Factors that helped spur a widespread real estate market recovery in our Chapel Hill, Durham, & Raleigh Real Estate Sales will most likely continue in 2014 - although at a more moderate pace - say experts. That's a great thing since the market is returning to a stable, healthy state. 

Area appraisers, local newspapers, and our local MLS are reporting between 11% -14% rise in home sales from January 2014 over this same time in January 2013. No one is expecting the Triangle housing market to have another year like 2013 which saw a 24% increase in home sales ( mostly due to pent up demand ). Most expect double digits to continue to occur but decrease as the year progresses.

Any idea why that would occur? Our local job growth has been growing at 2-3% and that doesn't make an easy correlation to high double digit home sale growth. We need more jobs to spur on home sales, and frankly, we as Chapel Hill Real Estate Brokers or Durham Real Estate Brokers have had a low inventory of resale homes to sell. Until recently even New Homes in Chapel Hill and Durham, ( Raleigh and Cary too ) have been very limited. The good news is new home construction is picking up and that means more inventory to sell! 

There were just 6,435 homes for sale at the end of January in Durham, Orange, Wake and Johnston counties. That is down 16% since October and off 7% from the same time last year.  What does that mean to you and me as your  Realtor, buyer?  Lack of inventory means homes are more desirable when they are priced right and in good condition; they sell fast and oftentimes with competing offers. What does that mean for me as your Realtor, seller ? They sell for more and they sell faster! In fact, the avg home in the Triangle sold 23 days faster ( 85 avg days on the market ) than one year ago ( 115 D.O.M )! Prices will rise and eventually more sellers in Durham, or sellers in Chapel Hill, will offer their homes for sale.

One last note about inventory, Pending home sales were down 1% & showings were down in January by similar numbers. This is the first time in 31 months that we saw any decline in contract homes for sale. Local Appraiser Stacey Anfindsen attributes this partly to lack of inventory, but notes our recent extended inclement weather ( yes, the SNOW, beautiful as it is ), kept buyers and their Realtor- Brokers from actually touring homes and deciding which ones to buy! Now that the weather is giving us something more palatable - although still cold temps - we should see more showing activity in the coming weeks.

 

 

 

 

Here are some figures of interest noted by Anfindsen:

  • January 2013-2014 inventory of homes dropped 9%
  • Closed Sales ( SOLD ) between 11-14% in January; up 24% from 2013!
  • New Construction sales increased 11.5%
  • 1% increase in new listings for sale on the market
  • Expired and Withdrawn listings down for the last 3 years!
  • Pending sales had 31 months of increase but were down 1.3% in January
  • HOMES SOLD FASTER IN JANUARY  ( 23 DAYS FASTER ) than one year ago.

The reality is, the market really NEEDS more homes to sell to home buyers this spring!  Many of my clients are waiting for homes to come on the market so they can buy a home. At the same time many of my sellers are waiting to sell their home for the spring market to 'hit'. What I would say is " It's Here, Let's Sell and Buy" ! If you would find a personal conversation about your real estate plans useful, it would be my pleasure to speak with you.

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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 Hill & 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.