2013 Update on Residential Real Estate in Orange & Chatham Counties
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This document summarizes residential real estate market trends in Orange-Chatham counties from 2012 to the first half of 2013. It finds that the market has strengthened, with sales, prices and inventory declining while days on market have decreased. Specifically, sales have increased over 2012 levels in all areas, with inventory declining between 20-40% and prices and days on market also rising. The document concludes that the local housing market momentum has shifted to favor sellers as distressed property listings drop.
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2013 Update on Residential Real Estate in Orange & Chatham Counties
- 1. Orange-‐Chatham County Development Briefing The Residen;al Real Estate Market September 11, 2013 Mark Zimmerman All data provided by Triangle Mul;ple Lis;ng Service and 10K Research and Marke;ng
- 2. 2012 Through 2013 Do We Have Momentum Yet?
- 3. 25
- 4. 25 15
- 5. 25 15 21
- 6. 25 Triangle 15 Orange County 21 Chatham County Consecu;ve Month Sales Growth Increase vs YA
- 7. 2012 was a Good Year 2013 is a Be'er Year • Sales up • Prices up • Days on Market down • Inventory down
- 8. Bye, Bye Buyers Market • Market Back to Equilibrium or BeUer – 6 months supply in Chatham • vs 8 months YA – 4 months supply in Orange • vs 6 months YA
- 9. 0% 20% 40% 60% 80% 100% 120% 140% 160% Triangle Sales vs YA 0 500 1000 1500 2000 2500 3000 3500 Triangle Sales Triangle Strong
- 10. 0 50 100 150 200 250 300 Orange County Sales 0% 20% 40% 60% 80% 100% 120% 140% 160% Orange County Sales vs YA Orange, Too.
- 11. 0 20 40 60 80 100 120 Chatham County Sales 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% Chatham County Sales vs YA And Chatham
- 12. 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 Triangle Inventory Moving Thorough Inventory 0% 20% 40% 60% 80% 100% 120% Triangle Inventory vs YA
- 13. $180,000 $190,000 $200,000 $210,000 $220,000 $230,000 $240,000 $250,000 Triangle Ave Sales Price 0 20 40 60 80 100 120 140 160 Triangle Days on Market Selling Faster, For More $242,153 95
- 14. 0 200 400 600 800 1000 1200 Orange County Inventory Moving Thorough Inventory 0% 20% 40% 60% 80% 100% 120% Orange County Inventory vs YA
- 15. Selling Faster, For More $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 Orange County Ave Sales Price 0 50 100 150 200 Orange County Days on Market $345,607 99
- 16. 84% 86% 88% 90% 92% 94% 96% 98% 100% 102% 104% Chatham County Inventory vs YA 0 100 200 300 400 500 600 700 800 Chatham County Inventory Moving Thorough Inventory
- 17. $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 Chatham County Ave Sales Price 0 20 40 60 80 100 120 140 160 180 Chatham County Days on Market Selling Faster, For More $320,040 112
- 18. 1st Half 2013 -‐ Sales vs YA New Construc;on Triangle Orange Chatham Total +28% +30% +29% New +12% +63% +8% Resale +32% +28% +40% % New 19% 13% 39%
- 19. 1st Half, 2013 Sales by Price 23% 41% 22% 14% Orange County Price Points 0-‐200 200-‐400 400-‐600 600+ 21% 50% 23% 6% Chatham County Price Points 0-‐200 200-‐400 400-‐600 600+
- 20. Detached vs Condo/Townhouse 1st Half 2013 72% 28% Orange County Detached Mul; 91% 9% Chatham County Detached Mul;
- 21. We Are Less Distressed • TMLS distressed lis;ngs down – -‐38% below YA • Only 3% of Lis;ngs – vs 5% YA
- 22. 2013 Momentum Has Shiced • Sales, Prices up • Inventory, Days on Market down • Showings, Pendings Remain Strong • Moving to a Seller’s Market • Coming Shortage of New Construc;on
- 23. 2013 Momentum Has Shiced