Well, the July numbers are out and they are not surprising. I kept saying that that the market was slowing down and the numbers support this statement. So, here are the stats for Chapel Hill and Durham.
Chapel Hill
- Listings are up 16.5% from July last year.
- Sales are down 14.9% from July last year BUT year-to-date, sales are UP 18.4% — this is in large part due to the activity generated by the home buyer tax credit.
- Median sales prices are up 1.5%.
- Average prices are down 2.7%.
- The list to sales price ratio is way down at 96.5% when a few years ago at this time of the year we were at 98 to 99%.
- The average days on market is also up 7.6% to 106 days.
Durham
- Listings are up 9.3% from July last year.
- July sales in Durham are down 33.7% which is much more than Chapel Hill. The trend continues, however, because year to date sales are up by 4%.
- Median sales prices are down by 2.3%.
- Average prices are down 4.9%.
- Homes in Durham are also selling for about 96% of their list price.
- The good news in Durham is that, on average, houses are selling a bit faster with the days on market at 85 days.
August is typically a closing month. The showing activity has picked up since July and things are starting to move. Interest rates are still at an all time low and the inventory is better than ever. This still makes it a great time to buy. The conditions truly could not be better.
Interested in knowing your homes value or getting a snapshot of the market? Visit www.TriangleHomeValue.com.
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 their is a price or status change in properties of interest.