The Durham Regional Association of REALTORS® and The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the Durham housing market in March 2017. The data shown reflects information on properties located in Central, East, North and Southern Durham.
Quick Facts for Durham County March 2016 versus March 2017:
- New listings increased 2.1 percent to 676
- Inventory levels fell 22.0 percent from 877 to 684 units
- Median Sales Price increased 9.0 percent to $220,000
- Days on Market reflected decrease of 30.4 percent to 39 days
- Supply of Inventory was down 29.2 percent to 2.4 months from 1.7 months
Quick Facts for the Entire Triangle Region March 2016 versus March 2017:
- New Listings in the Triangle region increased 7.0 percent to 5,215
- Under Contract Sales were up 14.4 percent to 3,353
- Inventory levels fell 12.4 percent to 7,900 units
- Prices continued to gain traction. The Median Sales Price increased 7.1 percent to $242,500
- Days on Market was down 20.3 percent to 51 days
- Sellers were encouraged as Months Supply of Inventory was down 19.4 percent to 2.5 months
We can comfortably consider the first quarter to have been a good start for residential real estate in 2017. There was certainly plenty to worry over when the year began. Aside from new national leadership in Washington, DC, and the policy shifts that can occur during such transitions, there was also the matter of continuous low housing supply, steadily rising mortgage rates and ever increasing home prices. Nevertheless, sales have held their own in year-overyear comparisons and should improve during the busiest months of the real estate sales cycle.
New Listings in the Triangle region increased 7.0 percent to 5,215. Under Contract Sales were up 11.2 percent to 4,178. Inventory levels fell 12.4 percent to 7,900 units. Prices continued to gain traction. The Median Sales Price increased 7.1 percent to $242,500. Days on Market was down 20.3 percent to 51 days. Sellers were encouraged as Months Supply of Inventory was down 19.4 percent to 2.5 months.
The U.S. economy has improved for several quarters in a row, which has helped wage growth and retail consumption increase in year-over-year comparisons. Couple that with an unemployment rate that has been holding steady or dropping both nationally and in many localities, and consumer confidence is on the rise. As the economy improves, home sales tend to go up. It isn’t much more complex than that right now. Rising mortgage rates could slow growth eventually, but rate increases should be thought of as little more than a byproduct of a stronger economy and stronger demand.
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 March 2017: