It’s April 3rd, which I think is the latest in the month I’ve published my stats post. I’ve actually had the data for a couple days, but getting the time to type everything out has been difficult. There has been good reason – the market has been improving and I’ve been out selling and buying homes with my clients. the numbers will bear me out: we haven’t had a market this strong in quite some years.
At the end of March there were 1,743 homes available for sale in Durham County — a increase of 196 listings or about 12%. March saw 278 closings – an increase of 82 (!) closings. Using March sales, we would sell our entire inventory of available homes in 6.3 months, a drop of 1.5 months. This is a strong, balanced market. Another month of improvement like this and we will be talking about a seller’s market.
In South Durham 699 homes were listed for sale at the end of March – an increase of 113 listings, or almost 20%. 93 sales closed in March, an increase of 29 closings. This moves the adsorption rate to 7.5 months, a drop of 1.6 months.
Like I said in the intro, this is another month of strengthening sales county-wide. Houses that are priced right, and prepared for sale [solid curb appeal, repairs made, etc] have been selling quickly – sometimes within days. In some sectors of the market, the is actually a shortage of listings and sellers really are in the drivers seat
Here’s the updated neighborhood information.
|Total Available Listings||Total Closed Sales||Adsorption Rate [in months]||Avg Sale Price||
Average Price per SF
|Woodcroft||68||2||34.0 [+16.7]||$188,950||$96 [-9]|
|Hope Valley Farms||67||10||6.7 [-3.9]||$210,750||$107 [+19]|
|Woodlake||22||2||11.0 [-3.0]||$188,500||$115 [-15]|
|Parkwood||25||4||6.3 [-2.2]||$131,750||$90 [-3]|
|Chancellors Ridge||15||5||3.0 [-13.0]||$256,980||$114 [+4]|
|Grandale||4||1||4.0 [0.0]||$318,500||$102 [+11]|
|Davis Park||18||7||2.6 [-3.7]||$138,071||$108 [-8]|
For some overall numbers, the average price per sf in south Durham was $103 per sf [down $3 from January] with the priciest neighborhoods being The Oaks [1 sale at $215 per sf],Maida Vale [1 sale at $196 per sf], Windsor Commons [1 sale at $192 per sf] and Villas at Culp Arbor [3 sales at $184 per sf] . The lowest neighborhoods were Fortunes Ridge [1 sale at $61 per sf], Hope Valley North [1 sale at $67 per sf], and Villages of Cornwallis [1 sale at $70 per sf]
lots of little things to note this month. the most glaring is the huge jump in adsorption rate for Woodcroft. that is driven, I think, by the large jump in listings [from 52 to 68 – almost a third. I’d expect to see that come back in line over the next month or two. A second thing to note is the number of homes prices at over $150 per sf. there were a total of 9 homes selling at that luxury price point. that shows some support for prices at the high end of the market. We also saw support at the low end. The least expensive sales were about $30 per sf higher than we saw in February. That gives us hope that the worst of the foreclosure mess might be behind us.
We’re still moving into a solid Spring housing season . Sellers are putting homes on the market with confidence and buyers are still out there to buy them. If you are ready to take part in the housing recovery please send me an email and we’ll gladly get started. See you in May.