I am happy to report that the 2009 Chapel Hill, Durham, Raleigh real estate market ended on a high note. Overall all, while the number of sales were down, they were down much less than the 25% decline we saw in 2008 and thankfully prices held their own.
The TARR Report showed the following for 4th Qtr 2009:
- Closed sales decline 10.6% (rather than 12% at the end of November),
- Median prices were up 1.2%,
- Average prices declined 1.2%, and
- Days on market increased from 83 to 93.
While it took longer to get homes sold, most houses did sell and prices did not drop significantly. I am pleased to see we continue to have a stable market, and take this as success in a difficult time. I am looking forward to a robust 2010 as businesses continue to move into The Research Triangle, and our economy begins to improve it will be continued improvement.
