The 2015 year end market data reports for the Triangle are in and one thing is clear.
We need inventory!
Showings in December were the best ever according to the Triangle MLS. Up 12% from this time last year. That was my experience too. Usually December is a time to enjoy the holidays, after all, who will look at houses then? My clients were looking and there wasn’t and isn’t much out there. Days on the market are 45-55 days and in some neighborhoods it’s 30. According to Stacey Anfindsen, an appraiser who prepares the market data reports for the Triangle MLS, that is about as short as it can get. Prices are up 5% for the year and 7% for December 2015. Stacey reports in the video below that with high demand and rising prices there should be more inventory but it’s not happening. Read my post about not waiting until Spring to put your house on the market. If your are thinking about selling 2016 seems to be the year to do it!
Closings were up 10% for the year and up in December by 33%. Stacey mentions one reason for the December increases is builders try to get sales by the end of the year to make their numbers look good. December is the best time to get a deal on a new home.
Why are Chapel Hill and Orange County struggling?Orange County includes Chapel Hill and Carrboro.Wake County includes Cary Apex, Holly Springs and Raleigh. Chatham County includes some Chapel Hill addresses and Pittsboro.
Something I’ve noticed from showing homes and these statistics back up is that Orange County is down compared to rest of the market.Well, it’s down in almost everything. Days on the market are up and that’s another sign that the Chapel Hill market is having hard times.
One reason is the towns have been so restrictive with new construction there is nothing new on the market that’s affordable. The houses are dated-and expensive. Another reason is that the schools have been rated as the best in the State for many years. Other area school systems are good and Cary in Wake County has some great schools and a big choice of new homes. Chapel Hill is still a very cool place to live if you can afford to buy a home and update it or just want to live in a 80’s or 90’s home and enjoy the benefits of a college town.