2009 a real estate wrap up, 2010 a predictor
| Description | 2008 | 2009 | % Change |
| Durham County | |||
| Number of detached sales | 2819 | 2912 | 3.30 % |
| Number of townhouse sales | 689 | 578 | -16.11 % |
| Number of condo sales | 96 | 122 | 27.08 % |
| Number of new construction sales | 657 | 851 | 29.53 % |
| Number of re-sales | 2947 | 2761 | -6.31 % |
| Average detached sales price | $213,240 | $220,461 | 3.39 % |
| Average townhouse sales price | $164,958 | $160,283 | -2.83 % |
| Average condo sales price | $205,564 | $188,075 | -8.51 % |
| Average new construction sales price | $221,145 | $237,099 | 7.21 % |
| Average re-sales price | $199,942 | $201,297 | 0.68 % |
| High Sale price detached | $2,150,000 | $3,300,000 | 53.49 % |
| High Sale price townhouse | $510,000 | $845,000 | 65.69 % |
| High Sale price condo | $785,500 | $885,000 | 12.67 % |
| High Sale price new construction | $2,000,000 | $3,300,000 | 65.00 % |
| High Sale price re-sale | $2,150,000 | $1,500,000 | -30.23 % |
| Average Sales Price for the entire area | $203,803 | $209,735 | 2.91 % |
| Number of Listings for the entire area | 1983 | 1769 | -10.79 % |
| Average List price for New Construction for the entire area | $285,574 | $283,631 | -0.68 % |
| Average List price for Re-sale for the entire area | $225,727 | $231,770 | 2.68 % |
| Average List price for the entire area | $240,847 | $243,203 | 0.98 % |
TARR Report
Very interesting data here from the TARR report. The news is you own a townhouse isn’t very good with sales figures down and average dollar per sale for both townhouses and condominiums down substantially. Interestingly re-sale detached homes are down a staggering amount too but in terms of overall detached home sales figures are up, bolstered by new home sales.
I think if we study the information in the TARR report and then look at data from Fiserv a financial and information analysis firm, who in an article published 10-/21/2009, states that median home prices will fall 11.3% by summer 2010. Keep in mind that this is a national forecasting and each region of the county is different. The Raleigh/Durham area according to Housing Predictor is expected to see values slide some 9.3% for Raleigh and 8.9% for Durham. The law of supply and demand is at work here with more foreclosures expected to come on the market this year driving values down.
Unemployment numbers are still exceptionally high at 11.2%, December 2009, USDLS, that is 11% of the population who won’t and can’t buy homes, cars, appliances, food; thus pressuring the entire economy downward. I can only deduce in reading all of this that housing is a least for the time being still caught in the recession and that perhaps it will take two to three more quarters for real estate to start to recover.