The Durham Regional Association of REALTORS® and The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the Durham housing market in September 2017. The data shown reflects information on properties located in Central, East, North and Southern Durham.
Quick Facts for Durham County September 2016 versus September 2017:
- New listings decreased 1.2 percent to 475
- Under Contract Sales stayed level at 389
- Inventory levels fell 23.5 percent from 909 to 695 units
- Median Sales Price increased 11.9 percent to $226,583
- Days on Market reflected decrease of 23.5 percent to 28 days
- Supply of Inventory was down 26.1 percent to 1.7 months from 2.3 months
Quick Facts for the Entire Triangle Region September 2016 versus September 2017:
- New Listings in the Triangle region decreased 0.8 percent to 3,000
- Under Contract Sales were up 0.2 percent to 3,205
- Inventory levels fell 12.9 percent to 8,516 units
- Median Sales Price increased 5.9 percent to $245,788
- Days on Market was down 4.5 percent to 42 days
- Months Supply of Inventory was down 18.8 percent to 2.6 months
Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.
Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.
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 September 2017: