Chatham County Sales Still Slightly Lower, But Improvement Seen

Chatham County's home sales were off in August by 12% year of year from last August. In 2008, Chatham had 54 home transactions according to the Triangle MLS system. For 2009 that number was down slightly by 6 to 48 home transactions, indicating a slowing of the drop in year over year home sales. The news is still tough for area Realtors, though all are seeing increased activity and pending contracts.

Looking at the numbers in more detail, we see that the average home sold square footage dropped by 154 sq. ft. indicating a continuing trend to smaller homes as well. The average sales price in Chatham for August 2009 was $348,274, down $58,064 from $406,338 for last August.

The average days on the market was up slightly from 122 days last August to 154 days for August 2009 for homes that sold. Homes were selling for 4% less as a percentage of asking price, from 96% in 2008 to 92% this year.

There were pockets of better than average performance and pockets or worse than average performance. For the most part, homes priced correctly were selling in all price ranges. Homes in what would be termed "First Time Home Buyer" market were the most active on the market, followed by land, and finally by luxury homes.