Tuesday, November 18, 2014
Triangle wide closed sales are up 4.5%, median prices are up 3.8%. The average days on market is 67. However, if you look at sales where there were no price reductions, the average days on market was actually 50 and if a seller made price reductions, the average days on market was 142! Also, Triangle wide, there is 5 months of inventory on the market which is not much.
The picture is a little different in Chapel Hill where closed sales – year-to-date – are down 8.7%, median prices are down 1.6%, the average days on market 58 days if there was no price reduction and 171 days if there was a price reduction. Also of note, there is 7 months of inventory on the market which is well above the 5 months on average for the entire Triangle.
Durham is doing a bit better. Home sales are up 3.8% in Durham, median prices are up 5% and the average days on market with no price reduction is 45 and 132 with a price reduction. Durham’s supply of inventory is 4 months which below the market average.
This indicates it is more of a seller’s market in Durham and a buyer’s market in Chapel Hill.
Cary is also doing well. Home sales in Cary are up 1.4% and median prices are up 7.9%. The average days on market with no price reduction is 36 days – which is amazing – and 115 with a price reduction. Most notable, Cary has 2.8 months of inventory on the market which indicates it is a fairly strong seller’s market.