NOVEMBER 2010 STATS
The statistics for November have just been released. In general, the month compared unfavorably with last year due to the first-time homebuyers scrambling to act in advance of the tax-credit expiration, which was initially set to expire on December 1st. November 2010 was also down versus statistics for the rest of 2010. That said, we’ve seen increased buyer activity in the past couple of weeks, and pending sales are up. For a break-down on the details for November:
**In Chapel Hill/Carrboro**, the number of listings are up 13.7% over last year, and up 15.5% year to date. Clearly there is more inventory. Closed sales fell 27.6% this November versus last, but overall are up 4.8% for the year versus last year. The percent of list price received at sale fell significantly month over month, from 97.6% in 11/09 to 94.8% in 11/10. Looking at the longer range, or the year to date, sales price versus list is at 96.4%. Days on market also rose substantially in November versus the same month last year, at 140 days versus 105. For the year, DOM is 114 days versus 97 for 2009.
**In Orange County** the number of listings is up 21.5% for the month, and up 15.1% for the year. Closed sales fell 16% in November versus November 09, and are flat for the year to date versus the year to date 2009. List to sales price fell to 95.2% for the month, and to 96.1% for the year to date. Days on market rose, to 119 for the month versus 101 in November 09, and to 108 for the year to date versus 92 in 2009.
**In Durham County**, the number of listings fell 12% for the month, and is up 9% for the year. Closed sales fell 43.7% for 11/10 versus 11/09. For the year, closed sales are off 7.8%. List to sales price fell to 96.1% for the month and 96.3% for the year to date. And days on market is up, to 104 for the month versus 91 in 11/09 and is flat for the year, at 88 DOM.
Showings were flat across the Triangle in 11/10 versus 11/09. However, broken down by price point, homes at or under $300,000 had a slight increase in showings versus November 2009, while homes about $300,000 saw a decline in showings. Viewed by area, Chapel Hill/Carrboro saw a 7% increase in showings in 11/10 versus 11/09. Durham saw a 22% increase in showings while Chatham County saw a 10% decline.
Subdivisions with the most showings: Fearrington, Southern Village, and Falconbridge.
The numbers must be looked at in perspective; the home buyers tax credit created a sense of urgency in the market to close by the initial deadline, however, the potential for some positive momentum after the holidays due to the stabilizing stock market and passage of the federal tax bill appears promising. In addition, as we see the threat of an increase in mortgage rates, we are anticipating buyers are going to make the smart move and buy at this, the best affordability index time!
I hope this information has been helpful. If you would like additional information, please do not hesitate to contact me either at SmartMove123@gmail.com or give a call at 919.225.1393.
Wishing you a wonderful holiday season, and looking forward to helping you in the New Year!
Christine
