Durham County home sales up 4.5 percent in March from 2013 level

Apr. 14, 2014 @ 06:07 PM

Durham County home sales ticked up 4.5 percent in March year-over-year while home sales across four counties in the Triangle were down 1 percent.

Compared with February, however, sales were up both in the Triangle and in Durham, according to Triangle Multiple Listing Service data.
The data showed that sales in the four Triangle counties of Durham, Orange, Wake and Johnston were down about 1 percent to 1,893 in March compared with last year, but they were up about 38 percent compared with February.
In Durham County, home sales were up 4.5 percent year-over-year to 276, and were up about 40 percent compared with February.
The median home sales price in Durham County fell 2.4 percent to $174,000 in the month compared with last year, and the average was down about 0.3 percent to $207,109.
Kirk West, the president of the Durham Regional Association of Realtors and a broker-in-charge and a Realtor with West & Woodall Town, Lake & Country Properties Inc., said those declines may be happening ahead of the spring season as buyers look to sell their homes before additional supply comes on the market.
Overall, West said the Durham County market has been “pretty good,” with a lot of showings and offers on properties. He said there may be a lack of inventory, however, which may be impacting the volume of sales.
According to the Triangle Multiple Listing Service data, the number of homes for sale in Durham County was down 10 percent to 1,580, and there was a five-month supply of inventory in the month. That was down about 22 percent year-over-year.
“I think it’s just a matter of – some homes that have been sitting out there (that) … were over-priced initially, and the ones that are coming on that are priced right seem to be selling,” West said. “I know we have buyers out there that are looking and still have buyers that have multi-offer situations.”
Stacey Anfindsen, a residential real estate appraiser and market analyst, said inventory is still down, and that’s a “continuous problem” for the Triangle market.
And while there’s been a “tale of two markets” between homes on the lower and upper end of the price range, he said that’s shifted to homes that are move-in ready condition verses home that aren’t.
“Those that are priced right go within a week or two, (and have) multiple offers,” he said. “Those that need work just sit.”