The Durham Regional Association of REALTORS® and The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the Durham housing market in February 2017. The data shown reflects information on properties located in Central, East, North and Southern Durham.
Quick Facts for Durham County February 2016 versus February 2017:
- New listings decreased 2.6 percent to 420
- Inventory levels fell 25.3 percent from 801 to 598 units
- Median Sales Price increased 10.3 percent to $224,995
- Days on Market reflected decrease of 10.0 percent to 45 days
- Supply of Inventory was down 31.8 percent to 1.5 months from 2.2 months
Quick Facts for the Entire Triangle Region February 2016 versus February 2017:
- New Listings in the Triangle region increased 7.2 percent to 3,772
- Under Contract Sales were up 7.5 percent to 2,213
- Inventory levels fell 12.4 percent to 7,383 units
- Prices continued to gain traction. The Median Sales Price increased 6.7 percent to $231,625
- Days on Market was down 16.4 percent to 56 days
- Sellers were encouraged as Months Supply of Inventory was down 20.0 percent to 2.4 months
The start of the year ushered in a wave of good news about a hot stock market, higher wages and an active home sales environment. At the same time, housing prices have continued to rise, and the low inventory situation and affordability crunch has been particularly hard on first-time buyers struggling to get into the market. Nevertheless, buyer activity is easily outpacing seller activity in much of the country, culminating in relatively quick sales and low supply. Demand definitely remained strong this month.
New Listings in the Triangle region increased 7.2 percent to 3,772. Under Contract Sales were up 6.8 percent to 3,249. Inventory levels fell 12.4 percent to 7,383 units. Prices continued to gain traction. The Median Sales Price increased 6.7 percent to $231,625. Days on Market was down 16.4 percent to 56 days. Sellers were encouraged as Months Supply of Inventory was down 20.0 percent to 2.4 months.
Unemployment has reached pre-recession levels, and Americans remain optimistic about finding quality employment. This matters because job growth and higher paychecks fuel home purchases. Unfortunately, that won’t matter for potential buyers if price appreciation outpaces income growth and if mortgage rates continue their upward trend. Sellers are getting a generous number of offers in this market. The worry for sellers then becomes that there will not be a generous number of homes to choose from when they become buyers.
Source: Triangle Multiple Listing Services
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing over 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Local market reports for February 2017: