Chatham County NC New Home Sales Show Significant Increase as Inventory Decreases

Chatham County Market Report

Chatham County NC Has Fewer Available Homes in Most Popular Price Points

New Home Sales Show Strong Increase in December

Chatham County NC has a lot to offer - rolling, wooded landscapes, golf courses, Jordan Lake, and, in general, very large homesites. 

As in most places, home sales had slowed in 2008, with a resulting increase in inventory, particularly at the beginning of 2008.  But it looks like a slow down in new construction and increased sales in the month of December are making a big dent in the available inventory.

Number of Homes Listed Per Price Point in Chatham County, NC

December 2008 vs December 2007

Available Homes have DECREASED in every price point under $300,000.  There are simply fewer choices.

Homes available in the $300-399 price points are about the same as this time last year.

Available Inventory has INCREASED in every price point above $400K, except for the $800-999K price points.

Overall months of supply in Chatham County NC is 12 months, but months of supply has actually been decreasing in the lower price segments - to be expected as inventory is lower there.

Total Sales in Chatham County NC - December 2008 vs December 2007

Chatham County NC sales were down in 2008 vs 2007.  But home sales were up nearly 19% in December 2008 vs. December 2007, as homebuyers took advantage of interest rates that were much lower than last summer's 6% range.

As a matter of fact, the 63 units sold in December 2008 represented 11% of total sales for 2008 - a much higher than normal percentage for December. 

Is this the beginning of a stronger market?  Hard to tell, but there's no question that sales are increasing and inventory decreasing, particularly very recently.

Months of Supply - Listed Homes by Price Point

Here's a look at months of supply throughout the year.  Just focusing on the lower price points, it's clear that the months of supply are all lower than they were at the beginning of the year.  The lowest months of supply throughout the year has been in the $200-299 price point. 

Wake County December 2008 Resale Market Reports

Wake County December 2008 New Construction Market Reports

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Information from TARR Reports, an independent analysis of Triangle real estate.