Now that we have all recovered from our Labor Day grilling torpor, let’s talk real estate.
At the end of August there were 1,595 homes available for sale in Durham County — a drop of 67 listings or right about 4%. August saw 376 closings in the county– an drop of 58 closings. Using August sales, we would sell our entire inventory of available homes in 4.2 months, an increase of another week. That still leaves Durham County firmly into a seller’s market, where it has been all summer.
In South Durham 586 homes were listed for sale at the end of August – a drop of 16 listings, or just about 2.5%. 128 sales closed in August, a drop of 26 closings. This puts the adsorption rate at 4.6 months, which is an increase of 0.7 months. South Durham is still considered a seller’s market.
Here’s what things look like in our favorite neighborhoods
|Total Available Listings||Total Closed Sales||Adsorption Rate [in months]||Avg Sale Price||
Average Price per SF
|Woodcroft||48||15||3.2 [-2.3]||$178,143||$105 [+1]|
|Hope Valley Farms||33||14||2.4 [+0.7]||$219,379||$109 [+2]|
|Woodlake||10||2||5.0 [+1.0]||$204,500||$121 [+19]|
|Parkwood||17||1||17.0 [+15.0]||$174,000||$109 [+13]|
|Chancellors Ridge||9||4||2.3 [-1.7]||$298,750||$112 [-16]|
|Grandale||0||1||0.0 [-0.5]||$311,015||$108 [+4]|
|Fairfield||16||3||5.3 [+3.0]||$318,500||$122 [+9]|
|Lochside||6||3||2.0 [-1.0]||$158,467||$106 [+5]|
||11||1||11.0 [+1.0]||$302,000||$157 [+64]|
||11||1||11.0 [+8.5]||$191,250||$97 [+21]|
For some overall numbers, the average price per sf in south Durham was $112 per sf [down $11 from June] with the priciest neighborhoods being The Oaks [1 sale at $225 per sf], Villas At Culp Arbor [1 sale at $183 per sf], Davis Park and Blenheim woods [each with 1 sale at $175 per sf]. The lowest neighborhoods were Forest View [1 sale at $42 per sf], Hickory Downs [1 sale at $45 per sf], and Cedar Valley [1 sale at $51 per sf]
Just like July, August did what we expected – a slow steady decline as we taper off from the summer selling season into the Fall and Winter. Available listings and closed sales are declining in proportion, which implies the overall market is pretty stable. Neighborhood data is all over the place, but that is also to be expected as we drop to a handful of sales in most communities.
September normally is a turning point in the annual cycle. With the days becoming shorter, and children in school, fewer buyers are in the market. Some sellers begin to consider taking their home off the market during the Holiday season. That is still, however, several weeks away – more than enough time to get a home on the market and sold if that is your plan. If you are considering buying or selling a home this year, please send me an email and we can show you some amazing things about this year’s market. See you in October.