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Posts Tagged ‘durham nc home sales’

withfmsign

I think these numbers are very telling. I believe that fourth quarter numbers will reveal a marked slow-down in the market.

July 1, 2012 to July 31, 2012 Durham County real estate stats:

321 Closed properties

1910 Average square footage

$196,905 Average list price

$191,412 Average sale price

93 Days on market average

July 1, 2013 to July 31, 2013 Durham County real estate stats:

434 Closed properties

1903 Average square footage

$206,667 Average list price

$201,302 Average sale price

79 Days on market average

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In the past month I feel like I’ve become an expert on appraisal problems.  Nearly every transaction that I’ve been working on has had an appraisal problem, value has come in too low.  This even after careful consideration of comparable sales when pricing or helping buyers make an offer on property. In residential sales the bank appraiser is the ultimate word on value and sellers caught short typically reduce their price. 

Additionally I consider April, May and June the danger months; this because the comparable sales used by appraisers fall in the winter doldrums. So, some advice, if you’re going to refinance your home wait until July, August, September or October, especially if you’re looking for maximum value, you’ll benefit from the spring bump.

Here are the numbers, April 2012 vs. April 2013, Durham County NC

2012 average sale

283 Closed sales

3 bedrooms, 2.5 baths, 2033 square feet, $201,335 sales price, 112 days on market, $95.86 per square foot

2013 average sale

324 closed sales

3 bedrooms, 2.5 baths, 1925 square feet, $198,100 sales price, 95 days on the market, $98.99 per square foot

 Interesting, a large bump in sales yet smaller homes, fewer days on market and higher dollar per square foot.

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March 2012 vs. March 2013 comparison for Durham County, closed sales/all residential sales

 

2013

Closed Listings: 280

Average Sales Price:$202,742

Average Size in Square feet: 2023

Average Days on Market:  107

 

2012

Closed Listings: 257

Average Sales Price: $190,098

Average Size in Square feet: 2040

Average Days on Market: 131

I’m going to just say WOW, not for the number of sales or days on market which both are improvements but for the spice in pricing.  Let’s hope that this is a housing recovery.

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