On May 1st there were 2,094 homes available for sale in Durham County — an increase of 79 listings, or almost 4%. April saw 273 closings – a jump of a little more than 15%. Using April sales, we would sell our entire inventory of available homes in 7.7 months, which is an decline of another 0.6 months from March and about 3.5 months from the start of the year. By most people’s measure, Durham County would be considered a balanced market.

In South Durham 818 homes were listed for sale at the end of April – an increase of 16 homes, or about 2%. 110 sales closed in April, an increase of over 50%. This moves the adsorption rate back down to 7.4 months. Like the county as a whole, this shows south Durham as a balanced market

Here’s the updated neighborhood information.

For some overall numbers, the average in south Durham was $113 [and increase of $3/sf] per sf with the highest neighborhoods being Bleinheim Woods [1 sale at $163 per sf], The Valley [1 sale at $155 per sf], and Patterson Glen [1 sale at $151 per sf]. The lowest neighborhoods were Lowes Grove [1 sale at $46 per sf], Parkwood [2 sale at $63 per sf], and Brandon Ridge/Spring Hill [1 sales at $70 per sf]

Two things jumped out at me this month. First of all, the sale with the lowest price per square foot in April was still higher than any of the bottom three in March. This, combined with the drop in foreclosure properties so far in 2012,  implies that many of the true bargains were no longer available. That may or may not continue, but if it does, it is a good sign that the local market may be finding a floor.

The second thing is that almost all of our major neighborhoods showed strength in April. In fact, over half of them would be considered buyers markets, including the neighborhood with the largest volume – Woodcroft. this is a very promising sign for our local market and i look forward to seeing more good news here in June.

The problem child, however, is Parkwood. not only has Parkwood’s volume dropped considerably, the price per square foot is one of the lowest in south Durham. Some of this is caused by the larger number of distressed homes in Parkwood, some of it is caused by the advancing age of many homes in the neighborhood. I’ve been optimistic that Parkwood can overcome these challenges, but I must admit my faith is starting to fail. Hopefully we can see a rebound here over the next few months.

It’s getting pretty late in the homebuying season, but you can still take advantage of this year’s recovery. Whether you are buying or selling, making a move now may pay big dividends in the years to come. If you would like to hear more about where the market is heading, or just want to know what your own home is worth, please send me an email and we’ll gladly get started. See you in June.

This morning, there were 2,015 homes available for sale in Durham County — an increase of 244 listings, or almost 15%. March saw 244 closings – a jump of about 20%. Using March sales, we would sell our entire inventory of available homes in 8.3 months, which is an decline of another half-month from February and almost three months from the start of the year.

In South Durham 804 homes were listed for sale at the end of February – an increase of 162 homes, or about 24%. 72 sales closed in February, an increase of 7 closings. This moves the adsorption rate up to 11.2 months.

Durham as a whole kept up its torrid pace with solid increases on both listings and sales. In fact, it is pretty likely at this point that the county-wide market might actually be in balance for a large part of the summer. South Durham slipped a bit in that closings did not keep pace with the increased numbers of listings, but that could easily be a timing difference that will be fixed when we look at the April numbers. South Durham has a bad month here and there, but it has always snapped back.

Here’s the updated neighborhood information.

For some overall numbers, the average in south Durham was $110 [and increase of $5/sf] per sf with the highest neighborhoods being The Oaks [1 sale at $215 per sf], Chapelwood [1 sale at $194 per sf], and Southpoint Manor [1 sale at $154 per sf]. The lowest neighborhoods were Elliswood [1 sale at $35 per sf], Fisher Heights [1 sale at $37 per sf], and Lincoln Heights  [1 sales at $40 per sf]

One of the things that is striking about these numbers is how Woodcroft and Hope Valley Farms are re-establishing themselves as the centers of the south Durham market. Woodcroft saw it’s total listings jump by 25%, yet it still shows a balanced market as closed sales doubled. Hope Valley Farms total listings jumped by 35%, but total closings couldn’t keep up [HVF closings were sour in February as well, so there is some improvement just not enough to keep me happy]. Parkwood, the traditional third center, saw its listings more than double in March [from 12 to 22]. With these changes, it looks like the local market is starting to return to the patterns we saw prior to the market crash. That would indeed be good news

It is still not too late to be a part of the real estate turnaround. Whether you are buying or selling, preparation now will lead to opportunities for success later in the year. If you would like to hear more about where the market is heading, or just want to know what your own home is worth, please send me an email and we’ll gladly get started. See you in May.

This morning, there were 1,771 homes available for sale in Durham County — an increase of 123 listings, or about 7%. February saw 202 closings – a jump of almost 25%. Using February sales, we would sell our entire inventory of available homes in 8.8 months, which is an decline of 2.6 months from January.

In South Durham 642 homes were listed for sale at the end of February – an increase of 91 homes. 65 sales closed in February, an increase of 19 closings.  This moves the adsorption rate down to 9.9 months – back to November numbers.

Again we saw a steadily increasing tide of listings coming onto the market. What was surprising, and a good surprise at that, was that closed sales kept pace with the listing tide. By comparison February 2011′s countywide numbers were 2,186 listings, 136 closings and south Durham saw 848 listings and 37 closings. Fewer homes are on the market compared to last year, but more of them are selling, which makes it a good trend to see in our housing market

Here’s the updated neighborhood information.

For some overall numbers, the average in south Durham was $105 per sf with the highest neighborhoods being Blenheim Woods [1 sale at $173 per sf], The Oaks  [1 sale at $174 per sf], and Hope Valley West [1 sale at $170 per sf. The lowest neighborhoods were Forest View [1 sale at $26 per sf], University Estates [1 sale at $49 per sf], and Forestwood [1 sales at $61 per sf]

As we noted above, this is all a part of the normal (and somewhat stronger) real estate cycle. Everything we have seen points to a more stable real estate cycle in 2012. Listings will continue to come into the market for the next few months as more people try to time the Spring market. Closed sales will probably be even or slightly improved, but start to really pick up in April as the weather starts to turn.

Now is a good time to lay the foundations of your own real estate plans for 2012. Whether you are buying or selling, preparation now will lead to opportunities for success later in the year. If you would like to hear more about where the market is heading, or just want to know what your own home is worth, please send me an email and we’ll gladly get started. Have a good March.

This morning, there were 1,648 homes available for sale in Durham County — an increase of 31 listings. January saw 159 closings – a drop of 30 closings. Using January sales, we would sell our entire inventory of available homes in 10.4 months, which is an decline of almost two months from December.

In South Durham 551 homes were listed for sale at the end of January – an increase of 25 homes. 46 sales closed in January, which is a drop of six closings. This moves the adsorption rate up to 12.0 months – two months higher that it has been the last few months.

So what are we seeing here? Listings are up, but that is a natural effect of the new year. Remember all those people who pulled their home off the market “over the holidays?” Well, this is the first wave of them coming back into the market. Closings are down, but January closings went under contract in late November or early December – right in the middle of the Holidays. again, a natural swing in the market

Here’s the updated neighborhood information.

For some overall numbers, the average in south Durham was $109 per sf with the highest neighborhoods being Blenheim woods [1 sale at $186 per sf], Falconbridge [1 sale at $176 per sf], and Southpoint Manor [1 sale at $158 per sf]. The lowest neighborhoods were Archdale [1 sale at $38 per sf], Fisher Heights [1 sale at $30 per sf], and Villages of Cornwallis [1 sales at $48 per sf]

As we noted above, this is all a part of the normal real estate cycle. everything we have seen points to a more traditional real estate cycle in 2012. Listings will continue to come into the market for the next few months as more people try to time the Spring market. closed sales will probably be slow in February, but start to really pick up in March and April as the weather starts to turn.

Now is a good time to lay the foundations of your own real estate plans for 2012. Whether you are buying or selling, preparation now will lead to opportunities for success later in the year. If you would like to hear more about where the market is heading, or just want to know what your own home is worth, please send me an email and we’ll gladly get started.

Also, if you would like to learn more about how real estate investing can be a way to build wealth, please email me and we can run through the numbers. With prices down and interest rates low, this might be the best opportunity to use real estate to build your financial future.

In Durham, residents who need to dispose of trees should place them at the curb on their normally scheduled trash collection day. trees should be cut in pieces if they are taller than 6 feet, and should be free of ornaments, tinsel, etc. It may take several days after your normal trash day for your tree to be collected.

Alternately, trees may be brought to the City’s Waste Disposal & Recycling Center at 2115 E. Club Blvd., Monday through Friday, 7:30 a.m. to 4:30 p.m., and Saturday, 7:30 a.m. Through March 2, there will be no charge for Christmas trees dropped off at the Center. as a final option, trees may be brought to the City’s Paper Shredding and E-Waste Event on Saturday, January 14 from 8 a.m. to 2 p.m. in the Sears parking lot at Northgate Mall. For more information about this event, visit http://durhamnc.gov/Pages/NNDetails.aspx?detailId=35.

When the ball dropped this morning, there were 1,617 homes available for sale in Durham County — a drop of just over 200 listings and a decline of about 15% since November 1. Again, this is not surprising, as many people take their homes off the market over the holidays. December saw 189 closings – an increase of 16 closings, which takes us back to the closing numbers of two months ago. Using December sales, we would sell our entire inventory of available homes in 8.6 months, which is an improvement of almost two months from November’s stat.

In South Durham 526 homes were listed for sale at the end of December – a drop of 85 homes and a total decline of about 25% from November 1. 52 sales closed in December, which is a drop of nine closings and, again, a drop of about 25% from November’s data. those equal drops leave the adsorption rate unchanged at 10.0 months, which makes it basically unchanged for three months in a row. It also makes December one of those unusual months where south Durham underperforms the county as a whole.

Here’s the updated neighborhood information.

We’ve decided to track price per square foot in 2012 instead of sales price as a percentage of list price. For some overall numbers, the average in south Durham was $105 per sf with the highest neighborhoods being Villas at Culp Arbor [1 sale at $181 per sf], Windsor Commons [1 sale at $147 per sf], and Woodlake [1 sale at $133 per sf]. the lowest neighborhoods were Cedar Valley [1 foreclosure sold at $58 per sf], Darby Glen [1 sale at $74 per sf], and Stratford Lakes [3 sales at $89 per sf]

Again we saw a month of decent numbers showing both strength and the traditional winter declines. I’m hopeful that these figures for November and December signal that we have found a floor to build off of in 2012. January will probably show something similar, especially in the first half of the month, with more sellers starting to return to the market in the last half of January and into February. Weather might also have a role to play as a series of snow and ice events will move the numbers.

Now is a good time to lay the foundations of your own real estate plans for 2012. Whether you are buying or selling, preparation now will lead to opportunities for success later in the year. If you would like to hear more about where the market is heading, or just want to know what your own home is worth,  please send me an email and we’ll gladly get started. Happy New Year!

For all of Durham County there were 1,825 homes listed for sale at the end of November – a drop of just over 100 listings. October saw 173 contracts close, a drop of 17 closings. Using November figures, it would take 10.5 months to work through our current inventory, an increase of about 10 days from October.

In South Durham 611 homes were listed for sale at the end of November -  a drop of just over 10%. 61 sales closed in November, again a drop of about 10% from October. It would take 10 months like November to work our way through all the available homes, which is a drop of just under a week from October’s figure.

So, over the past two months, we’ve seen a steady drop in the number of listings and a slightly larger drop in the number of closings, which leaves the adsorption rate just about even. This is normal for the winter months. As long as the absorption rate stays fairly steady, our local housing market is steady. Of course, we’d prefer it to be steady at a lower number, but recovery has to start somewhere.

Here’s the updated neighborhood information, with some of our new neighborhoods.

Last month, we noted that the total closings were spread out among severalneighborhoods instead of concentrating in the “Big 3.” That was also true in November, but not quite to the same extent. Hope Valley Farms, in particular, saw a nice jump in closings to put it back into a more usual set of figures. Also worth noting is Keystone Crossing, which had 8 closings in November.

December tends to be a lot like November with a slow decline in listings and a decline in closings. honestly, I don’t expect the numbers to change much until about February when all the “hibernators” start to come back into the market

There are still good reasons for having a home on the market today, even with the colder weather and the smaller pool of [more serious] buyers. If you are interested in seeing how your home would fare on the market, or just want a larger home for the new year, please send me an email and we’ll gladly get started. Happy Holidays.

For all of Durham County there were 1,947 homes listed for sale at the end of October – a drop of almost 100 listings. October saw 190 contracts close, a drop of 19 closings. Using October figures, it would take 10.2 months to work through our current inventory, which is an increase of a half-month over the September figure.

In South Durham 686 homes were listed for sale at the end of October -  a drop of 29 listings. 67 sales closed in October, an increase of five closings from September. It would take 10.2 months like October to work our way through all the available homes, which is an improvement of 1.3 months from September’s figure

Here’s the updated neighborhood information, with some of our new neighborhoods.

[Random fact: The two sales in Woodcroft were both small condos - nothing else sold in Woodcroft in October]

So this month we saw a decent reduction in the number of listings, and a smaller reduction in closings [and an increase in S. Durham closings]. That isn’t entirely surprising, as some sellers started pulling their homes off the market in the last week of October. Those sellers have decided they don’t want to market their homes over the Holidays, but they will be back some January and February.Come next year when we are talking about a rush of new inventory in February, remember this.

[Oh, another piece of support for this -- on November 1st 115 listings expired. That was over 5% of the total listings available]

What is also worth noting is how spread out the closings were. In the past, we have seen the “Big Three” of Woodcroft, Hope Valley Farms and Parkwood with the lion’s share of closings, but that isn’t the case this month. In fact, the “Big 3″ this month were Parkwood [5], the Hills At Southpoint [4] and Chancellor’s Ridge/Woodlake/Wyndcross [all with 3].

New construction didn’t keep up the blistering pace of last month, but The Hills At Southpoint did have 4 closings, so it wasn’t completely dead either.

What’s up for November? Closings will drop significantly if for no other reason than the lack of business days available to close in. This happened in November and December of last year as well. Also, we can expect more sellers to pull their homes off the market and relist in 2012, which will dampen the impact of the lower closing numbers.

There are still good reasons for having a home on the market today, even with the colder weather and the smaller pool of [more serious] buyers. 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. Happy Thanksgiving.