Home sales for 2009 in the Research Triangle Park area of NC through September still trail prior year sales, but the level of decline is lessening, offering some hope that the local market is coming out of a two year period of negative period over period sales. In the third quarter, sales in Wake, Durham, and Orange counties, the three main counties making up the Triangle were down 9.3% when compared to 2008.
Compared to previous quarters this is a significant improvement. September sales in the Triangle area declined only 7.5% versus September 2008, actually showing a month over same month 2008 improvement in Orange County (Chapel Hill). YTD through three quarters sales are still down over 20%, however. Durham County was holding up the best through 3 quarters with closings for the year down 16.5%. Wake County (Raleigh, Cary, Apex) was down 22.8% and Orange County (Chapel Hill) was down 21.2% .
Despite the slowdown in sales, the average price of homes sold had held up reasonably well in contrast to some other areas of the country. With the continued slowdown, however, home prices are showing some strain (see chart below) particularly in Wake County. (Source-Triangle Multiple Listing Service)
2009 Average Sold Home prices by County (City) through September compared to 1st nine months 2008
Durham (Durham)- $199,009 up 0.3%
Wake (Raleigh/Cary)- $244,227 down 7.8%
Orange (Chapel Hill)- $322,836 down 0.8%
2008 Calendar Year Average prices for homes sold
Durham (Durham)- $196,259
Wake (Raleigh/Cary)- $264,976
Orange (Chapel Hill)- $322,477
Compare to average prices of homes sold in each county in 2007
Durham (Durham)- $198,452
Wake (Raleigh,Cary) $263,342
Orange (Chapel Hill) $342,740
For more information on on the status of the real estate market in areas surrounding Research Triangle Park, including Durham, Chapel Hill, Raleigh, Cary, Apex, Hillsborough and Pittsboro, please contact Larry Pulley at 919-604-0189 or email larry@larrypulley.com.
Comments(1)