Durham County closed sales up, prices down in April
Durham County total closed sales were up more than 16 percent in April compared to the same month last year, but the county’s average and median home sale prices were both down.
According to Triangle Multiple Listing Service data, Durham County’s median sales price, at $174,500 for April, was down 3.1 percent year-over-year. The average sales price in the month was down 1.6 percent to $202,876.
Inventory was down in April in the county, but there was an uptick in new listings. The number of homes on the market in the county was down 13 percent year-over-year for a total of 1,804 homes. New listings were up about 16 percent to 583.
Stacey Anfindsen, a Cary-based residential real estate market analyst, said the overall price drop in Durham County could be attributed to more townhomes and lower-priced detached homes selling to investors in April.
“More lower prices in a data set will skew the average or median lower…,” Anfindsen said in an email, adding that he would pay more attention to the movement in median sales price per-square-foot for detached homes.
According to a report compiled using Triangle Multiple Listing Service data, the median sales price per square foot of homes in the three months between February and April was actually up more than 4 percent in Durham County to $94.85.
That’s compared to the same 90-day period two years prior. Year-over-year, the median price per-square-foot was up about 4.9 percent in the period.
Donna DeLong, president of the Durham Regional Association of Realtors and a Realtor with Frank Ward Realtors, was positive about the local housing market, noting that pending sales and new listings were up. She said she’s not seeing sale price decreases.
“In our office, and in our association, I have found that multiple offers are actually driving the prices up, the sales prices up,” she said, adding that she expects to see continued improvement in the housing market this year.
“In my opinion, our strong spring market is going to continue to climb and bleed through the rest of the year,” she said.
Across the Triangle in Durham as well as Wake, Orange and Johnston counties, inventory was also down, and closed sales were also up in April.
Wake County’s median sales price stayed flat, while it saw a 2 percent increase in average sales price. The median sales price in Orange was down 7 percent, while the average sales price there was down about 3 percent. Johnston had a double-digit increase in median sales price at about 16 percent. Its average sales price was up 8 percent.