Real Estate Market Update – Cary, Durham, Chapel Hill – January 2018

Real Estate Market Update: Median Sales Prices Chapel Hill, Durham and Cary North CarolinaReal Estate Market Update:  Sales prices in Chapel Hill, Durham and Cary are on the rise. The three-year trend is excellent with median prices in  Chapel Hill and Cary around the $400,000 mark. Houses in much of the rest of the Triangle, including Durham, are more affordable. Median prices in Durham, NC are about $250,000.  Nationally, housing affordability remained flat for 2017.

To view homes for sale in Chapel Hill NC, visit Real Estate Experts web site.

Real Estate Market Update: Median Days on Market Chapel Hill, Durham and Cary North CarolinaReal Estate Market Update:  Days on Market (DOM) have been are still are amazingly low.  This means that overall houses are selling fast.  In January, however, DOM have increased a bit.  I think this is primarily due to a slightly slower start to the season and the weather.  To be specific; in July 2017 Average DOM were 13 in Chapel Hill, 5 in Durham and 6 in Cary.  In November 2017 this increased a bit to 33 in Chapel Hill, 8 in Durham and 10 in Cary.

In January, this has stretched out a bit more to 36 in Chapel Hill, 10 in Durham and 14 in Cary.  I expect to see these numbers come down as the season heats up.

If you are looking for homes for sale in Durham NC, visit Real Estate Experts web site.

 

Real Estate Market Update: Months Supply of homes for sale in Chapel Hill, Durham and Cary North CarolinaReal Estate Market Update:  The supply of inventory is incredibly low.  I don’t remember a time when inventory was this low.  In Chapel Hill there is less than 3 months of inventory and in Durham and Cary there is less than 2 months of inventory.  This is truly an excellent time to sell.  If you have been sitting on the fence, with inventory low, it is a sellers market.  Prices are rising.  With interest rates still low, buyers are moving on the opportunity before prices rise further.

If you are looking for homes for sale in Cary NC, visit Real Estate Experts web site.

Real Estate ExpertsReal Estate Experts is a full service real estate firm.  We represent buyers and sellers in the purchase and sale of residential homes.  We pride ourselves in our honesty and integrity, our knowledge of the home purchase and sale processes and our level of communication and responsiveness. We also have a residential property management company where we work with homeowners that want to rent their homes and we work with investors to get them the best Return on Investment (ROI) when purchasing investment property.  If you would like our help with any of these services, please contact us at 919-928-5131 or info@realestateexperts.net.

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September 2016 Real Estate Market Trends

Market Trends

As we near the end of 2016, real estate market trends for the Triangle and surrounding areas are improving: closed sales are up; median and average prices are up; days on market (DOM) are down; list-to-sales price ratio (how close sellers get to the list price) is up; and inventory is down. This is all good news.

It helps to take a deeper dive and look at the numbers by market area – there are real differences.

 

Raleigh, Durham, Chapel Hill Real Estate Market Data

Real Estate Market Trends

Homes for sale in Chapel Hill are up 11.5%, plus average and median sales prices are up 2.9% and 3.2%, respectively. But Chapel Hill homes average the longest number of days on the market, 79, compared to 39 in Wake County, 37 in Raleigh, and 29 in Cary/Apex/Morrisville. Chapel Hill also has the second largest inventory on the market, next to Chatham County.

Durham real estate is doing very well. Closed sales are up over 10%, median and average prices are up close to 10%, and days on the market is under 40! In addition, inventory is hovering at around two months. Clearly, we need more inventory come on the market in Durham.

The real estate market in Cary, Apex, and Morrisville is smoking hot. All indicators are up, and the average days on the market is 29, with less than two months of inventory on the market. This is amazing!

The third quarter indicators for the Raleigh, Durham, Chapel Hill real estate market are strong:

  • Inventory is down 12%
  • Pending sales are up 6%
  • Closed sales are up 9%
  • Days on market is 50
  • Average prices are up 6%

There’s no doubt that the market has improved in 2016. If you have been thinking about selling, give me a call today at 919-697-5014. I am happy to do a complementary analysis and inform you how your house stacks up against these averages.  Circumstances vary in different locations and price ranges. As a real estate expert with 20 years of experience in analyzing the Triangle real estate market, I tell it like it is. My role is to give my clients honest feedback as to whether it makes sense to sell or sit tight. I’m here for you!

For more information on the real estate market, visit  www.RealEstateExperts.net.

 

First Quarter 2016 Local Real Estate Market Statistics

The stats are far better than this picture reports! Since April, 2015:

Showings are up 10%
Inventory is down 14%
Listings are up but most are selling fast
Pending inventory is up 11%
Closings are up 15%
Resales under $400,000 are moving:
63% of resales listed in April went under contract; 69% had Days on Market less than 30; and 29% of those homes that sold in April sold        for above list price!

The bottleneck in the market is homes priced above $500K.  We are still seeing listings expiring or reducing their prices.  In fact, 35% of the inventory priced above $500,000 had price reductions.

Overall, days on market are going down.  The current average for the Triangle is 47 and average prices are up 6%.