This is Part One of a series of 2008 third quarter market reports that details the performance of the residential real estate market in Durham County, NC. The data was obtained from the Triangle MLS and is used with permission. Here are the answers to your most important questions pertaining to market performance:
Is anyone looking at Durham County housing?
There were 4,525 showings as logged through the CSS system during September of 2008. This is a 30% decrease compared to 9/07 showings.
What is happening with inventory?
Overall inventory decreased 6%; re-sale inventory decreased 2% and new home inventory decreased 8% compared to inventory levels at the end of 3Q/07. The average days on market for the active listings is 110, as compared to the 99 day average at the end of 3Q/07. The number of sellers who have dropped list price from original list price has increased to 918 from 789 at the end of 3Q/07.
Are more choices producing more contracts?
The answer is still a resounding no. Contract pending levels for the county were off 21% compared to 3Q/07. This mirrors the trend seen in other counties in the Triangle. TMLS contract pending sales for the quarter were off 26.5%.
What is happening with closed sales?
There were 960 closings posted during the quarter, a decrease of 26% compared to 3Q/07. Overall TMLS closings were down 33%. Durham re-sale closings were off 26% and new home closings were off 40%.
How long is it taking for homes to sell?
The average days on market for homes that closed during the quarter has been 81 days. The average at the end of 3Q/07 was 79 days. The average days on market for resale homes was 77, and the average for new homes was 103.
The overall TMLS average has been 88 days.
How does the current supply compare with other areas in the Triangle?
The current supply for all housing located within the county is 7 months. The current supply at the end of 3Q/07 was 5 months. The current supply of housing located in the four main counties of Durham, Orange, Johnston and Wake is 8 months.
Give me some numbers
The average list price is $246,800, an increase of 1% compared to the average at the end of 3Q/07. The average sold price was $195,500, flat compared to 3Q/07.
Are house prices appreciating?
Yes they are! The average percent per year gain for resale housing located within the county has been 3.11%. The average for housing located in the South Atlantic region of the United States has been –1.2% and the United States average has been –4.8%.
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This representation is based in whole or in part on data supplied by the participants in the MLS. Neither the participants, their respective Boards of Realtors nor the MLS guarantee or are in any way responsible for its accuracy. Any market data maintained by the MLS does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of the MLS, unlisted properties, rental properties, etc.. The information contained in this publication is the copyrighted property of Triangle M.L.S. and may not be reproduced without the permission of the editor.
ALL of the photos are the property of Elizabeth Nieves.
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BusinessWeek Reports: Durham, NC is the 3rd BEST CITY in the USA for riding out the recession!
IF you are considering a move to my hometown of Durham, NC…
I would love to assist you to find your new home. Being a native of Durham, I am in touch with the current market conditions and know how to find the best deal for you. Please call or email me today to schedule a tour of Durham, NC homes for sale!
Elizabeth Nieves - Broker, REALTOR®
(919)749-3749 cell
Elizabeth@ElizabethNieves.com
Written and Posted by:
Elizabeth Nieves - Broker, REALTOR®
The Elizabeth Nieves Realty Group @ Keller Williams (A Bilingual Real Estate Team serving Raleigh, Durham, Chapel Hill NC and surrounding areas.)
Search Raleigh, Durham, Chapel Hill and ALL Triangle Homes for Sale
I've had the data printed for a three weeks, and created a chart for the 3rd quarter sales for the entire area, but I haven't broken it down by city yet. I know I need to do it, since I have the first and second quarter blogs, charts, and links to my web site. But it's so time-consuming.
Hi Elizabeth, I'm gloating about snow outside this morning so am avoiding looking at numbers!! Our numbers will rain on my parade. XXOO
Good job on your market report Elizabeth. Great information and formatt for consumers. Glad to see the values are still increasing in your area.
Great stuff...you definitely know your area. You also seem quite pleased with it. That's a testimony even in itself.
Good evening Ma'am,
This is a really nice looking quarterly market update. keep up the good work.
Well ... it's certainly heartening to learn that the values are holding. The rest of it will work out when WE get hold of it and shake it loose. :)
Just a few more days ....
GBU, special lady!
Elizabeth,
What a creative and attractive way to present your market report. It's slow all over, I think. I've been trying to get a report done but have not got it together yet.
I was getting ready to put my QR out and decided to read posts first and here was yours! Looks great - definitely more visually appealing.
If you want to put your name on your photos fairly easily and FREE, go onto picnik.com and you can upload 5 pics for free, make the changes you want (including adding your name) and then save it to your hard drive (or where ever you want to) Great little tool that my colleague Ruthmarie Hicks turned me on to.
This is good news. What a great market report. Hope all is well with you. GBY Pat
Very nice report. I like the pics too! GBU!
I really enjoyed this, Elizabeth. So many market studies are dry reading (including mine, at times) and this is actually good reading!