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Triangle home sales, prices fall

Posted December 15, 2008

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— Triangle home sales and the value of the properties declined in November, but the real estate inventory did decline a bit, according to the latest data from the Triangle Multiple Listing Service.

The regional statistics show that as the nation’s housing crisis continues, the average selling price for new and existing prices fell $23,686 from October to $226,528 in November.
In October, the average selling price was $250,211, which represented a jump of more than $18,000 from September.

How much has the housing crisis affected Triangle real estate values? The $226,528 average price is 0.4 percent, or $818 less, than in November 2006.

Homes, also, were listed on the market for an average of 100 days before selling – the highest average over the past two years and an increase of nine days from October.

The number of homes sold fell from 1,487 in October to 1,186 – a sharp drop from a year earlier, when 2,169 properties were sold.

Although the numbers are grim, local real estate agent Stuart Deibel said they don't represent all homes on the market in the Triangle.

"The location has a great deal to do with those numbers," Deibel said. "Houses in good neighborhoods with good schools that are priced right are selling and maintaining their value."

Deibel said the numbers could be a good buying market for those with good credit and those who have money to put down.

What could have an impact on the numbers is foreclosures, which could surge again in 2009, according to the North Carolina Banking Commission.

Among other numbers from the latest data: The number of homes listed declined to 18,862 from 19,344 the previous month. In November 2007, inventory stood at 18,123.

Based on sales, the Triangle MLS estimates that the inventory of unsold homes climbed to 15.3 months last month from 12.6 months in October. In November of 2007, demand and available listings limited inventory to 9.2 months.

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  • Pineview Style Dec 16, 2008

    "If a realtor shows 5 homes and only one is staged, that is the home that gets sold. Trust me. Especially in a buyers market which we are in now."

    Actually, there is some truth to that. My folks have a house they are trying to sell that they don't live in any more. They were told by a realtor to leave some furnature in there to make it look "lived in."

  • readme Dec 16, 2008

    Excellent. Let the house of cards topple. Let the bubble burst. Let greedy consumers who knew perfectly well what they got into pay the price. Let greedy lenders pay for lending to people who should have been renting. Let me buy a home next year at a lower price, and not a higher price just because a bunch of unqualified buyers purchased comps and drove the price up.

  • Beachnut Dec 16, 2008

    Brace yourself for more of the same. Early next year, we'll begin to see the "alt-a" and "option ARM" mortgages starting to cook off. They were on a longer fuse than the subprime loans, but when they go off, watch out for an even bigger bang. We're only about one-third through this mess. Watch for declining home values here in the Triangle for at least two more years, possibly longer.

  • TeresaBee Dec 16, 2008

    Home Staging benefits me no doubt. But it is the benefit of the home buyer that keeps me in business. It works. And I am not here doing a commercial. Go to a realestate website and look at the photos of homes. I would not step foot in most of them if I was buying a home.

  • mramorak Dec 16, 2008

    whaa whaa whaa...........

  • durham_nc Dec 16, 2008

    "A staged home stands out and THAT is the home that gets sold. How do I know this? Because I am a home stager!"

    And how do I know this is the right used car for you? Because I sell used cars!

  • The Oracle Dec 16, 2008

    tobias19341 -- just the kind of person we like to have move to our state.

  • bs101fly Dec 16, 2008

    "A staged home stands out and THAT is the home that gets sold. How do I know this? Because I am a home stager!"

    How nice of you to offer up your view. If it benefits YOU let 'er rip!

    Bottom line, you aren't moving anytime soon because the flood of people has ended, they don't want to move to a county where the school system is falling apart and the liars on the school board run your life, or to a county where they run out of water because it's MORE important to build than to halt growth and save the water for your citizens, or an area where taxes are rising faster that Mayor Meeker's pants as he walks through the flood of ignorance!

  • baseballman Dec 16, 2008

    Nullman, Remember what i had stated about the sales that you would use for an appeal. Even though the market is falling now, the valuation date is 1-1-08, so that would have to be what market value you were appealing. It really has no bearing what properties sale for today, unless you can time adjust back to 1-1-08. Also as i stated earlier, you can appeal your property each year starting in january through the time the local board of e/r adjourns, but the information and market value they will be defending is market value for your property as of january 1, 2008, and that will be the sales that you should be looking for.

  • TeresaBee Dec 15, 2008

    Because of the housing situation now a days it is so important to stage your home before you even list it! I was looking at $250-$300,000 homes in the 27615 area and they all looked the same. A staged home stands out and THAT is the home that gets sold. How do I know this? Because I am a home stager! If a realtor shows 5 homes and only one is staged, that is the home that gets sold. Trust me. Especially in a buyers market which we are in now.

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