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Local vs. National: What's Really Happening in Real Estate Here?

If you listen to the news and radio, a dismal picture is painted of the national real estate situation: prices are plummeting, lending institutions are in trouble, and buyers and sellers are exiting the market to stay out of the fray. It all seems really bad - and it is in some areas of the country. But not here in the Triangle.

The counties in and around the Triangle region of North Carolina have weathered the real estate storm felt round the country quite well and are cruising along pretty much undisturbed by the surrounding turbulence. In fact, our average home prices are steadily rising and our sales continue to plug along consistently: so the Triangle area real estate market is really quite stable.

Consider the following statistics created from our local Multiple Listing Service (MLS) data: the numbers speak for themselves. So before you start to buy into all of the negative media attention on the tragic fate of real estate, check with a reliable, local real estate expert to determine area conditions. Remember: unlike other commodities and trades, real estate is a truly local business.


Chapel Hill Real Estate 2004 -2007


Single Family Home Sales Statistics

2004: Sales = 852 Avg Price = $411,074 Avg DOM = 66

2005: Sales = 768 Avg Price = $442,868 Avg DOM = 66

2006: Sales = 648 Avg Price = $482,227 Avg DOM = 65

2007: Sales = 675 Avg Price = $502,262 Avg DOM = 75

In 2005, total sales were down 10%, but average prices were up 8%.

In 2006, total sales were down by 16%, but average prices were up 10%.

In 2007, total sales were up by 4% and the average prices were up 4%.

The average days on market (DOM) increased less than 20% in 2007.

Conclusion: While actual number of sales/transactions in Chapel Hill has been on the decline in the last few years, the average home prices have increased and homes continue to sell in about the same amount of time.

Daily Real Estate News | November 29, 2007

Top 10 Best Performing Housing Markets

As anybody who has ever sold real estate knows, there are no national markets, only local markets. That adage holds true when you look at the condition of the real estate business nationwide. Business may be tough in many places, but it’s not tough all over.

In Salt Lake City, Charlotte, N.C., and San Jose, Calif., prices have climbed relentlessly. In the Northeast, the biggest gainers are the gritty cities of Buffalo, N.Y., Pittsburgh, Pa., and Philadelphia.

In the West, business is brisk in Northern California and the Pacific Northwest.

Here are the top 10 best performing housing markets, according to Forbes magazine, their third quarter median home sale prices, and the percentage that prices have risen compared to third quarter 2006.

  • Salt Lake City — median home sales price: $246,700; Percent change: 14.1 percent
  • Charlotte, N.C. — $220,000, 11 percent
  • San Jose, Calif. — $852,500, 9.4 percent
  • San Francisco — $825,400, 8.6 percent
  • Raleigh, N.C. — $229,500, 7.5 percent
  • Austin — $188,200, 7.2 percent
  • Pittsburgh — $127,700, 6.1 percent
  • Seattle — $394,700, 6 percent
  • San Antonio — $154,700, 5.7 percent
  • Portland, Ore. — $299,700, 5.2 percent


Source: Forbes, Matt Woolsey (11/21/07)

 

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