2016 is officially in the record books and and it was a record breaking year for the area in terms of the housing market.
In all a robust economy is fueling a robust housing market. More homes are selling and on average they're selling for more money in less time. It's still very much a sellers market with inventory measured in just weeks in some neighborhoods. Let's break it down!
The size of the Wake County market meant it accounted for 72% of all the closings in the Triangle last year and the median days on market is approaching one week. That means if you want to buy a home, you need to have a lender ready to do and be prepared to compete!
That 8.9% increase in the average price in Durham doesn't looks sustainable over the long term. The flipping market is in full swing there!
Even though prices did rise, Orange County brought up the rear with a comparatively low (but still healthy) 3.5% The main culprit seems to be low appreciation in Chapel Hill, which made up over half of all the sales in the county and only saw a 1% increase in average prices. Chapel Hill has one of the highest average sales price in the area and that coupled with higher taxes and limited new inventory has sent people to nearby Chatham County.
Even Southern Village is starting to feel the heat, or lack thereof. The newest homes sold there last year were 13 years old, with the oldest being built in 1995. Those home are starting to look dated and when you can get new granite and subway tiles a couple of miles down 15-501, it's hard to compete without upgrading.
Speaking of nearby Chatham County...
In all, a very healthy year for real estate around the Triangle. Every market saw more sales, which sold for more money, in shorter time. How the recent jumps in mortgage interest rates remain to be seen, but I suspect there's still plenty of energy in the local economy that will keep the housing market rolling along.
The number of sales in Briar Chapel exploded in 2016 and that one neighborhood accounted for 23% of the total number of sales in the county and 21.8% of the total sales volume. Don't let that average price decrease fool you. A bulk of the sales this year were new homes in a cheaper price point. Resales in Briar Chapel rose 6% and accounted for 20% of the total market share for the first time in the neighborhood's history.
Governors Club is hard to throw into the mix because it's average price is about twice the surrounding area. That, coupled with limited, gated access means homes tend to sit on the market longer, and as such tend to reduce in price over time. The good news means it's actually a buyer's market in all price points with plenty of inventory to chose from.
Want stats for your neighborhood or a location you're interested in? Just shoot me a message and I'll get right back to ya!