January Market Stats for Chapel Hill and Durham

Wednesday, March 02, 2011

The January numbers are out and they are interesting.  While there are differences by area, in Chapel Hill, Durham and Orange County, closed sales were up in January compared with last January and average prices are up and days on market are down.

This would lead you to believe that the market is getting better.  I am very suspect.  It is now March and the market should be in full swing but it is not.  It is very unclear how this year is going to stack up.

Interest rates dipped below 5% again.  With rates as strong as ever, this is still a good time buy.

So, here are the specific numbers. . .

Chapel Hill- Carrboro

 

  • Listings are down 16.8% from January last year.  This means there is less inventory on the market.  With shrinking inventory, this could mean more competition in the future.
  • Sales were up  41.7% from January last year.  This is a huge increase.
  • Median sales prices are up 42.4%.
  • Average prices are up 37.9%.
  • The list to sales price ratio is 96.5%.
  • The average days on market are also down 14%.  Days on market were 149 last January and this January it was 128.
  • These are all very positive indicators!

Durham

  • Listings are down 13% from January last year.
  • January sales in Durham were up 3.8%.
  • Median sales prices are up 6.1%.
  • Average prices are up 4.7%.
  • The list to sales price ratio is down from 96.4% to 95.4% which means that sellers in Durham are getting even less these days.
  • Days on market have changed significantly since last year.  Last January DOM were 8.  In January, DOM was 128.  It is taking longer to get homes sold in Durham.

I will be watching the market closely and will report the February numbers as soon as they come out.

Are you interested in knowing your home’s value or getting sales information for your neighborhood?  Visit www.TriangleHomeValue.com and register for a free report. 

Are you interested in looking for a home in Chapel Hill, Durham or the surrounding area, visit www.TriangleHomeSearch.net and register for an auto home search with emails sent to you every time a property comes on the market that meets your criteria or when there is a price or status change in properties of interest.