Local Experts Analyze the Real Estate Market in Durham, NC

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Local Mortgage Specialist Christopher Murray and Realtor® Kelli Kaspar provide Homes.org with in-depth insight on the health of the real estate market in Durham, NC.

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Our office is seeing increased buyer activity in the past couple of weeks, and pendings are up.

Homes.org recently discussed the current conditions of the Durham, NC real estate market with local professionals to create a report that includes first-hand insights and statistics on home sales in the area. The report is a part of a new Homes.org series that puts focus on local real estate markets around the country so buyers and sellers can better understand what's happening in their city rather than basing ideas on activity in the industry nationwide.

"Real estate is localized, and while national figures have their place – there is no way to predict what your local market will do based on what another city is doing," explained Kelli Kaspar, Raleigh-Durham Realtor® with Weichert Realty Group. "Even here within Wake (Raleigh) and Orange (Durham) Counties, there is a lot of disparity depending upon the neighborhood and suburb on which you are focusing."

For example, Kasper points out that, "earlier this year Durham was doing slightly better than the rest of the Triangle. As of July 2011, home sales in the Triangle overall were down 27% and in Wake County, home sales were down about 29%. For this same time period, sales in Durham were only down about 18% from 2010. This is not great, but it is not as bad as other areas in the Triangle. "

Christopher Murray, a Certified Residential Mortgage Specialist (CRMS) and Sr. Loan Officer for The Murray Group of CIMG Inc., adds another example of Durham's market strength compared to other areas. "On the real estate investment front, Durham recently ranked #1 as the best city in the US to purchase real estate by The Local Market Monitor. According to Local’s President Ingo Winzer, regions that rank highly for investment suitability are those where there is a low probability that home prices will fall further."

Overall the outlook of the Durham real estate market looks promising. Murray noted that, "While we are seeing all types of loans getting through (with a lot more effort on our end, I may add), we are seeing an increase in the number of requests for USDA Rural Home Loans in Durham and Orange County." But Murray adds that most of Durham proper doesn't qualify for the USDA program, which is the last true 100% home loan.

Kasper is also noticing signs of increased interest in the area. "Our office is seeing increased buyer activity in the past couple of weeks, and pendings are up. Our site is also seeing an increase in the number of searches being performed and inquiries for showings on the price points between $135,000 and $325,000." Whether that is from the market waking up or Weichert Realty Group's marketing support for their clients or a combination of the two is yet to be determined.

Durham Real Estate Market - Latest Information and Statistics

Counties: Durham and Wake
Zip Codes in the City: 27701, 27702, 27703, 27704, 27705, 27706, 27707, 27708, 27709, 27710, 27711, 27712, 27713, 27715, 27717, 27722
Population: 228,330
Total Households: 88,468
Foreclosures (Durham County): 1 in 4,245
Foreclosures (Wake County): 1 in 960
Renters vs. Owners: 48.6% vs 51.4%
Type of Home:
27% Single Family
4% Condo
69% Other
Median Home Value (2005-2009): $173,100

Durham County (October 2011)

  •     Median Sales Price: $160,000
  •     Average Sales Price: $176,439
  •     Homes Sale: 194 homes sold

Wake County (October 2011)

  •     Median Sales Price: $204,950
  •     Average Sales Price: $243,517
  •     Homes Sales: 836 homes sold

To learn more about real estate in Durham and see the newest home listings in North Carolina, please visit: Homes.org
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About Star Nine Ventures®

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Ace Elliott
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