Walk into any Berkshire Hathaway HomeServices York Simpson Underwood Realty office in the Triangle these days, and you’re apt to hear the sound of agents bidding on behalf of clients. The Durham office, led by Broker in Charge and long-time Durham 2.0 member, Tracey Goetz is no exception. “Our housing inventory levels in Durham County are at their lowest in years, and that increases the opportunities for sellers at all price points,” she said.
According to the Triangle Area Residential Realty Report (TARR), there were 895 active listings at the end of the fourth quarter/2014. That’s a 17% decrease compared to the same quarter the year before, and the decrease has continued in 2015. Meanwhile, new home closings were up 28% in Durham, with a three month supply of housing on the market.
Here are a few more interesting stats for Durham’s housing scene:
- The Woodcroft neighborhood had the most interest with the highest number of showings in 2014. Hope Valley Farms was a close second.
- South Durham had the highest number of closings in 2014 (1,618), with East Durham coming in second (932); North Durham coming in third (745), and Central Durham fourth (729).
- Average days on the market in Durham were significantly down in 2014 at 65 VS a peak of 124 in 2011 and 75 days for the same period in 2013. (Cue the bidding…)
- The average sales price at the end of 2014 was $211,600 – up from $196,000 in 2013. (Cue the bidding again…)
- The average list price per square foot has increased 3%…appreciation is starting.
- The number of “distressed listings” decreased 32%…foreclosure overall is on the downswing.
Goetz says she expects the heated market to continue well through spring, and says everyone is keeping a close eye on a possible interest rate hike in June. “We haven’t seen this combination of low inventory and higher sales prices since 2007,” she said. “It’s time to put your house on the market in Durham!”