1st Qtr 2009 Residential Sales in the Chapel Hill/Carrboro School District
What is going on in the Chapel Hill/Carrboro school district?
First quarter closings were down 42% compared to 1Q/08. The average sales price increased 11% to $433,000 and the median sales price increased 7% to $322,000.
What is happening with inventory?
Overall inventory decreased 6%, re-sale inventory increased 2% and new home inventory increased 17% compared to inventory levels at the end of 1Q/08. The average days on market for the active listings are 135 compared to the 105 day average at the end of 1Q/08. The number of sellers who have dropped list price from original list has increased to 355 from 306.
Are more choices producing more contracts?
The answer is still a resounding no. Contract pending levels for the county were off 35% compared to 1Q/08. This mirrors the trend seen in other counties in the Triangle. TMLS contract pending sales for the quarter were off 28%.
What is happening with closed sales?
There were 166 closings posted during the quarter, a decrease of 27% compared to 1Q/08.
How long is it taking for homes to sell?
The average days on market for homes that closed during the quarter was 109 days. The average at the end of 1Q/08 was 81 days. The average days on market for resale homes were 99 and the average for new homes was 146. The overall TMLS average has been 103 days.
How does the current supply compare with other areas in the Triangle?
The current supply based upon first quarter closings is 17 months, an increase from the 12 month supply seen at the end of 1Q/08. The current supply of housing located in the four main counties of Durham, Orange, Johnston and Wake is 10 months.
Give me some numbers
The average list price is $476,000, an increase of 4% compared to the average at the end of 1Q/08.
The average sold price was $336,700, up 8% compared to 1Q/08.
Where are people buying?
Meadowmont, Winrock and High Rock Village were the top sellers during the quarter. The average sales price per square foot was $139.59 and the average sales price/list price ratio was 95.45%.
