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.
**2011 Second Quarter Orange County Market Summary:
WHAT IS HAPPENING WITH INVENTORY?
There are currently 1,035 active listings listed within TMLS. This is a 9% decrease from inventory levels seen in 2Q/10. New home inventory decreased by 25% and re-sale inventory decreased by 6%. There were 677 houses entered into the system as new listings during the quarter, a 17% decrease compared to 2Q/10. The average list price is $402,000 a decrease of 10% compared to 2Q/10. The number of expired and withdrawn listings accounted for 43% of active listings, down from 39% a year ago. There are currently 541 sellers who have dropped list price from original, a 3% decrease from the price dropping levels in 2Q/10. Price dropping sellers account for 52% of current listings, compared to the 49% level at the end of 2Q/10. The average price drop was 8%. The average days on market for the active listings is 186, compared to 151 at the end of 2Q/10.
IS TRACCIF INCREASING OR DECREASING?
There were 10,601 showings in the quarter, a 3% increase compared to 2Q/10. Southern Village, Meadowmont and Lake Hogan Farms and TMLS areas 201, 206 and 207 were the most shown during the quarter.
IS ANYONE COMMITING TO RESIDENTIAL REAL ESTATE?
There were 401 listings with a status change to pending during the quarter. This was a 7% decrease compared to 2Q/10. Based upon second quarter pending sales, there was a 39% chance of placing a listing under contract during the quarter, compared to 38% a year ago.
IS THE MARKET STILL SUFFERING FROM AN INCENTIVES HANGOVER?
Yes it is, but this is the last quarter that will be compared with an incentives based market. There were 393 closings reported by TMLS during the quarter, a decrease of 9% compared to 2Q/10. Year to date closings are down 2%. New home closings were down 8% and re-sale closings were down 9%. There were 156 closings with reported financing concessions which accounted for 40% of all closings. The percentage of 2Q/10 closings with reported financing concessions was 36%. The average sales price based upon second quarter closings was $333,000, an increase of 1% compared to 2Q/10. The median sales price sales price decreased 2% and the median sales price per square foot decreased 4% compared to 2Q/10.
HOW LONG DID HOUSES TAKE TO SELL AND DID SELLERS HAVE TO COME OFF OF LIST PRICE?
The average days on market for 2Q/11 closings was 120, compared to 100 for 2Q/10 closings. The median sales to final list ratio for second quarter closings has remained stable over the past three years at 96%.
ARE CURRENT INVENTORY LEVELS INDICATIVE OF AN OVERSUPPLY OF HOUSING?
Based upon second quarter closings, there is an 8 month supply of housing on the market within the county. The supply at the end of 2Q/10 was 8 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 during the year was 61 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 194 days and for an average of 88% of original list. Closings where the final list price was equal to the original list price accounted for 62% of 2Q/11 closings, compared to 47% of 2Q/10 closings.
ARE FORECLOSURES DOMINATING THE MARKET?
Second quarter foreclosure filings in Orange County decreased by 23% compared to 2Q/10. The foreclosure/distressed property market accounts for 2.4% 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?
Second quarter closings decreased 17%, the average sales price increased 2%, the median sales price was flat, the median sales price per square foot increased 1% and the average days on market increased to 115 from 101.
**Data pulled from 2011 Second Quarter Triangle Area Residential Realty Report, Stacey P. Anfindsen, Editor
ZIP Codes: 27514, 27515, 27516, 27517, 27599 Location Characteristics: Chapel Hill, North Carolina... A wonderful place to live, to visit, to do business!
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.
