* June Housing Stats For Woodcroft, Parkwood and Elsewhere in Durham
It’s the 1st of July — where did the first half of the year go? In any case, the sun is [really] out, so let’s see if it heated up the real estate market.
For all of Durham County there were 2,506 homes listed for sale at the end of June – again within a percent or so of last month. 468 sales closed in June, another increase about 30%. That means that it would take 5.3 months like June to work through the current housing inventory. That’s a drop of almost two months, another great improvement going into the summer.
For the 27713 zip code there were 528 homes listed at the end of June – another roughly 5% drop from May. 128 homes sold during May, an increase of close to 20%s. That huge increase in closings moved the adsorption rate to 4.1 months – another drop of a month.
Now for the bad news. As you know if you read these posts regularly, I believe a lot of the sales over the April – June period were driven by the Federal tax credit [which appears like it will be extended to allows closings past June 30]. To attempt to get a handle on that, we’ve been tracking the number of pending listings, most of which should close in the next 60 days. Here’s the new set of those numbers;
| April | May | June | |
| Durham County | 657 | 490 | 318 |
| 27713 area code: | 166 | 112 | 60 |
In each successive month, the number of pendings has dropped significantly. Based on the pending sales as of 7/1, I would predict that closed sales will drop about 25 percent city-wide in July and possibly even farther in south Durham. On the other hand, a drop of even 25% would only put everything back in balance, so it’s not all doom and gloom either.
Speaking of neighborhoods, here are the ones we look at each month.
| Total Available
Listings |
Total Closed
Sales |
Adsorption Rate
[in months] |
Avg Sale Price | |
| Woodcroft |
77 |
25 |
3.1
[-7.5] |
$194,290
98% of list price |
| Hope Valley Farms |
74 |
20 |
3.7
[-0.1] |
$189,910
98% of list price |
| Woodlake |
21 |
8 |
2.6
[+0.2] |
$235,344
99% of list price |
| Parkwood |
23 |
7 |
3.3
[0.0] |
$127,371
98% of list price |
| Chancellors Ridge |
16 |
7 |
2.3
[-18.7] |
$256,429
96% of list price |
| Wynterfield | 24 | 1 | 24.0 [+13] | $168,000
97% of list price |
| Grandale | 9 | 3 | 3.0 | $358,933
95% of list price |
| Wellington Forest | 6 | 0 | N/A | N/A |
| Audubon Park |
10 |
6 |
1.7
[+1.1] |
$227,400
98% of list price |
| Colvard Farms |
10 |
0 |
N/A | N/A |
Many neighborhoods were able to take part in the strong sales in June — especially Woodcroft and Hope Valley Farms. As we all know, the housing market in south Durham is largely defined by those two subdivisions. Wynterfield contines to be the “problem child” with sluggish sales continuing in June. On the other end, Audubon Park continues its amazing run of strong months. Apparently no one told them the housing market collapsed a couple years ago.
As I noted above, I believe this may be the high-water month for the 2010 real estate market. The Federal tax credit did a great job of pulling sales from the latter half to 2010 into the second quarter. the real question now may be whether that is a short-term dip, or a larger problem. Either way, we’ll be here reporting on it next month.
Tags: housing stats
