Housing costs are expected to rise above 3 % , According to NAR Chief Economist, Laurence Yun, because of a  housing shortage two-thirds of the country is experiencing. Chapel Hill, NC  Real Estate, Durham, NC real estate and Hillsborough, NC real estate are following suit and could possibly realize a greater  percentage of increase! Short-Supply is the word of the day!

The 'Triangle Region" decreased 7.8 % in new home starts, but contracts were up 2.8 %. The most amazing figure of all is that  'inventory' fell 14.8 %! Condos and Townhomes lost the least amount of inventory - 8.1 %, but they are have the smallest supply on the market at 1.4 months supply. That means its a crazy seller market in this area!

 I am certainly in agreement with this figure. We recently listed two townhomes- 71 Fernwood Lane & 13 Quintin Place and both sold within the first 48 hours with multiple offers respectively!

Contracts were up in the Triangle 2.9 % as an area and the median price rose 9.3 % to $264,995. Day on market for the area was down 18.5 % to 2.2 months indicating a strong seller market and likelihood of multiple offers given inventory levels. Check out what Stacey Andfidsen from our local MLS had to say about activity in February and what his expectations are for the Spring market!

 

 

Market-wide inventory levels are down 14.8 %. Interested to know what local inventory looks like for March  2018? Here are some amazing stats!

Durham Inventory- South West Durham saw inventory decrease by 9.7 % in March of 2018 and a rise in the median sale price of 14.9 %but Central Durham remains the HOT TICKET! 48.8 % rise in the median sale price, decreasing  inventory  of 6.1 % means homes wont last and if your'ewanting to buy a home in Durham having someone on the lookout for the perfect property is crucial. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chapel Hill and Carrboro are equally H-O-T, HOT!- New listing are down 13.8 % meaning that there are many buyers for any potential home and multiple offers is a definite possibility for your well maintained- updated, and priced right home! Im seeing homes sell for AT LEAST 99.3 % of asking price if not more! Avg sale price is up in Chapel Hill to $406,398. and we have had an increase in closed home sales  of 24 % - which means that the snow didn't slow Chapel Hill home buyers much!

 

 

 

 

 

 

 

 

 

 

 

 

Hillsborough NC Homes for Sale also had a lively market in March. New inventory was actually up 11.9 %and asking price retention of 97% list to sale ratio is rather high for this historic enclave town and "County Seat"

 

 

 

 

 

Here are some other interesting facts if you happen to be a homeowner and are considering selling your home in Durham  Chapel Hill / Carrboro or Hillsborough:

  • Price ranges with the strongest sales were those  homes $309,000 or higher
  • Houses with the strongest sales had 4 bedrooms or more
  • Properties with the strongest sales were Town homes and Condos

The Federal Reserve raised interest rates by .25% in March citing concerns about inflation. Two more increases are expected this year which means borrowing money will be more expensive but with unemployment rates at 4.1% it seems the economy is prepared for this. What does this mean for home buyers? It could mean $60 dollars more per month for the avg priced home or $300 more per month for luxury properties.

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Masha Halpern and The Boutique Real Estate Team is your ultimate real estate resource for Chapel Hill, Durham, Carrboro and surrounding areas. Visit my website at www.MashaHalpern.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 points. Masha Halpern can be contacted for a private consultation by calling 919-414-0337 or by visiting www.MashaHalpern.com.