Triangle Area Real Estate News & Information

As we come near to the close of 2016 it's time to review what the market has done in the Durham/Chapel Hill Area and update the numbers from our Spring Market Report. The Triangle has been on fire for the last several years and 2016 was no exception.

We continue to see low inventory and prices have continued to rise. One might have thought that the elections and the following uptick in interest rates might have slowed things down but this hasn't been the case. Here’s a closer look at some numbers broken down geographically.

Durham County

Focusing on single-family homes, We see total sales volume up 6% and the average priced sale up 5.6% to $245,862 when comparing 2016 to 2015. In addition we find the average days on market is down 17% from last year and there is only an unbelievably low 6 weeks of inventory available while 6 Months would is considered “balanced” or normal.

Orange and Chatham's numbers are slightly better as they currently have more new construction available for detached homes and builders tend to make their homes “available” to the market long before they are built. Most of the new construction in Durham is attached, townhome style homes, where the average price has risen 5.5% since last year and the days on market is down 26.7%.

Orange County

Looking at Orange County, there are 2.83 months worth of inventory and sales volume is up 5.2%. The average price of a detached single-family home did top the $400,000 mark coming in at $401,132 which is up 4.9% from 2015. However, the average price for townhomes and condominiums was down 5.2% which is interesting.

Chatham County

In Chatham County, inventory is closer to balance at 3.92% this is explained as more new construction is happening here. However, the market still favors sellers and days on market is down 17%. Price appreciation in Chatham was 2.6%, a reflection of the volume of new construction.

Wake County

Wake County, by far the largest, which can temper the averages somewhat, has seen similar trends. Inventory sits at a very low 2.05 Months for Single Family Detached homes with an average sale price of $330,898 which represents a 4.5% gain. The most growth has been in townhomes and condominiums which saw average prices rise 8.1% and days on market drop a whopping 32%.

Conclusions

So what does this all mean to the average buyer looking for a home in the Research Triangle area?

To start, you’re at a disadvantage if you aren’t working with an agent who knows the market well and has experience negotiating in multiple offer situations. Next, be pre-approved and not just pre-qualified. Finally, be prepared to be both patient but ready to jump immediately when you find a home you like. Do not get discouraged and don't give up. We always start our clients off by having a talk. Setting and understanding expectations is key. Having an agent that does their homework is critical. We can help you understand what is happening within each specific neighborhood so that you have the information you need to make a smart, informed decision.

When it comes to buying or selling real estate in the Triangle area, you deserve to work with a team that knows the intricate ins and outs of the market. Get in touch with the My NC Homes team today to learn more about our tailored approach to real estate. Send us a message or give us a call at 919.659.5173.