April Housing Stats for Woodcroft, Parkwood and Elsewhere in Durham
April is when flowers start to bloom, home buyers come out in force, and the $8,000 Federal tax credit expired. Which of those had more of an effect on the market?
For all of Durham County there were 2,551 homes listed for sale at the end of April – an increase of almost 5%. 251 sales closed in April, which is an increase of about 20%. That means that it would take 10.1 months like April to work through the current housing inventory. That a drop of 1.2 months — another step towards a stable market
For the 27713 zip code there were 579 homes listed at the end of April – an increase of just over 5%. 58 homes sold during March, a 16% increase. The combination of increased listings and increased closings puts the adsorption rate at 10.0 months – another small step as the market firms up.
With the Federal Tax Credit expiring at the end of April, it might be worth looking at the number of homes sales pending at the end of the month. That should give us some idea of the number of transactions we’ll see in May and June. It’s not perfect — some of these will not close until later in the year, others will fall out of contract and not close at all. Nonetheless, here are the current numbers
- Durham County: 657
- 27713 area code: 166
Those are both pretty solid numbers and a cause for some optimism heading into summer.
Here’s a look at the communities we’re tracking. If you would like to see data from your community, please let us know in the comments.
| Total Available Listings |
Total Closed Sales |
Adsorption Rate | Avg Sale Price | |
| Woodcroft |
90 |
7 |
12.9 | $162,214 99% of list price |
| Hope Valley Farms |
79 |
14 |
5.6 | $184,429
98% of list price |
| Woodlake |
20 |
3 |
6.7 | $210,633 98% of list price |
| Parkwood |
21 |
2 |
10.5 | $159,500 97% of list price |
| Chancellors Ridge |
19 |
2 |
9.5 | $313,750 99% of list price |
| Wynterfield | 24 | 0 | - | N/A |
| Grandale | 9 | 3 | 3.0 | $287,000 96% of list price |
| Wellington Forest | 6 | 0 | - | N/A |
| Audubon Park |
2 |
1 |
2.0 | $192,000 98% of list price |
| Colvard Farms |
13 |
0 |
- | N/A |
On a neighborhood level, recovery is still uneven. Hope valley Farms backed down from the March numbers, while Woodcroft and Parkwood both took a small step back. I should also note that this is the second month without sales for Wynterfield, Wellington Forest and Colvard Farms.
Like I said last month, I still believe this will be a fairly solid summer for real estate. The tax credit will continue to power sales until the end of June [qualifying sales must close by June 30], and that momentum should drive us through the end of the 2010 selling season. To find out if I’m right, watch these pages.
Tags: housing stats
