google-site-verification: google46218b2b88de4bbc.html 2010 November | Bull City Real Estate

Bull City Real Estate

Real Estate in Durham with Sidetrips to Chapel Hill and elsewhere in the Triangle

Archive for November, 2010

* Durham, Raleigh, Chapel Hill – What’s the Difference?

Saturday, November 27th, 2010

Recently, I was working with someone moving to the Triangle who asked me “How would you describe the three cities of the Triangle? And why do you prefer Durham to Chapel Hill and Raleigh?” It’s a good question, as each city has a different personality and character. Here is what I told her.

First of all, Raleigh is our “big city.” It is the largest city of the Triangle in the largest county in the area. It has just about everything, both good and bad, that a big city has — professional sports teams, several major concert/event venues, “good” and “bad” parts of town and so on. Raleigh also tends to compare itself to other larger cities (usually Charlotte), before looking at the other parts of the Triangle.

Chapel Hill, on the other hand, is the quintessential college town. It is much smaller than Raleigh or Durham [Chapel Hill is a quarter the size of Durham, and a sixth the size of Raleigh], and University of North Carolina is by far the town’s major employer. Much of the character of Chapel Hill is defined by the University and it’s student body.

Durham is the happy medium of those two extremes. It has a college town area, just like  Chapel Hill (except with a darker shade of blue). It has many of the features of a small town, such as a vibrant Farmers Market and strong annual city-wide festivals. Plus, it have many of the features of a larger city, including a first class performing arts center and a professional sports team.

So, in many ways, the Triangle is like the beds in Goldilocks’ story. Raleigh is big, Chapel Hill is small, and Durham is just right.

[Although what really makes the Triangle special, in my opinion, is that the big city, the mid-sized city and the college town usually work together to solve common problems. Sometimes that doesn't happen in more traditional city & suburb areas]

Photo credits: Doug Kerr, Ildar Sagdejev

* Happy Thanksgiving

Thursday, November 25th, 2010

All of us here at Bull City Real Estate wish each of you a Happy Thanksgiving. Please take a moment today to give thanks for both the food on your table, and the friends and family you get to share it with. We’ll see you after dinner.

* It’s Election Day, Go Vote!

Tuesday, November 2nd, 2010

Unless you have been under a rock for the past few weeks, you know today is election day in the United States. Locally, we have one Senator and our entire House delegation standing for election as well as many state and local elections. More than most, this election may be a turning point in determining the direction of both the real estate market and our nation as a whole. So find some time today and cast your ballot!

* October Housing Numbers for Woodcroft, Parkwood and Elsewhere in Durham

Monday, November 1st, 2010

It’s November — the nights are cooler, the leaves have turned, and thoughts start to turn from Halloween to Thanksgiving and Christmas. Were home sales in October closer to the treats of Thanksgiving dinner, or the tricks of Halloween? Let’s find out

For all of Durham County there were 2,349 homes listed for sale at the end of October – a drop of about two percent. 187 sales closed in October, an drop of about a percent. Using October figures, it would take 12.6 months to work through our current inventory which is an increase of one month.

For the 27713 zip code there were 490 homes listed at the end of October – exactly the same number as at the beginning of the month. Only 46 homes sold during October, a twenty percent increase. That combination moved the adsorption rate to 10.7 months – a drop of just over two months. It also ends the short streak of south Durham performing worse than the rest of the county and moves it back to the same position it
traditionally holds.

While the 27713 results are encouraging, both the local and county-wide numbers are significantly worse than a year ago [Durham: 8.2 months, 27713: 6.3 months]. Some of that is due to the Homebuyer’s Tax Credit, which was then set to expire at the end of November 2009 and would have improved numbers for 2009. More of it is probably due to the weaker economy of 2010 compared to 2009. In any case, it is clear that we have a way to go to get back to a healthy housing market.

Here’s the updated neighborhood information.

Total Available

Listings

Total Closed

Sales

Adsorption Rate

[in months]

Avg Sale Price
Woodcroft

72

7

10.3

[+0.5]

$163,464

94% of list price

Hope Valley Farms

62

3

20.7

[-0.3]

$210,000

94% of list price

Woodlake

18

0

N/A N/A
Parkwood

27

3

9.0 [-] $147,000 99% of list price
Chancellors Ridge

14

4

3.5 [-1.2] $233,444 97% of list price
Wynterfield 11 1 11.0 [+8.1] $119,000 98% of list price
Grandale 7 1 7.0 [-] $310,000 97% of list price
Audubon Park

10

0

N/A N/A
Colvard Farms

13

0

N/A N/A

Woodcroft was the star this month with almost double the sales of any other neighborhood. Chancellor’s Ridge also posted a second month of solid performance — perhaps it will become the new Audubon Park with several months of robust sales. Hope Valley Farms and Parkwood continued to post their usual number of sales with HVF continuing to have a high number of listings, which inflates its adsorption rate. Audubon Park and Colvard Farms both had a second consecutive month with no sales at all.

Neighborhoods to watch: Both Lochside and Southampton had three sales in October

As we noted last month, September/October is traditionally the start of the “slow season” in real estate. That should not be an excuse, as current sales numbers are a disappointment compared to 2009. It’s reasonable to suspect that both sales and listings will drop over the Holidays — hopefully both in relatively the same proportions. We’ll continue to follow and report the numbers here each month.

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