Durham housing sales heat up in January

Feb. 17, 2014 @ 07:53 PM

Durham County home sales were up 5.5 percent in January compared with the sales volume in the same month last year, according to Triangle Multiple Listing Service data.

The data also showed that the county saw a 12.8 percent increase in the median sales price to $172,000, and a 22.2 percent increase in the average sales price to $209,005.

The inventory of homes for sale in the county was down 10.3 percent year-over-year, and the months of supply of home inventory on the market was down to four.

Kirk West, president of the Durham Regional Association of Realtors, said it’s been a good winter overall.

“The activity continues to stay, and people are still interested in moving to the Triangle and Durham as well,” West said. “Interest rates still being down, and prices still being good, have kept (sales activity in) the winter up.”

West added that another factor is that typically in the winter, there are fewer homes on the market. He said demand is “probably higher” than it would normally be, which has helped prices.

Recently, a single Durham home drew seven offers, he said.

The sales price increase continued a trend for Durham County seen since February of last year. In that month, sales were down 5.3 percent year-over-year.

Sales were up double-digits across the Triangle last month. Sales were up in the Triangle counties of Durham, Orange and Johnston about 12 percent in the month.

Orange County saw a 13.7 percent increase in sales, while Wake County closed sales were up 15.5 percent in the month. Johnston County’s sales were flat.