Durham & Orange County entering a shifting market

The Table below is data compiled from the Triangle MLS. The number listed is as of 3/15/06, 3/15/07 & 3/18/08. The number sold is from 1/1/06-2/28/06, 1/1/07-2/28/07 & 1/1/08-2/29/08.

From this table you can see that:

• the percentage of Number of Homes Sold/Number of Homes Listed in Durham County in '06 is 24.4%
• the percentage of Number of Homes Sold/Number of Homes Listed in Durham County in '07 is 27.0%
• the percentage of Number of Homes Sold/Number of Homes Listed in Durham County in '08 is 18.4%
• the percentage of Number of Homes Sold/Number of Homes Listed in Orange County in '06 is 31.9%
• the percentage of Number of Homes Sold/Number of Homes Listed in Orange County in '07 is 26.9%
• the percentage of Number of Homes Sold/Number of Homes Listed in Orange County in '08 is 16.0%

Although our area has been insulated from the effects of the national real estate trends for the past few years, it is evident from the data presented that our market is changing. In Durham County, the market is down by 60% from its peak in 2007. In Orange County, the market is down by 50% from its peak in 2006. We are seeing more homes on the market with less buyers buying. This means that we are in a shifting market. Typically this means that more homes will be competing for the same buyers and those buyers will be making choices for the homes priced most aggressively.