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.
**2011 Second Quarter/Annual Durham County Market Summary
WHAT IS HAPPENING WITH INVENTORY?
There are currently 2,095 active listings listed within TMLS. This is a 14% decrease from inventory levels seen in 2Q/10. New home inventory decreased by 34% and re-sale inventory increased by 11%. There were 1,423 houses entered into the system as new listings during the quarter, a 21% decrease compared to 2Q/10. The average list price is $212,400 a decrease of 6% compared to 2Q/10. The number of expired and withdrawn listings accounted for 49% of properties listed during the quarter, up from 35% a year ago. There are currently 1,105 sellers who have dropped list price from original, a 21% decrease from the price dropping levels in 2Q/10. Price dropping sellers account for 48% of current listings, down from the 52% level at the end of 2Q/10. The average price drop was 8%, compared to 9% a year ago. The average days on market for the active listings is 147, up from 125 at the end of 2Q/10.
IS TRAFFIC INCREASING OR DECREASING?
There were 22,946 showings in the quarter, a 6% decrease compared to 2Q/10. Woodcroft, Hope Valley Farms and Parkwood along with TMLS areas 106, 105 and 101 were the most shown during the quarter.
IS ANYONE COMMITTING TO RESIDENTIAL REAL ESTATE?
There were 911 listings with a status change to pending during the quarter. This was a 6% decrease compared to 2Q/10. Based upon second quarter pending sales, there was a 43% chance of placing a listing under contract during the quarter, compared to 40% a year ago.
ARE THE TAX INCENTIVES STILL PROVIDING A HANGOVER?
Yes they are, but this is the last quarter that will be compared with an incentive based market. There were 871 closings reported by TMLS during the quarter, a decrease of 25% compared to 2Q/10. Year to date closings are down 19%. New home closings were down 24% and re-sale closings were down 26%. There were 445 closings with reported financing concessions which accounted for 51% of all closings. The percentage during 2Q/10 was 53%. The average sales price of $191,500 was down 2% compared to 2Q/10. The median sales price was up 1% at $175,000. The median sales price per square foot for second quarter closings was $97.58, a decrease of 6% compared to 2Q/10.
HOW LONG DID HOUSES TAKE TO SELL AND DID SELLERS HAVE TO COME OFF OF SALES PRICE?
The average days on market for closings during the quarter was 119, up from 83 for 2Q/10 closings. The median sales to final list ratio for closings during the quarter was 97%, down from 98% during 2Q/10.
ARE CURRENT INVENTORY LEVELS INDICATIVE OF AN OVERSUPPLY OF HOUSING?
Based upon second quarter closings, there is a 7 month supply of housing on the market within the county. The supply at the end of 2Q/10 was 6 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 59 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 182 days and for an average of 85% of original list. Closings where the final list price was equal to the original list price accounted for 51% of quarterly closings, compared to the 33% level seen during 2Q/10.
ARE FORECLOSURES DOMINATING THE MARKET?
Second quarter foreclosure filings in Durham County decreased 1% compared to 2Q/10. The foreclosure/distressed property market accounts for 9% of current active listings within the county, up from 8% at the end of 2Q/10.
Business and industry is thriving in Durham! The prime location, enviable quality of life, low cost of living, and talented work force make it a great place to own and operate a business. One of Durham's largest employers is Duke University. There's also the Research Triangle Park where 140 major research companies such as GlaxoSmithKline, IBM, Bayer, and EPA employ some 39,000 residents.
For many families, finding the right place to live involves a close look at the schools available in the area. Education is a major focus in the Durham area which has more Ph.D.s per capita than anywhere in the country. Durham Public Schools is home to 31,000 students in 44 schools. The excellence of teaching shows in the region's test scores.
There's never a shortage of "things to do" in Durham. There are many recreational opportunities such as fishing, boating, swimming, & golfing at one of the 60-plus parks scattered throughout the region. The sports fan will have something to watch year round in Durham. With home teams such as the Duke Blue Devils and the Durham Bulls there is always a game of some sort to catch! The mild climate of North Carolina makes outdoor activities a pleasure year round.
Come enjoy what the area has to offer and discover for yourself why so many people think Durham is the best place in the United States to live, work, and play. Once you experience the stunning scenery, good company and wonderful weather, you won't ever want to leave!
**Data pulled from 2011 Second 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.
