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:
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.
Enclosed below are past and current statistics from the Chapel Hill Market this year.
As expected, the market is picking up. Then number of single family homes on the market in one month increased by 40 homes and the number of pendings increased by 6. The percentage of homes pending in January at 4.89% of the actives and in February then number increased to 5.5%. This amount should continue to increase in March.
There are several new subdivisons being built in Chapel Hill/Carrboro. Both Claremont and Winmore are being built on Homestead Road. Claremont will have 79 homes, a pool, clubhouse and playground. The pricing starts in the upper $500K. Winmore will have 86 townhomes and 98 single family homes, playing fields, playground, swimming pool and a mixed use village. The pricing will start at $400K for the townhomes. There will be several affordable townhomes built slated to start in the $250K. Triple Crown Estate is on Dairyland Road. Triple Crown Estates is a 15 multi-acre lot development prices starting from the $700K upwards of one million. The Orchard is off of Jones Ferry Road. It is an 18 multi-acre lot development pricing ranging from $900K and up. Chancellor's View is off of Mt Carmel Church Road on Zappata Lane. Chancellor's View is a community of 21 single family homes, approximately 0.5 acre lots. The homes are slated to be 4,000+ sq. ft. in size and pricing upwards of one million. Lake Hogan Farms will continue with a mix of 64 townhomes and single family homes. The pricing is still to be determined. Lloyd Harbor in Carrboro is a 17 home subdivision starting in the $700K. In all cases, the least expensive single family home is in $500K range. The majority of the single family homes being built in these subdivisons are $700K and up. Some of the subdivisions must provide affordable components or pay not to have them.
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