Durham Real Estate Market Trending Upwards

I am sure you have seen the headlines, “2012 Home Sales: Best in 5 Years” CNN Money, “Housing Set To Give Economy a Boost in ’13,” USA Today and many more.  So what is really happening here in Durham? 

Real estate sales are up. In fact, Durham single family homes sales were up a whopping 62.8 percent in 2012 versus 2011. Out of the 70 single family sales last year, two were short sales and seven were bank owned/foreclosures.  This represents less than 13 percent of all sales.  According to the latest Realtor Confidence Index, distressed sales represent 24 percent of all sales nationally. 

While our sales were up, the average sales prices are still down. In 2012, the average sales price was down 6.6 percent versus 2011.  Average sales price was down 3.8 percent for the state of Connecticut.

We also see investors returning to the market.  There were three properties that sold last year in Durham that have come back on the market as a “flip.”  They were listed significantly higher than their previous sales price and all three of them went under contract in the month of January.

January has been a very busy month with six properties going under contract this month alone.  As realtors, January and February are traditionally our slow months, as buyers and sellers prepare for the Spring Market.  If our January showing activity is any indicator of the rest of the year, we will have another tremendous year.  Sellers, don’t wait until the daffodils are blooming; get your house ready now.  Buyers are shopping!