March Housing Stats for Woodcroft, Parkwood and Elsewhere in Durham
We know that January and February were rough real estate months in Durham. I’ve predicted that March would be when we turned the corner. Let’s see if I’m right.
For all of Durham County there were 2,435 homes listed for sale at the end of March – an increase of almost 20%. 216 sales closed in March, which doubles the closings in February. That means that it would take 11.3 months like March to work through the current housing inventory. This brings us back much closer to a stable market — remember the rates for January and February were well into the teens – but we’re not quite there yet.
For the 27713 zip code there were 539 homes listed at the end of March – another 30% increase in listings. 50 homes sold during March, more than doubling sales in February. The combination of increased listings and increased closings puts the adsorption rate at 10.8 months — exactly half of the February total.
It’s worth noting again the staggering increase in total listings every month this year. Let’s put those numbers next to each other [county wide listings/27713 listings]
- July: 2,046/427
- December 1,774/286
- January: 1,896/335
- February: 2,070/410
- March: 2,435/539
So in February we already matched the inventory from the height of last summer, and March posted significant gains in both areas. Sales are there, so once we burn through the new listings flooding the market, things look promising. It’s certainly possible
that the jump in listings relates to the timing of the Federal tax credit — we’ll see how true that is over the next two months.
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 |
87 |
12 |
7.3 | $107,700 98% of list price |
| Hope Valley Farms |
75 |
1 |
75.0 | $262,000
99% of list price |
| Woodlake |
21 |
2 |
10.5 | $326,250 95% of list price |
| Parkwood |
19 |
3 |
6.3 | $135,383 86% of list price |
| Chancellors Ridge |
19 |
4 |
4.8 | $213,10098% of list price |
| Wynterfield | 18 | 0 | - | N/A |
| Grandale | 10 | 1 | 10.0 | $325,000 88% of list price |
| Wellington Forest | 5 | 0 | - | N/A |
| Audubon Park |
15 |
2 |
7.5 | $217,000 98% of list price |
| Colvard Farms |
12 |
0 |
- | N/A |
[As a side note, there are a lot of subdivisions with one listing. 82 different subdivisions in the 27713 area code have at least one listing]
As you can see, the rebound is uneven. Woodcroft and Parkwood, for example, have shown quite a rebound while Hope Valley Farms is still in the doldrums. I can’t believe, however, that will be a long term trend
Watch for the effects of the Federal tax credit to intensify over the next two months as buyers scramble to get a home under contract by the April 30 deadline. Expect to see the number of listings level off as it is almost too late to list now and sell before the credit expires. closings, however, will continue to rise through June, then level off for third quarter 2010.
Tags: housing stats
