Raleigh NC New Homes: Communities, Lots and Land in the Triangle: Durham NC Inventory Disappearing! 23% Down...

Durham NC Inventory Disappearing! 23% Down...

Raleigh Relocation Information

North Durham NC Inventory Dropping Dramatically

Almost 1/4 Less Than Last Year - Selections Thinning

First Quarter statistics are in for Durham County - and the results might be surprising.

If you've been searching for your next home in Durham NC, you may have thought the selection was a little thinner.  You're right.  Inventory is dropping dramatically from last year, and the best homes at the best prices are sometimes only available for a few days.

 Durham NC Market Reports - Custom Homes Durham NC

 

 

 

 

 

 

 

 

 

North Durham Shows Significant Reduction in Lower Price Points

Here's the available inventory levels by price point in North Durham.  As you can see, all price points below $500K show much lower inventory levels than last year.

Not only that, but New Construction sales in Durham have significantly INCREASED in the first quarter.  New Construction in Durham is up 48.7%, with 171 unit sales in 1Q 2009, versus 115 unit sales in 1Q 2008.

Durham NC Market Reports - Custom Homes Durham NC

 

Where is Inventory Decreasing Most Rapidly in North Durham?

The most significant inventory drops actually occured in the $300-$399K, $400-499K, and $800-899K price points.

Surprising, since first time homebuyers have been increasing in the market - would have thought the lowest price buckets would see the highest inventory declines.

But this could also be a reflection of fewer homes being built in other price points.

 

 

 

Durham NC Home Inventory Levels

These percentages reflect both new construction and resale inventory.  As you can see, selections have thinned considerably across nearly every price point in North Durham. 

Durham NC Market Reports - Custom Homes Durham NC

 

 

 

 

 

 

 

 

 

 

Other Triangle Area Market Reports

 

Wake County Inventory Levels April 2009

Luxury Home Inventory - First Quarter 2009

Appreciation Rates Wake County - Best Places to Buy 

 

 

Is the Buyers Market Going Away?

Based on pending sales and numbers of properties on the market, it looks like this trend will continue, and we may reach a seller's market by the end of the year. 

Surprising? Perhaps not so much - interest rates have never been lower, and builders have been slowing the new home process. 

 

Durham, NC New Home Resources:

Durham Lots and Land

Durham, NC New Homes

Acreage Lots Available in Durham, NC

Golf Course Community Homes – Durham NC Golf Communities

 

 

Available New Homes:

129 Brookhaven Way – 3358 Sq Ft – First Floor Master – Under Construction Now

152 Brookhaven Way – 3474 Sq Ft – First Floor Master – Under Construction Now

Choose Your Plan -- Browse Floor Plans Here

 

New Custom Homes in the Raleigh Area - and throughout central North Carolina

 

New Homes Raleigh NC - New Home Raleigh - Raleigh NC New Homes - New Home Raleigh NCStanton Homes makes building your new custom home easy!  We'll guide you through the entire process - select from thousands of different floor plans, and hundreds of different locations.  Your custom home is going to be extraordinary when you create it with one of the nation’s top fully involved builders and the high quality materials and craftsmanship that our reputation is built on.

Call 919-278-8070 to find out more about new homes in the Raleigh area today. 

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Comment balloon 5 commentsStanton Homes • June 02 2009 06:02AM

Comments

Great post for your buyers.  We're seeing the same levels here and there's fewer homes to choose from.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 8 years ago

This is a great sign. Simle supply and demand should now be more even and helping your market.

Posted by John Combs (Alan Deblat Real Estate Corp.) over 8 years ago

Ahhhh...still MORE proof that real estate IS local...what a great piece to give buyers...encourage them to get their hands out of their pockets and write that offer before their dream house that they imagine will be less expensive disappears when a buyer who "gets it" writes a winning offer !

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce - Short Sale (Keller Williams 414-525-0563) over 8 years ago

Gabe - I was very surprised myself by how much inventory has dropped.

John - Six months from now, I think the selections will be even thinner...

Sally - Multiple offers aren't that uncommon for a home that's priced right and in great condition, particularly in the first time homebuyer price ranges.

Posted by Stanton Homes, Design/Build Custom Home Builder in North Carolina (Stanton Homes - New Home Builder, with thousands of floor plans and almost unlimited customization available! ) over 8 years ago

Penny,
Now that is the kind of news I like to hear!

Posted by Cynthia Tilghman, Realtor® Onslow County NC Home Specialist (Kingsbridge Realty, Inc) over 8 years ago

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