Raleigh Relocation Information
North Durham NC Inventory Dropping Dramatically
Almost 1/4 Less Than Last Year - Selections Thinning
First Quarter statistics are in for Durham County - and the results might be surprising.
If you've been searching for your next home in Durham NC, you may have thought the selection was a little thinner. You're right. Inventory is dropping dramatically from last year, and the best homes at the best prices are sometimes only available for a few days.
North Durham Shows Significant Reduction in Lower Price Points
Here's the available inventory levels by price point in North Durham. As you can see, all price points below $500K show much lower inventory levels than last year.
Not only that, but New Construction sales in Durham have significantly INCREASED in the first quarter. New Construction in Durham is up 48.7%, with 171 unit sales in 1Q 2009, versus 115 unit sales in 1Q 2008.
Where is Inventory Decreasing Most Rapidly in North Durham?
The most significant inventory drops actually occured in the $300-$399K, $400-499K, and $800-899K price points.
Surprising, since first time homebuyers have been increasing in the market - would have thought the lowest price buckets would see the highest inventory declines.
But this could also be a reflection of fewer homes being built in other price points.
Durham NC Home Inventory Levels
These percentages reflect both new construction and resale inventory. As you can see, selections have thinned considerably across nearly every price point in North Durham.
Other Triangle Area Market Reports
Wake County Inventory Levels April 2009
Luxury Home Inventory - First Quarter 2009
Appreciation Rates Wake County - Best Places to Buy
Is the Buyers Market Going Away?
Based on pending sales and numbers of properties on the market, it looks like this trend will continue, and we may reach a seller's market by the end of the year.
Surprising? Perhaps not so much - interest rates have never been lower, and builders have been slowing the new home process.
Durham, NC New Home Resources:
Finding Your New Home in the Raleigh Area
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Great post for your buyers. We're seeing the same levels here and there's fewer homes to choose from.