This is Part One of a series of 2008 third quarter market reports that details the performance of the residential real estate market in Durham County, NC. The data was obtained from the Triangle MLS and is used with permission. Here are the answers to your most important questions pertaining to market performance:
Is anyone looking at Durham County housing?
There were 4,525 showings as logged through the CSS system during September of 2008. This is a 30% decrease compared to 9/07 showings.
What is happening with inventory?
Overall inventory decreased 6%; re-sale inventory decreased 2% and new home inventory decreased 8% compared to inventory levels at the end of 3Q/07. The average days on market for the active listings is 110, as compared to the 99 day average at the end of 3Q/07. The number of sellers who have dropped list price from original list price has increased to 918 from 789 at the end of 3Q/07.
Are more choices producing more contracts?
The answer is still a resounding no. Contract pending levels for the county were off 21% compared to 3Q/07. This mirrors the trend seen in other counties in the Triangle. TMLS contract pending sales for the quarter were off 26.5%.
What is happening with closed sales?
There were 960 closings posted during the quarter, a decrease of 26% compared to 3Q/07. Overall TMLS closings were down 33%. Durham re-sale closings were off 26% and new home closings were off 40%.
How long is it taking for homes to sell?
The average days on market for homes that closed during the quarter has been 81 days. The average at the end of 3Q/07 was 79 days. The average days on market for resale homes was 77, and the average for new homes was 103.
The overall TMLS average has been 88 days.
How does the current supply compare with other areas in the Triangle?
The current supply for all housing located within the county is 7 months. The current supply at the end of 3Q/07 was 5 months. The current supply of housing located in the four main counties of Durham, Orange, Johnston and Wake is 8 months.
Give me some numbers
The average list price is $246,800, an increase of 1% compared to the average at the end of 3Q/07. The average sold price was $195,500, flat compared to 3Q/07.
Are house prices appreciating?
Yes they are! The average percent per year gain for resale housing located within the county has been 3.11%. The average for housing located in the South Atlantic region of the United States has been –1.2% and the United States average has been –4.8%.
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This representation is based in whole or in part on data supplied by the participants in the MLS. Neither the participants, their respective Boards of Realtors nor the MLS guarantee or are in any way responsible for its accuracy. Any market data maintained by the MLS does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of the MLS, unlisted properties, rental properties, etc.. The information contained in this publication is the copyrighted property of Triangle M.L.S. and may not be reproduced without the permission of the editor.
ALL of the photos are the property of Elizabeth Nieves.
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IF you are considering a move to my hometown of Durham, NC…
I would love to assist you to find your new home. Being a native of Durham, I am in touch with the current market conditions and know how to find the best deal for you. Please call or email me today to schedule a tour of Durham, NC homes for sale!
Elizabeth Nieves - Broker, REALTOR®
(919)749-3749 cell
Elizabeth@ElizabethNieves.com
Written and Posted by:
Elizabeth Nieves - Broker, REALTOR®
The Elizabeth Nieves Realty Group @ Keller Williams (A Bilingual Real Estate Team serving Raleigh, Durham, Chapel Hill NC and surrounding areas.)
Search Raleigh, Durham, Chapel Hill and ALL Triangle Homes for Sale
If you are like most of the real estate professionals I know…2008 has probably been the most difficult year of your career. Top-producing REALTORS® and loan officers…who easily earned six figures a few years ago…are struggling to keep food on their tables. Many are even losing their homes to foreclosure.
In August of this year, I personally felt the biggest impact that I’ve experienced thus far. Like the eerie calm before a violent storm…everything just stopped. There were no phone calls and no showings on my listings. Business wasn’t slow…it was dead!
Being the eternal optimist…I took a deep breath, said a prayer and switched into hyper-rainmaker mode…but not even a cloud appeared. I did everything that has always worked before, but the phone did not ring. September came then went…and the drought continued. There were days when there would be a few drops of rain…a few new leads that seemed promising…but they went away as fast as they came. By the first week of October, I was beginning to wonder if the drought would ever end. I was doing everything I know how to do, but nothing was working.
Finally, on October 14th, I faced the reality that I can do ALL the right things…
ALL the things that have ALWAYS worked…but ultimately…I am powerless to change the situation. I have a favorite quote, “In acceptance lieth peace.” After months of struggling and fighting, I accepted the truth and found my peace.
This is NOT the end of the story!!
The BEST is yet to come!
This past Monday morning, I awoke extra early…with a strong sense of anticipation. With still sleepy eyes, I opened my email and immediately saw a name I had not seen in several years. His email read:
“Ms. Nieves, I spoke with you several years ago about buying a home. I was not ready then, but I am serious now. Where do we start?”
While I was responding to his email, I received another email from a group who is interested in a commercial property I have listed. I had shown them properties in February of 2008, but they had decided to wait. Now…they are seriously considering purchasing my listing. Within the hour, I received yet another email from a past client…indicating that he was ready to move forward with the purchase of a new home. Before 10:00 am, I had three serious leads…all people with whom I had connected sometime in the past.
On Wednesday, I received a phone call from an agent…indicating that she was going to fax an offer for one of my listings. Later that afternoon, I opened my email and found not ONE…but TWO offers…on the same listing. We are now under contract to close on November 20th! (There is much more to this story that I will share in a ‘members only’ post at another time.)
Thursday morning, I received a phone call from a friend and client who had been under contract to close in July of 2008. We were forced to terminate the contract because his funding (through a special program for first-time home buyers) was not available in time. When he called me, he indicated that he had been notified that his funding was approved and available. We are now renegotiating the contract for the same home he was under contract to buy previously. If our offer is accepted (which looks promising), we will close within three weeks.
First thing Friday morning, I received a call from a previous client who purchased a large home in 2005. He is ready to sell that home and buy another one. I will meet with him next week to officially place his home on the market. It is a beautiful home in a lovely area. I expect it to sell quickly.
You may be saying to yourself, “MAN…Elizabeth Nieves was really lucky this week!”
Well, my friend, luck had nothing to do with it!
Let me ask you a simple question…
If a farmer prepares, plows and plants good seed in his field…then gives his field just the right amount of water…is it luck when his field is overflowing with a bountiful crop?
Of course not! His crop is the result of his investment of time, energy and care.
In the same manner, the emails and phone calls this week...from my previous clients...were the result of planting good seeds (respect, attentiveness, responsiveness, integrity, excellent service, professionalism, etc.) and investing time and energy to care for those seeds. I am reaping the harvest of seeds that have been growing in fertile soil…seeds that have now fully matured and are producing a plentiful crop.
Have you ever noticed that the Bible is filled with truth that is applicable to every situation…even real estate?
Galations 6: 7-10
A man (REALTOR®) reaps what he sows. The one who sows to please his sinful nature, from that nature will reap destruction; the one who sows to please the Spirit, from the Spirit will reap eternal life. Let us not become weary in doing good, for at the proper time we will reap a harvest if we do not give up. Therefore, as we have opportunity, let us do good to all people, especially to those who belong to the family of believers.
You NEVER know how many apples there are in a seed…until you PLANT it and WAIT for it to grow!
Written and Posted by:
Elizabeth Nieves - Broker, REALTOR®
The Elizabeth Nieves Realty Group @ Keller Williams (A Bilingual Real Estate Team serving Raleigh, Durham, Chapel Hill NC and surrounding areas.)
Search Raleigh, Durham, Chapel Hill and ALL Triangle Homes for Sale
The 2008 NC State Fair is almost over!
Just
1 DAY
8 HOURS
37 MINUTES
3 SECONDS
AND it is GONE GONE GONE TILL 2009!
(Photo is the property of the NC State Fair and used with permission.)
For a schedule of fair events visit:
The 2008 NC State Fair Website
Written and Posted by:
Elizabeth Nieves - Broker, REALTOR®
The Elizabeth Nieves Realty Group @ Keller Williams (A Bilingual Real Estate Team serving Raleigh, Durham, Chapel Hill NC and surrounding areas.)
Search Raleigh, Durham, Chapel Hill and ALL Triangle Homes for Sale
On Thursday, October 23rd, Food Lion sponsored its fifth annual ‘Hunger Relief Day at the Fair’...one of the state’s largest one-day canned food drives. On this special day each year, fairgoers can bring four
cans of food and enter the event admission free. In the thirteen year history of this food drive, over 2 million pounds of food has been donated by fairgoers.
The Food Bank of Central and Eastern North Carolina distributes the collected cans to needy people and hunger-relief agencies in a 34 county area surrounding Raleigh. They also make contributions to Second Harvest Food Banks in other regions…such as Fayetteville, Winston-Salem and Elizabeth City.
Many people look around at the poverty in this world and think to themselves…”I am just one person. What could I possibly do to make a difference?” Four little cans…JUST FOUR CANS OF FOOD…multiplied by the thousands of people who came to the fair on Thursday…became 160,000 pounds of food.
I ask you to consider this quote by my hero, Mother Teresa…
"If you can't feed a hundred people, then feed just one."
~Mother Teresa~
Written and Posted by:
Elizabeth Nieves - Broker, REALTOR®
The Elizabeth Nieves Realty Group @ Keller Williams (A Bilingual Real Estate Team serving Raleigh, Durham, Chapel Hill NC and surrounding areas.)
Search Raleigh, Durham, Chapel Hill and ALL Triangle Homes for Sale
The Watts Hospital...which opened its doors in 1895...was the first hospital in Durham, NC. The land was donated by George Watts with an endowment of $50,000.
By 1908, the private, 22-bed facility was no longer sufficient to serve the growing Durham community. A new, larger facility was built on the 25 acre site at the intersection of Club Boulevard and Broad Street. The Watts Hospital became public in 1953 and continued to serve Durham's citizens until it closed in 1976.
In 1980, The abandoned Watts Hospital became the home of The North Carolina School of Science and Math..."a public, residential high school where students study a specialized curriculum emphasizing science and mathematics." It was the first school of its kind.
IF you are considering a move to my hometown of Durham, NC…I would love to assist you to find your new home. Being a native of Durham, I am in touch with the current market conditions and know how to find the best deal for you. Please call or email me today to schedule a tour of Durham, NC homes for sale!
Elizabeth Nieves - Broker, REALTOR®
(919)749-3749 cell
Elizabeth@ElizabethNieves.com
Written and Posted by:
Elizabeth Nieves - Broker, REALTOR®
The Elizabeth Nieves Realty Group @ Keller Williams (A Bilingual Real Estate Team serving Raleigh, Durham, Chapel Hill NC and surrounding areas.)
Search Raleigh, Durham, Chapel Hill and ALL Triangle Homes for Sale
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The Elizabeth Nieves Realty Group specializes in representing buyers and sellers in North Carolina. We serve WAKE, DURHAM, ORANGE, CHATHAM, JOHNSTON and ALAMANCE COUNTIES. Let us serve YOU!
Titles and credentials are nice to have...I have a few of which I am quite proud. However, I do not want to be defined by the titles and credentials I have earned. I wish to be defined by the difference I make in the lives of my family, friends and clients.
For the past five years, I've been involved in the real estate industry. I was blessed to have learned the 'ins and outs' of this business by managing a small real estate office in Raleigh, N.C. While I was earning my real estate license, I worked as a closing coordinator for a top producing agent in Chapel Hill, N.C.
During my years in the real estate business, I've learned many things. I've learned that...whether it is their first or fifth real estate transaction...ALL buyers and sellers are INTIMIDATED!!! They are filled with fear and trepidation...terrified of making a wrong decision with life-changing consequences. Fortunately, I've also learned that almost ALL of the stress and fear can be avoided by giving my clients the information necessary to make the RIGHT DECISION with CONFIDENCE!
Throughout the buying or selling process...from the first point of contact...to closing...and beyond...I am absolutely committed to providing my clients the highest level of customer service. INTEGRITY...EXCELLENCE...CARE...
DILIGENCE...THESE ARE THE VALUES BY WHICH I CHOOSE TO BE DEFINED.
If you are thinking about buying or selling your home, please allow us, The Elizabeth Nieves Realty Group, to join you on your journey. We truly look forward to working with you to make your real estate experience as easy and pleasant as possible.
For more information about The Elizabeth Nieves Realty Group, please feel free to explore our website. We hope that you will find it to be helpful and informative. For further assistance, please contact me at Elizabeth@ElizabethNieves.com. IF you prefer, call me directly on my cell at (919) 749-3749. I look forward to hearing from you!
YOU HAVE A CHOICE!
WHY SHOULD YOU CHOOSE TO WORK WITH ME?
As my client, I give you my personal commitment that WHAT MATTERS TO YOU MATTERS TO ME! I recognize that YOU want to do business with someone you can trust. I will work diligently to earn your trust.
The real estate market changes everyday. By staying current with the daily trends and changes of the market, I can better guide you through one of the most important decisions of your life.
You have worked hard to be able to achieve your dreams.
I FEEL THE RESPONSIBILITY TO MAKE YOUR DREAM A REALITY!!!
Elizabeth is great!
Khaled and I moved out from California to attend Duke Medical School in the summer of 2004. We had just gotten married three days before our trip to NC. We arrived in NC with only our checked luggage and a phone number for Elizabeth Nieves.
Right from the start, Elizabeth used her business connections to get us a discount at a nice hotel...which was great because it saved us a ton of money. We also had our cats with us...and, she welcomed them also.
From that point, Elizabeth spent 3 or 4 full days with us...as if we were her only customers. Even though she was incredibly busy, she cleared her schedule because she knew that we had very little time and no home. We felt really special...that we were her highest priority. We told Elizabeth what we wanted, and she prepared a list of available homes. She was honest, thorough and knowledgeable...pointing out things to us that we would have never thought about. Being a native of NC, she knew everything about the area and shared her knowledge and experience with us. She led us every step of the way.
Once we found the perfect home, she handled everything on our behalf...helping us to find a loan officer, home inspector and other professionals. She even arranged it so that we were able to move into our new home two weeks before our closing. From the day we arrived in NC to the day we closed, the whole process took three weeks.
Even after the sale, we have called Elizabeth for copies of our documents or for answers to other questions. She always helps us and always gives us the information we need. We know that we can rely on her for anything. We will definitely call Elizabeth Nieves when we are ready to sell our current home and purchase our next home. We recommend Elizabeth Nieves to all of our friends and family. It is our pleasure to recommend Elizabeth Nieves to you, as well. Khaled and Lizette Hassan - Duke MS II
I was recently involved with selling my townhome and purchasing a new home using The Elizabeth Nieves Realty Group. I was able to sell my townhome within days of placing it on the MLS. She actually told me she had an interested buyer days before we placed my home on the MLS. I also used Elizabeth in finding and purchasing a new home in Knightdale. I realize that my experience is an exception, but I was able to find a house and sell my townhome on the same day! I closed both homes on the same day in the same office. I will have no hesitation in recommending Elizabeth Nieves to anyone who can make use of her services.
Sincerely, Robert Armstrong
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