October 2011 Market Statistics - Chapel Hill/Carrboro
As we take a look at some Chapel Hill/Carrboro market statistics from October 2011, there some encouraging numbers to pay attention to:
One statistic that stands out and it will be interesting to see if this trends continues, is the number of new listings in the month of October 2011 is down 27.4% compared to that of what we saw in October of last year. Over the course of the year, new listings are down 14.7%. Total number of Homes for Sale at this time last year compared to this year is down 19.2%. This is good. Home values will never recover when a market is overly saturated with too many homes to sell. That indicator is dropping and that is what we want to see.
Obviously, the biggest concern with so many homeowners is how their home value is holding up. We're happy to report that the average sales price is up 1.6% on the year to date. Not enormous gains, but positive nonetheless. The days of seeing regular annual appreciation rates of 7-10% + are long gone...and it should be. That type of sharp apreciation over a short period of time does not bode well for a healthy market.
Check back in with us once we have our hands on November 2011 stats and let's explore where those numbers are leading us. Thanks for reading!