Friday, February 06, 2009
The 2008 Year End data are out for Durham
- Durham homes for sale — Closed sales in Durham declined 26% in 2008.
- Durham did better than Orange County which saw a 29% decline and the rest of the Triangle where overall sales were down 35%.
- The current supply based on 2008 closings is 6 months. This is slightly better than the rest of the Triangle area market which has a 7 month supply.
- The average sales price for Durham was $196,400, which is down 2% compared with 2007.
- The average days on market for resale homes was 75 and the average was closer to 122 for new consruction. The annual average for Durham was 84 days which again is better than the annual average for the Triangle overall which was 100 days.
- Although we saw an average decline in prices from 2007 to 2008, the average percent per year gain for resale housing located in Durham has been 2.11%. The national average for housing is -8.9%.
- Overall, the Durham real estate market is fairing pretty well.
Source: Triangle MLS and The Triangle Area Residential Realty Report (TARR Report).