The Triangle housing market, which has been plagued by too many sellers and not enough buyers since the recession hit, is still waiting for signs of a turnaround this year.
There were 3,041 homes sold during the first three months of the year in Durham, Johnston, Orange and Wake counties, Triangle Multiple Listing Services data show.
That was down 8 percent from the same period a year ago. Showings for the quarter were down 20 percent and pending sales were off 30 percent.
The average days on the market for the homes that did sell rose from 102 days to 125 days.
Some declines in the year-over-year comparisons were expected due to the absence of federal tax credits, which expired last summer. But the first quarter sales, showings and pending sales were also below the same period in 2009.
They reflect a market where buyers’ remain firmly in control.
The Triangle now has a 13-month supply of homes on the market. That's the time it would take to deplete the inventory at the first-quarter pace of sales.
One good sign was that the Triangle has not experienced the spike in inventory early this year that many people feared.
The number of existing homes on the market in the first quarter was down 4 percent compared to a year ago. The number of new homes for sale was down 20 percent from a year ago and is now less than half what it was three years ago.
Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or
Comments
No spike in inventory,
Sat, 04/16/2011 - 08:31 — NonanonymousNo spike in inventory, meaning no glut of foreclosures. If employment numbers don't improve, it will remain a war of attrition, where only the banks, bailed out with federally borrowed dollars, are left standing.
One of the interesting points of note, is none of these mortgage servicers owns the note. It was packaged off and sold as MBS's or CDO's , or whatever. The toxic assets were bought by TARP, and BOA posted $1.8B in earnings last quarter. Let the good times roll!
Financial fraud has yet to be prosecuted, and we're in an ether reminiscent of the Dot Com Bust. Money isn't moving off the side lines until someone else makes the first move. We're seeing reform at the state level. It's going to be a lot more difficult to effect reform at the federal level, but it's a philosophical and ideological battle. Continue the march toward totalitarion rule, or embrace individual freedom. Each person must choose for him or herself.
Its the new "Normal"
Fri, 04/15/2011 - 17:08 — GabsbyNow that the free cash flow from the Govt backed bubble has been cut & people have to actually be employed to obtain a mortgage... It is what it is.
You will wish your home would sell in 125 days a year from now...even after lowering the price well below what you owe.
Funny, PL - never see you
Fri, 04/15/2011 - 16:28 — liselaineFunny, PL - never see you comment positively on articles about companies adding jobs or any other positive economic news.
The Hope & Change Express
Fri, 04/15/2011 - 14:52 — PhantomLordThe Hope & Change Express rolls on!
PL the O2 thief
Fri, 04/15/2011 - 22:20 — sandhilsmarcStupidest. Post. Ever