter of 2007, an increase of 4.6% compared to the first quarter of 2006. The overall

Inventory has increased 6.88% to 2,236 listings. Re-sale inventory has increased 2.7% to 1,709 listings.

There were 9,453 showings of active listings within the county during the month of March. This represents 10% of all showing activity within the Triangle Multiple Listing

Service. The current supply for all housing located within the county is 7 months. The current supply of housing located in the four main counties of Durham Orange, Johnston and Wake is 6 months.

House prices in Durham are appreciating. The current average for re-sales within the past 18 months in Durham County is 4.34%. The rate for housing in the United States during the fourth quarter of 2006 was 5.9%, the rate for the South Atlantic region was 7.35%, and the rate for North Carolina was 8.19%.

Source: T.A.R.R. Report: Durham County: 2007 First Quarter Summary