Triangle home prices are down about 6%?

Raleigh, Durham and Chapel Hill area home prices have fallen in 2009 around 6%, as heard on the news today.  We have all heard it before, “show me a statistician and I will show you a liar”.  This year, more than ever, I believe the stats may not be all they seem.  The 2009 market data is available and most counties in our MLS are showing a significant difference between the average home price and median sales price.  I think that this is a year that median sales price changes are a more reliable indicator of the market trend.  The market this year was uniquely dominated by first time home purchasers due to the $8000 tax credit.  We also saw new construction dominate the upper range, which typically is a higher price/sf than resale purchases.  The Chapel Hill market had a significant number of transactions in the luxury, high end, “green” condo market, that surprised us all; with price/sf exceeding anything in history. Dare we say, we have even seen foreclosures and short sales throughout the triangle.

All of these out of the ordinary trends can make the average a less reliable indicator.  With the median price marking the exact middle, with the same number of sales below as above, a clearer picture of the market is represented.  For example, the 2007 Wake County average sales price was $254,000 in 07 and 227,000 in 09.  The 2009 median price was $206,000 with a median of $195,000 in 09.  These stats are showing an 11% drop in average price that is not really representative of that market.  The 5% drop in median is more reflective of what you get now versus two years ago.

Orange County trends showed the average price down 7% from $322,000 to $299,000 with median home price up 6% at $258,000 from 243,000 two years prior.  Durham sellers saw the least fluctuation with median home price remaining unchanged over the past two years at $170,000.

No matter what you glean from the data, one thing is for sure, we continue to have a more stable real estate market than most major cities.  Homes are still relatively affordable to the average buyer and the triangle will continue to grow as one of the best places to live for so many reasons.

Visit NC website says it all!

My new favorite website is visitnc.com.  If you are considering a visit to or move to NC, you must check out this site.  This well designed, comprehensive plethora of information is easy to navigate and serves a broad audience from tourist to resident. Whether you want information on recreation, parks, lakes, beaches, the mountains, small towns, B&Bs, hotels, festivals, concerts, cook-offs…its all there.  To learn about living in the Raleigh Durham and Chapel Hill area, navigate to the links to the Piedmont area or just search by city.  One of the incredible things about living in NC is that we enjoy a very diverse landscape.  Living in the triangle, we are just a couple hours from the beautiful NC beaches and a couple hours to the majestic Great Smoky Mountains and the scenic Blue Ridge Parkway.  The Piedmont is a very special place.  North Carolinians enjoy year round golf, gardening, boating, hiking, biking, nature and bird watching.  As a community, we support the arts and preserve our heritage.  So check out this website and find out what is so special about living in North Carolina.

www.visitnc.com

For some of my other favorite links and local tourism information, please go to my website or contact me directly at 919-357-6064.

RDU expansion opens this weekend

The triangle is finally getting the airport facility needed to support our growing population.  When I work with out of town clients, they are always surprised when I tell that them our airport is not a hub for any particular airline.  This is one of the very few airports that is served by many airlines.  RDU, Raleigh Durham University Airport, is a small outdated facility.  This weekend the triangle will see the unveiling of the much anticipated new terminal with new gates, shops and restaurants.  In my experience, traveling to and from RDU is typically easy.  Security lines are relatively short and flights usually run on time.  The new terminal should be just one more reason to love living here.