Hillsborough, located in the Central Piedmont Region at the western edge of the greater Triangle Area, is a town of 5,671 persons and consists of 3,423.28 acres (5.35 square miles). Hillsborough which is primarily located in Orange County is ideally situated, at the merger of Interstate Highways 40 and 85, providing easy access to all points in North Carolina.
Chapel Hill, North Carolina is the largest municipality in Orange County. It is often summarized as having the best of small town living in a unique cosmopolitan environment. There are a number of very tangible assets, such as good schools and neighborhoods; a healthy downtown; a beautiful natural setting with trees, green spaces and a rural buffer; and other evidence of care for the natural and man-made environment.
Chapel Hill expands approximately 21.1 square miles and is home to some 51,519 residents. Here are a few more facts about Chapel Hill: Median Age of Residents - 31.7 Median Family Income - $50,566
Some of the major employers in Chapel Hill include the University of North Carolina at Chapel Hill, UNC Hospitals, Blue Cross/Blue Shield of NC, and the Chapel Hill/Carrboro City Schools.
**2012 First Quarter Orange County Market Summary:
WHAT IS HAPPENING WITH INVENTORY?
There were 892 active listings at quarter end within TMLS. This was a 21% decrease from inventory levels seen at quarter end a year ago. New home inventory decreased by 15% and re-sale inventory decreased by 22%. There were 583 houses entered into the system as new listings during the quarter, a 22% decrease compared to 1Q/11. The average list price was $419,000 an increase of 2% compared to 1Q/11. The number of expired and withdrawn listings accounted for 31% of quarter end listings, the same as a year ago. At quarter end, there were 303 sellers who had dropped list price from original, a 28% decrease from price dropping levels at quarter end a year ago. Price dropping sellers accounted for 34% of quarter end listings, compared to 37% at quarter end a year ago. The average price drop was 10%. The average days on market for active listings at quarter end was 179, compare to 160 at quarter end a year ago.
IS TRAFFIC INCREASING OR DECREASING?
There were 8,329 showings in the quarter, a 1% decrease compared to 1Q/11. Southern Village, Meadowmont and Lake Hogan Farms were the most shown during the quarter.
IS ANYONE COMMITTING TO RESIDENTIAL REAL ESTATE?
There were 252 listings with a status change to pending during the quarter. This was a 9% increase compared to 1Q/11. Based upon first quarter pending sales, there was a 43% chance of placing a listing under contract during the quarter, compared to 31% a year ago.
HOW DID CLOSED SALES STACK UP WITH LAST YEAR?
There were 204 closings reported by TMLS during the quarter, an increase of 4% compared to 1Q/11. New home closings were up 12% and re-sale closings were up 3%. There were 90 closings with reported financing concessions which accounted for 44% of quarterly closings. The percentage of 1Q/11 closings with reported financing concessions was 36%. Cash closings accounted for 26% of quarterly closings, versus 24% of 1Q/11 closings. The average sales price was $300,000, a decrease of 15% compared to 1Q/11. The median sales price sales price per square foot decreased 9% compared to 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 was 157, compared to 136 for 1Q/11 closings. The median sales to final list ratio for closings has remained stable over the past three years at 97%.
ARE CURRENT INVENTORY LEVELS INDICATIVE OF AN OVERSUPPLY OF HOUSING?
Based upon first quarter closings, there is a 13 month supply of housing on the market within the county. The supply at the end of 1Q/11 was 17 months. An oversupplied market is designated when the supply hits 10 months.
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 was 79 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 257 days and for an average of 84% of original list.
ARE FORECLOSURES DOMINATING THE MARKET?
First quarter foreclosure filings in Orange County decreased by 18% compared to 1Q/11. The foreclosure/distressed property market accounts for 3% of current active listings within the county, the same as a year ago.
WHAT IS GOING ON WITH HOUSING LOCATED IN THE CHAPEL HILL/CARRBORO HIGH SCHOOL DISTRICT?
Closings were down 1%, the average sales price decreased 18%, the median sales price decreased 24%, the median sales price per square foot decreased 7% and the average days on market increased to 168 from 136.
**Data pulled from 2012 First Quarter Triangle Area Residential Realty Report, Stacey P. Anfindsen, Editor
ZIP Code: 27278 Location Characteristics: Hillsborough, NC... a great 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.
