The market statistics for May just became available. Here's the scoop:
Across the Triangle, closed sales are up 20% year to date, and average sales price is down 1%. Average days on market is at 103, and list to sales price is steady at 96.4%.
In the Chapel Hill/Carrboro market, sales are up 29% year to date, prices are down 11%, and days on market is 110. Average list to sales price is steady at 96.3%. I think the price drop here is at least partially due to lower priced properties selling, rather than prices actually falling 11%. There has been continued softening in pricing in some areas of the market, but certainly not across the board and not that significantly.
In Hillsborough, sales are up 21%. Prices are down 6.3%, and days on market stands at 106. List to sales price is averaging 97.3%, which is an improvement over last year's numbers.
In Orange County, sales are up 22.4%. Prices are down 4.3%, and days on market is steady at 104. Average list to sales price is also steady at 96.1%.
In Durham County, sales are up 12.8% this year to date versus last. Prices have fallen by 4.9%, and days on market is favorable at 86. List to sales price is 96.7%, which is an improvement over last year.
In Chatham county, sales are up 30% year over year, prices are down 3.3% and days on market has increased signficantly, from 115 to 140. List to sales price is steeady at 95%, though this is a lower percentage than other areas of the Triangle.
In general, I would anticipate June closed sales to be strong, but pendings to be down significantly. Activity has slowed since early May, which will be reflected in the June pending numbers and in the July closed numbers. In fact, showings were down 30% in May and pendings were down 5% across the Triangle. With the stock market volatility, BP spill, mixed economic numbers and expiration of the housing tax credit, buyers have retrenched in our area., across all price points. Hopefully, we'll see a resurgence of activity in the coming weeks.
