Archive for August 16th, 2010

2010 Second Quarter Real Estate Wrap Up

Where is the target? Based on the data in the 2nd quarter Triangle Area Residential Realty Report or (TARR) real estate is still trending down in terms of price and up in terms of days on market. Correctly pricing homes is still an issue; traditionally REALTORS and appraisers have relied on sold data to assist home sellers in determining prices for property. With foreclosure filings up 12% in Durham County, and foreclosed homes accounting for 8% of the active inventory these properties aren’t dominating the market but they are indeed driving values down, as are too many short sale properties.

In the Q-2 of 2010 there were 24,450 showings logged into Centralized Showing Service, (CSS) this is a decrease of 10% from Q-1. Additionally there were 970 listings with a status change from either Active or Contingent to Pending in Q-2 2010, this is a 12% decrease compared to Q-2 of 2009. These lower showing numbers and lower pending numbers will also produce lower closing numbers in Q-3 of 2010 and this will place additional downward pressure on home prices.

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