If you are interested in Buying or Selling a home in the Chapel Hill real estate market, the Durham real estate market, the Carrboro real estate market or surrounding areas in the Triangle, this website has a wealth of information that will be important and helpful.
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Triangle Market Update for End of Year 2016
Trend for the Year
Decrease in Inventory
Increase in sales
Increase in average house prices
Decrease in Days on Market
The last 2 years (2014 and 2015) have been like this too.
For the first time since reporting, the inventory for the Triangle is below 5000
Down 12% from December 2015
Down 10% from November 2016
Up 5% over year 2015
Some listings going under contract before they can count as active
50-60% of Resale went under contract or closed the same month
Showings up 5% over year 2015
Our market peaks in March
Average List Price peaks in May
Peaks in June
Annual Closed Sales up 10% over 2015
Resale Closings up 7%
Overall average price is $297,400 and peaked in June
Average resale price is $281,000 and peaked in June
Average Closed Price overall up 5% from year 2015
Average Closed Price resale up 6% from year 2015
65-75% of houses that closed had some type of seller concession (closing costs or repairs)
66% of Resale had Days on Market between 1-30 days
17% of Resales sold over final list price reason being is Demand
The Sweet Spot price in the market is $150,000 - $200,000
Average New Home Price $343,000
Most Resale Market won't have competition from New Construction.