Chapel Hill, Durham, Raleigh Real Estate Sales Report Low Inventory and moderate price increases in First Quarter!

Chapel Hill, Durham, Raleigh Real Estate Sales Report Low Inventory and moderate price increases in First Quarter!

News resources are reporting what I am seeing "on the ground." Chapel Hill, Durham and Raleigh Real Estate has a home shortage; but when a good home comes on the market, it sells fast and sometimes for over list price with multiple bidders.

Buyers who were put off from their home purchase plans in January and February due to weather came out in big numbers in March and purchased homes that were priced to sell and in move-in condition! 

Location played a factor as many younger buyers are trending towards conveniences of city vs suburban lifestyle; but home sales rose - and that's a good sign - even if we are about a month behind due to inclement weather.

Finding a new home hasn't been easy and with historically low levels ( down 7% from last year and 46% from four years ago ) it's left many puzzled and asking, "Why aren't more houses coming on the market? In a typical market, the law of supply and demand says increasing demand would lead to rising prices, which would in turn entice more homeowners to put their homes on the market for sale.  But it's not happening...or at least not as fast as we would expect for this time of year. Why?

Well, I alluded to one reason earlier, younger buyers preferring more city life conveniences to suburban neighborhoods. Homes like our listing at 411 Fairoaks Circle that's convenient to downtown Chapel Hill sell faster!

Some Chapel Hill homeowners and Durham homeowners may have purchased when the market was more inflated and aren't willing to sell unless they break even or realize a profit. Most price measurements put the areas annual appreciation between 3-6%, which means some homeowners may consider selling their home, but not for a few more years.

For sellers, the market looks different post-'bubble.' Mortgages for buyers are harder to obtain which can mean less purchasing power for buyers. This means buyers are looking at more affordably-priced homes to buy- and that lack of purchasing power has helped keep prices lower. Many sellers are opting to wait. But there are some great finds out there! Take a look at our listing at 4310 Hope Valley Rd - it offers space and a great design!

Lack of purchasing power also means homes that sell are more move-in ready than not. Buyers simply can't afford to buy and fix up a home in this market. Some sellers are considering investing in their home with updates to entice buyers to their home.

New home construction sales are also down in the first quarter, mostly because of less speculative building - or spec homes - on the market. Our local markets are down to a quarter of homes available for sale when new home sales used to account for as much as 1/3 of the market share.

So where is the good news? It is in some of the numbers that appraiser, Stacey Anfidsen, discusses in his quarterly review.  Inventory is down 3% from last year at this time but up 6% from last month. Weather!. People hate to drive in snow! Pending sales were down 2% from last year but up 35% since in March! Yes, once it warmed up, buyers came out and bought a home!  They did it quickly too! Average Day on Market dropped from 112 to 85 days in March.

Click below to hear his comments.

One bit of good news Stacey notes in his message this month - our market is about 4-6 weeks behind where it normally would be in terms of activity... so maybe that means more buyers will be looking later in to the year... allowing more home sellers to sell their home in 2014!

 

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Masha Halpern and The Smart Move Team is your ultimate real estate resource for Chapel HillDurhamCarrboro and surrounding areas. Visit my website at www.TheSmartMoveTeam.com for detailed information regarding today’s real estate markets.

Masha is a certified member of The Luxury Home Marketing Institute, participates in its annual Leaders in Luxury Conference, and works with The Institute’s thousands of members worldwide to share information about current listings.

Masha is also a certified member of Keller Williams Luxury International and is Chapel Hil & Durham's EXCLUSIVE  member of Cyber Stars International – Top Realtors Using Technology – a group dedicated to taking the best and latest technological advances and applying them to real estate advertising and marketing for her clients in all price pointsMasha Halpern can be contacted for a private consultation by calling 919-414-0337 or by visiting www.TheSmartMoveTeam.com.

 
 
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Masha Halpern - Boutique Real Estate
Keller Williams Realty
101 Cosgrove Avenue, Suite 200
Chapel Hill NC 27514
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Masha Halpern of Keller Williams Realty provides real estate services in the Chapel Hill, Carrboro and Durham, North Carolina area including real estate services for buyer, sellers and those relocating to the surrounding areas of Apex, Bahama,Cary, Efland, Hillsborough, Holly Springs, Mebane, Raleigh, and Wake Forest. Search for homes in Chapel Hill, Carrboro, Durham or the surrounding communities.  Request a market analysis for your North Carolina property.  I list and sell residential real estate, investment property, vacant land, lots for sale in Chapel Hill, Carrboro and Durham, North Carolina area.

Chapel Hill, Carrboro and Durham, North Carolina real estate and homes for sale in North Carolina - Masha Halpern & The Smart Move Team