January 2010 Chapel Hill Real Estate Market Update

2010 has gotten off to a good start.  I am seeing a lot of activity in the market.  In the Triangle overall, 21% of the current inventory is under contract.  Chapel Hill is doing the best in the area with 32% of its inventory under contract.

Currently, and compared to January 2009:

  • New listings are up 26.4%;
  • Closed sales for the month of January are up 54.8% (from 31 to 48);
  • Median prices are down 24.7%;
  • Average prices are down 20.4%;
  • The list to sales price ratio is down from 96.4% to 95.5%; and
  • Days on market increased from 110 to 194.

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