November Housing Stats for Woodcroft, Hope Valley Farms, Parkwood And Elsewhere In Durham
It’s Christmastime. Our tree went up earlier this week, and is slowly filling with presents. Will November’s housing numbers be a great present? Or will it be the coal in Durham’s stocking? Let’s take a look
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.
| Total Available Listings | Total Closed Sales | Adsorption Rate [in months] | Avg Sale Price | |
| Woodcroft | 49 | 3 | 6.3 [-10.2] | $167,433 95% of list price |
| Hope Valley Farms | 53 | 6 | 8.8 [-20.2] | $165,167 97% of list price |
| Woodlake | 10 | 1 | 10.0 [+3.5] | $219,000 97% of list price |
| Parkwood | 20 | 3 | 6.6 [+3.3] | $101,667 95% of list price |
| Chancellors Ridge | 11 | 2 | 5.5 [+1.5] | $249,950 98% of list price |
| Grandale | 3 | 0 | N/A | N/A |
| Audubon Park | 14 | 1 | 14.0 | $175,000 95% of list price |
| Falconbridge | 8 | 2 | 4.0 [-7.0] | $197,500 95% of list price |
| Fairfield | 11 | 0 | N/A | N/A |
| Lochside | 6 | 0 | N/A | N/A |
| Marydell Estates | 2 | 0 | N/A | N/A |
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.
