The Durham Regional Association of REALTORS® and The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the Durham housing market in November 2017. The data shown reflects information on properties located in Central, East, North and Southern Durham.
Quick Facts for Durham County November 2016 versus November 2017:
- New listings increased 7.4 percent to 363
- Under Contract Sales increased 2.1 percent 383
- Inventory levels fell 24.2 percent from 815 to 618 units
- Median Sales Price increased 8.1 percent to $240,000
- Days on Market reflected a decrease of 18.4 percent to 31 days
- Supply of Inventory was down 30.0 percent to 2.0 months from 1.4 months
Quick Facts for the Entire Triangle Region November 2016 versus November 2017:
- New Listings in the Triangle region decreased 1.6 percent to 2,835
- Under Contract Sales were up 10.4 percent to 3,038
- Inventory levels decreased 12.6 percent to 7,760 units
- Median Sales Price increased 8.1 percent to $254,000
- Days on Market was down 2.2 percent to 44 days
- Months Supply of Inventory was down 14.3 percent to 2.4 months
The facts of residential real estate have remained consistent in 2017. In year-over-year comparisons, the number of homes for sale has been fewer in most locales, and homes have been selling in fewer days for higher prices. This hasn’t always been true, but it has been a common enough storyline to make it an overarching trend for the year.
The primary housing storyline for the past two years remains the same. Demand is high, supply is low and interest rates have been steady. There are a few signs that indicate an increase in the number of homes for sale in 2018. For now, inventory remains low in most submarkets. For the 12-month period spanning December 2016 through November 2017. Under Contract Sales in Triangle area were up 5.0 percent overall. The price range with the largest gain in sales was the $309,000 or more range, where they increased 15.8 percent.
New tax legislation could have ramifications on housing. The White House believes that the tax reform bill will have a small impact on home prices, lowering them by less than 4 percent, and could conceivably boost homeownership. The National Association of REALTORS® has stated that eliminating the mortgage interest deduction could hurt housing, as the doubled standard deduction would reduce the desire to take out a mortgage and itemize the interest associated with it, thus reducing demand. This is a developing story.
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 November 2017: