Durham County home sales up in December, 2012

Jan. 15, 2013 @ 01:59 PM

Durham County home sales were up 21 percent in December compared with sales in the month in the prior year, according to data from the Triangle Multiple Listing Service.
For the year, closed home sales in the county were up about 23 percent.
In the Triangle counties of Durham, Orange, Wake and Johnston, closed home sales were up about 30 percent in the month. Orange County saw a 22 percent increase in sales, while Wake’s closed sales were up 33 percent.
Stacey Anfindsen, past president of the Raleigh Regional Association of Realtors, said the Triangle’s housing inventory is down, sales are up and the new home market is not replacing inventory to keep up with demand.
“All of the above are positive predictors of future house price increases,” he said in an email. “When that will happen, no one knows, but hopefully this year.”
Anfindsen confirmed in the email that the increases were not as large as he would like. The average sales price of annual closed sales in a Market Update edited by Anfindsen, who is with Birch Appraisal Group of Cary, was up 1 percent to $237,400.
The average re-sale price for annual closed sales counted in Anfindsen’s report was up 2 percent to $223,700.
In Durham County for the year, the median sales price was unchanged, while the average price was up slightly, according to the Triangle Multiple Listing Service data.
Durham County’s median sales price was unchanged at $170,000 for the year, and the average sales price was up 2.4 percent to $194,501.
The total number of closed sales for the Triangle, including Durham County, in Anfindsen’s report was different from that reported by the Triangle Multiple Listing Service. Anfindsen said that’s because the numbers come from different data feeds.
For December alone, the county’s median sales price was down, while the average sales price was up.
The county’s median sales price in December was down 2 percent to $155,500 compared to the month in the prior year, while the average sales price was up 12 percent to $188,214.
The number of new listings in the county for December, at 178, was down by about 21 percent.
The average number of days that county homes stayed on the market until they sold was also down about 12 percent to 109 days in December.
“From my experience, it appears that our inventory is down, our sales are up, days on market are actually less, and in some pockets of Durham, it seems to be a seller’s market,” said Donna DeLong, president of the Durham Regional Association of Realtors and a broker with Frank Ward Realtors.
DeLong said that while the area hasn’t seen a great increase in property value, the area also didn’t see a large reduction. She said she believes the housing market here will continue to improve.
“I think that the inventory is down because a lot of people were reluctant to put their houses on the market due to what was thought was a reduction in property value,” she said. “We haven’t really experienced a large reduction in value -- even with the foreclosures that we’ve had -- like some of the other areas have.”