Durham is located in the "heart" of North Carolina and is a wonderful place to live, work, and play! Whether you are new to the area or someone who has been here for a lifetime, Durham offers an outstanding quality of life that is the envy of many.
The real estate market in Durham is full of choices and variety. There are new home and historical homes, apartments, condos, and town homes. You can choose to live in the heart of the action downtown or move a bit further out into the suburbs. The numerous housing opportunities in Durham are one of the things that make it such a unique place to live and work. Living in Durham is also affordable. Property taxes are low for residents in Durham and those in the county. For residents living in the city limits, both city and county taxes are assessed while county residents only pay county taxes.
**2012 First Quarter Durham County Market Summary
WHAT IS HAPPENING WITH INVENTORY?
There were 1,749 active listings at quarter end, a 26% decrease compared to 1Q/11. New home inventory decreased by 31% and re-sale inventory decreased by 25%. There were 1,568 houses entered into the system as new listings during the year, an 8% decrease compared to 1Q/11. The average list price at quarter end was $225,500, a 5% increase compared to 1Q/11. The number of expired listings were down 36% and the number of withdrawn listings were down 34%. The combination of these two accounted for 27% of properties during the quarter, a decrease compared to 38% in 1Q/11. There are currently 653 sellers who have dropped list price from original, a 32% decrease from the price dropping levels during 1Q/11. Price dropping sellers accounted for 37% of quarter end listings, down from 41% seen at the end of 1Q/11. The average price drop was 8%, compared to 9% a year ago. The average days on market for the active listings was 135, down from 136 during 1Q/11.
IS TRAFFIC INCREASING OR DECREASING?
There were 21,999 showings in the quarter, an 8% increase compared to 1Q/11. Hope Valley Farms, Woodcroft and Grove Park were the most shown during the quarter.
IS ANYONE COMMITTING TO RESIDENTIAL REAL ESTATE?
There were 758 listings with a status change to pending during the quarter. This was a 27% increase compared to 1Q/11. Based upon first quarter pending sales, there was a 48% chance of placing a listing under contract during the quarter, compared to 35% a year ago.
WHAT ABOUT CLOSINGS?
There were 637 closings reported by TMLS during the quarter, an increase of 22% compared to 1Q/11. New home closings were up 7% and re-sale closings were up 27%. Based upon first quarter closings, there is an 8 month supply of housing in the county, down from 14 a year ago.
WHAT HAPPENED TO PRICES?
The average closed price decreased 4% to $178,900 and the median price per foot for first quarter closings decreased 5% to $87.
WERE FINANCIAL CONCESSIONS PREVELANT?
Financial concessions were paid in 55% of quarterly closings, up from 51% of 1Q/11 closings.
ARE CASH PURCHASES BECOMING MORE PREVELANT?
Cash purchases accounted for 25% of quarterly closed sales, the same percentage seen during 1Q/11.
HOW LONG DID HOUSES TAKE TO SELL AND DID SELLERS HAVE TO COME OFF OF LIST PRICE?
The average days on market for closings during the quarter was 129, up from 100 for 1Q/11 closings. The median sales to final list ratio for closings during the quarter was 97%, the same as seen during 1Q/11.
WHAT HAPPENS WHEN A HOUSE IS PRICED CORRECTLY AT INITIAL LIST?
Good things. When final list price is equal to original list price, the average days on market for closings during the quarter was 71 days and the house sold for 96% of list. When final list price is lower than original list, there is a days on market penalty. These houses sold in an average of 193 days and for an average of 85% of original list.
ARE FORECLOSURES DOMINATING THE MARKET?
First quarter foreclosure filings in Durham County decreased 24% compared to 1Q/11. The foreclosure/distressed property market accounts for 11% of current active listings within the county, up from 10% at the end of 1Q/11.
**Data pulled from 2012 First Quarter Triangle Area Residential Realty Report, Stacey P. Anfindsen, Editor
ZIP Codes: 27701, 27702, 27703, 27704, 27705, 27706, 27707, 27708, 27709, 27710, 27711, 27712, 27713, 27715, 27717 Location Characteristics: Welcome to Durham, North Carolina... a wonderful place to live, work, and play!
About Lisa Lundy:
Lisa is a native North Carolinian and has resided in the Triangle area for the past 43 years. She is the mother of a 13 year old son and is very acquainted with the public school system. Lisa has superior knowledge of the Triangle area and understands the needs of families as they transition into the community. Lisa's working career prior to becoming involved with real estate included over 19 years of customer service experience in various Sales/Marketing positions at Nortel Networks. Lisa excels in building good relationships with her clients, giving each one her full attention and serving their needs with kindness and professionalism. Lisa is in the business of making dreams come true - one transaction at a time!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
