Durham Home Sales Report for November
November originally was the end of the First Time Homebuyer Tax Credit. Did the approaching deadline [which was moved to April 30] spur sales during the month of November? Let’s see what the numbers say.
For all of Durham County there were 1819 houses listed at the end of November. 231 sales closed in November, so at that pace the currently available inventory would be sold in 7.8 months. There was 8.2 months of inventory at the end of October, so it appears that overall Durham market has stabilized a bit.
For the 27713 area code there were 322 homes listed at the end of November. 64 homes sold during November, so the current listings would be sold through in 5.0 months. This is an improvement of 1.3 months of inventory compared to October’s numbers and moves South Durham into the buyer’s market column again. We’ll have to see how long it can stay there.
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 |
43 |
16 |
2.7 | $151,631 98% of list price |
| Hope Valley Farms |
41 |
10 |
4.1 | $183,450 98% of list price |
| Woodlake |
5 |
2 |
2.5 | $237,000 97% of list price |
| Parkwood |
16 |
7 |
2.2 | $136,900 99% of list price |
| Chancellors Ridge |
10 |
3 |
3.3 | $235,167 99% of list price |
| Wynterfield | 16 | 3 | 5.3 | $157,300 98% of list price |
| Colvard Farms |
12 |
1 |
12.0 | $865,000 96% of list price |
As you can see the improvement in sales was across the board. Even Woodcroft got into the act — finally posting the recovery I predicted two months ago
What’s in the crystal ball for December? I expect the numbers to decline a bit for several reasons. First of all, the extension of the Federal tax credit means many people will not be thinking of house shopping until well after the New Year. Secondly, the Christmas holiday means there are fewer business days in December. Fewer business days equals fewer closings. So I expect a big drop in December, a slight recovery in January and continued improvement going into 2010. Durham has always been a market that showed slow and steady improvements – I’m pretty sure that won’t change now.
[Data for this post was pulled from the Triangle Multiple Listing Service on December 1 at about 7:00 AM]
Tags: housing stats
