First Quarter 2009 Market Update for Chapel Hill and Orange County NC

What is going on in the Chapel Hill/Carrboro school district?

First quarter closings were down 42% compared to 1Q/08. Average prices for Chapel Hill real estate increased 11% to $433,000 and the median sales price increased 7% to $322,000.

What is happening with inventory?

In Orange County, overall inventory decreased 6%, re-sale inventory increased 2% and new home inventory increased 17% compared to inventory levels at the end of 1Q/08. The average days on market for the active listings is 135 compared to the 105 day average at the end of 1Q/08. The number of sellers who have dropped list price from original list has increased to 355 from 306.

Are more choices producing more contracts?

The answer is still a resounding no. Contract pending levels for the county were off 35% compared to 1Q/08. This mirrors the trend seen in other counties in the Triangle. TMLS contract pending sales for the quarter were off 28%.

What is happening with closed sales?

There were 166 closings posted during the quarter, a decrease of 27% compared to 1Q/08.

How long is it taking for homes to sell?

The average days on market for homes that closed during the quarter was 109 days. The average at the end of 1Q/08 was 81 days. The average days on market for resale homes was 99 and the average for new homes was 146. The overall TMLS average has been 103 days.

How does the current supply compare with other areas in the Triangle?

The current supply based upon first quarter closings is 17 months, an increase from the 12 month supply seen at the end of 1Q/08. The current supply of housing located in the four main counties of Durham, Orange, Johnston and Wake is 10 months.

What about average prices and sales?

The average list price is $476,000, an increase of 4% compared to the average at the end of 1Q/08.

The average sold price was $336,700, up 8% compared to 1Q/08.

The average seller gained 4.4% per year compared to prior sales price for re-sales analyzed during the past 18 months.

The average seller has their house listed for 6% per year above prior purchase, based upon a sample of active listings.

Source: TARR Report, Orange County, Jan-March 2009 Data