* May Housing Stats for Woodcroft, Parkwood and Elsewhere in Durham
OK, I admit it – I can’t come up with anything catchy for this intro. Let’s go straight to the numbers, shall we?
For all of Durham County there were 2,543 homes listed for sale at the end of May – almost exactly the same number as in April. 357 sales closed in May, an increase about 40%. That means that it would take 7.1 months like May to work through the current housing inventory. That’s a drop of 3 months, which is a great improvement.
For the 27713 zip code there were 561 homes listed at the end of May – a small drop from April. 109 homes sold during May, almost double April’s numbers. That huge increase in closings moved the adsorption rate to 5.1 months – a great move towards health in the housing market
Last month we talked about the effects of the Federal tax credit. As you probably know, homes had to be under contract by the end of April, and they have to close by the end of June. You could see the effects of that in the number of pending listings, which were very inflated at the end of April. Here’s what they looked like at the end of May.
- Durham County: 490 [April 657]
- 27713 area code: 112 [April 166]
As you can see, that “tax credit backlog” started to shrink in May as those transactions from late March and April started to close. The pending sales numbers seem to support June closings at about the same level as May, which will do a long to eat through the backlog of listings in some of our neighborhoods.
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 |
85 |
8 |
10.6
[-2.3] |
$166,588
98% of list price |
| Hope Valley Farms |
84 |
22 |
3.8
[-1.8] |
$205,277
98% of list price |
| Woodlake |
19 |
8 |
2.4
[-4.3] |
$231,613
98% of list price |
| Parkwood |
20 |
6 |
3.3
[-7.2] |
$148,483
99% of list price |
| Chancellors Ridge |
21 |
1 |
21
[+11.5] |
$315,589
99% of list price |
| Wynterfield | 22 | 2 | 11 | $144,170
98% of list price |
| Grandale | 9 | 0 | N/A | N/A |
| Wellington Forest | 5 | 2 | 2.5 | $315,000
97% of list price |
| Audubon Park |
3 |
5 |
0.6
[-1.4] |
$227,400
99% of list price |
| Colvard Farms |
13 |
3 |
4.3 | $833,333
96% of list price |
While most neighborhoods reflected the general improvement in the market, some are still struggling. Wynterfield in particular is seeing a slow recovery from the lows of last winter. Woodcroft is posting some stronger numbers, although the large number of homes on the market is still making the numbers look worse than they perhaps are. On the other hand, the other two mainstays of the South Durham market – Parkwood and Hope Valley Farms – have returned to the market strength one would expect of them. And Audubon Park posted improvement on
its impressive numbers of April – turnover there is less than a month!
The numbers show that June should be a solid month for real estate in Durham. We’re starting to see a decline in the number of homes available, which should bring more price stability to the housing market. There certainly will be some turbulence in July and August as we transition frm a market propped up be Federal intervention, but I’m optimistic that we can get through that. Either way, we’ll be here at the start of July to let you know how things are going.
Tags: housing stats
