* March Housing Stats for Woodcroft, Hope Valley Farms and Elsewhere in Durham
Friday, April 1st, 2011March Madness ended for most people last weekend with losses by Duke and UNC. Did March’s housing numbers fall like the Tar Heels and Blue Devils? It’s a complicated picture, but I think you will like what you see.
For all of Durham County there were 2,527 homes listed for sale at the end of March – an increase of 15%. 188 sales closed in March, an increase of 38%. Using March figures, it would take 13.4 months to work through our current inventory which is a decline of 2.7 months [and takes us back to January's adsorption rate].
In South Durham (*) 1030 homes were listed for sale at the end of March – an increase of 21% [and a 35% total increase from January]. 69 sales closed in March, an increase of 86%. It would take 14.9 months like March to work our way through all the available homes, a decline of 8 months, which again takes us back to about January’s number.
Last month we talked about how buyers and sellers both entered the market in February, but buyers take a month to show up in stats. That is exactly what we are seeing here. The number of closings dramatically increased in March, which improved the numbers despite an enormous number of homes coming on the market.
I would expect something similar in April’s numbers. The number of new listings should start to moderate as the “Spring surge” starts to end. sales numbers, however, continue to remain strong as the buyers who started to come out in February and March continue to find and buy homes.
Here’s the updated neighborhood information, with some of our new neighborhoods.
| Total Available Listings | Total Closed Sales | Adsorption Rate [in months] | Avg Sale Price | |
| Woodcroft | 100 | 6 | 16.7 [-21.3] | $159,167 99% of list price |
| Hope Valley Farms | 94 | 6 | 15.7 [-8.3] | $165,875 97% of list price |
| Woodlake | 34 | 2 | 17 [+5.5] | 200,450 97% of list price |
| Parkwood | 32 | 2 | 16 | 133,250 99% of list price |
| Chancellors Ridge | 32 | 0 | N/A | N/A |
| Grandale | 7 | 1 | 7.0 [+1.0] | $274,000 98% of list price |
| Audubon Park | 12 | 1 | 12 | 200,000 98% of list price |
| Falconbridge | 20 | 3 | 6.7 | 277,633 98% of list price |
| Marydell Estates | 4 | 1 | 4 | $266,362 89% of list price |
As noted above, the number of new listings in some neighborhoods is truly staggering — Woodcroft +24 and Hope Valley Farms +22 being the big standouts. This is also the second month in a row that saw no closings in Chancellor’s Ridge [although 10 new listings came in]. Also, those of you who remember how Audubon Park homes were selling like hotcakes last summer — well,
2011 has not seen the same sales figures.
One important thing to take away from these numbers is that homes are still selling in south Durham. If you are interested in seeing how your home would fare on the market, or just want to see some of the homes available, please send me an email and we’ll gladly get started. See you in May.
