Saturday, December 06, 2008
This update is year-to-date, encompassing the first nine months of real estate sales activity in Durham, North Carolina. In a nutshell, showings, contracts and closed sales are down. The story regarding prices is good. In Durham, unlike the rest of the Triangle, average sales prices are remaining steady. Chapel Hill, Carrboro, Orange, Chatham and Wake Counties are all experiencing some decline in average prices.
- Year-to-date, showings are down 30%.
- Contract pendings are down 21%. The trend in the Triangle area overall is 22% so Durham County is tracking with the rest of the area.
- Closed sales are down 25% overall as compared with the Triangle where closings are off 33%. I also broke this down further: sales of Single Family homes are off 23%, sales of new construction are off 30% and sales of condos and townhomes are off 26%.
- Days on market have increased from 79 days to 81 days for properties that have closed through September, 2008. This sounds pretty good but days on market for houses currently active is 110. It is very critical for sellers to look closely at the most recent sales data when pricing their home. More than ever this is the time to price a home realistically.
- The current supply of all housing located in the county is 7 months as compared with 5 months at the end of the third quarter in 2007. This is better than the Triangle overall which has 8 months of inventory.
- The average sales price in Durham iis $198,402, which is essentially flat with last year.
- In Durham, Average Sales Prices for single family homes ($194,707) and condos and townhouses ($159,411) is also essentially the same as 2007. The Average Price for new construction, which is doing better than any other place in the Triangle, are down only 2%.
- When we look at these numbers, however, it is difficult to separate out how many times a price may have had to come down before the house has sold. In many instances, sellers are having to back off prices anywhere from 5-10%.
- In the coming months, buyers should take advantage of good inventory to choose from and low interest rates. If you are gainfully employed with moderate to great credit, this is an excellent time to buy. Sellers need to realize that is is a great time to buy and price their homes based on sales over the last 3 months because this is the best indicator of current value.
Contact Jodi Bakst, Broker, CRS, GRI, ABR, Certified Distressed Property Expert, and Certified Luxury Home Specialist in Chapel Hill, NC at 1-88-TeamJodi (888-326-5634) to list your property for sale or to purchase a property in Chapel Hill, Carrboro, Durham, Hillsborough, Pittsboro or Orange, Durham or Chatham County North Carolina.Team Jodi is accepting referrals.
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If you are looking to list your home in Chapel Hill, Carrboro, Orange or Durham County North Carolina, call Team Jodi toll free at 88-TeamJodi (888-326-5634), email us at [email protected] or visit us at www.TeamJodi.com.