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A friend of mine who is a realtor in Cary told me she had 18 listings under contract with her in January.. Of those 12 have sold. Most within the first 2-weeks. She sold 3 in the first 72 hours and one before it even hit the mutiple listing service. Sure things are a little slower then a year ago, but let us remember, things were red hot, cooking last year. Trust me folks, people still want to reside in the triangle area and are buying homes. It just at a normal, moderate rate now. For crying out loud, sales prices were up almost 7%! I truly and honestly believe the bottom is in now, not that there ever was a bottom.
As I mentioned, it's dangerous to look at one month year-over-year price changes to show anything. To give you an idea, here's the year over year and month over month price changes from this' month's report -
County, Price vs Jan 07, Price vs Dec 07
Durham, 0.0%, -7.1%
Johnston, 5.3%, 1.6%
Orange,-3.1%,-7.2%
Wake, 6.8%,2.2%
Other,1.3%,-6.8%
Triangle Overall, 3.6%,-1.8%
So, are prices up or down, and how much? If you can find a pattern in that data, you're doing way better than I am.
And normally, inventory levels will stabilize before a market recovers. It's a sign that supply and demand are in line with each other at current market prices. That's not the pattern that this area is showing. But if you can show me a RE market that rebounded without price drops and with record high inventory levels, I'd be more than happy to look at the data.
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