January 2010 Chatham County 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.  In Chatham County, it is slower but still 16% of the inventory is pending.

Currently, and compared to January 2009:

  • New listings are down 11%;
  • Closed sales for the month of January are up 50% (from 24 to 36);
  • Median prices were down 12.4%;
  • Average prices declined 8.7%;
  • The list to sales price ratio declined from 95% to 93%; and
  • Days on market increased from 66 to 181.

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