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Location: Chapel Hill, NC, formerly NoVA and Phila
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I'm in Southern Village in Chapel Hill, a planned community with a school, shops, offices, pool, etc. within the development. Houses seem to move very fast here. I just did a search and there are 13 single-family houses "for sale" in Southern Village - 7 of them have contracts on them. We bought our house in December and all of these houses are new listings since then. I'm pretty sure, they've all been on the market less than 6 months, even with the zero-lot lines.
Latest data from the Federal Housing Finance Agency shows that prices continue to drop in the Triangle. That's 12 consecutive quarters of price drops, with the latest quarter's being the largest since spring 2010. Seems consistent with the anecdotal reports everyone is giving here.
So yeah, no surprise that if house values for three straight years year they're eventually going to get cheap enough to attract buyers. I don't know if that's a recovery or not, though. I guess it's important to differentiate between a recovery for agents and a recovery for homeowners. Agents want houses sold at any price since that's how they get paid, so they're interested in sales volume. Homeowners only have to sell once, so they're more interested in price. Which one are we talking about?
KC I would tend to agree. I see homes selling all over the place, it seems like things have really picked up out there -- however, I will probably take a bath on my house purchased in 2009 because I need to sell it later this year. So, not much of a recovery to me personally....
When economists speak of a recovery, they refer only to things being better than they were yesterday, not that things have gotten back to where they once where.
That's logical. Lennar is huge. They build affordable housing. People are moving here still. They need someplace to live. It's bad for resales. Good for new home sales.
^^^ True indeed. My townhome purchased as new construction in 06 in Northeast Raleigh near Rolesville has lost quarter of it's value from then to now. Resales are shaky at best in most areas, with few standouts.
I think we've had 5-7 houses go on the market this spring....4-5 of them sold the first weekend they were on the market. One sold in 3 weeks. One is on the market and it's priced with the others (which is overpriced, as it's not as big as the others that have sold).
As for me, happy camper - prices are up about 10% on average here since we bought our home just about 2 years ago!
Houses don't come on the market here very often...this will probably be it until next spring - when people see them, they snap them up, but those houses that all sold in one weekend was a bit crazy!
I will DM you my neighborhood so you can double-check my facts
Our street's doing well. House across the street from us sold for ~$550k after two days on market. Two houses down sold before being listed as a private sale for $375k and is getting a whole house renovation. Less popular parts of the neighborhood (those right on busy city streets) are slower, but generally things are moving fairly well. This may be a "hyperlocal" phenomenon right where we are, I suspect other parts of Durham are moving more slowly.
Agreed with the hyperlocal phenomenon but it seems to extend to Morehead Hill and Forest Hills. Our small 1930s home in downtown Durham 27707 (Morehead Hill) sold in 29 days at a price considerably higher than tax value (substantial renovations done after valuation). I've kept an eye on things the last few weeks and it looks like a lot of homes are still selling in that area and not a whole lot is coming on the market to replace them.
I think we've had 5-7 houses go on the market this spring....4-5 of them sold the first weekend they were on the market. One sold in 3 weeks. One is on the market and it's priced with the others (which is overpriced, as it's not as big as the others that have sold).
As for me, happy camper - prices are up about 10% on average here since we bought our home just about 2 years ago!
I will DM you my neighborhood so you can double-check my facts
It would be interesting to see where prices are for people who bought from around 2003-2008, though.
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