Thankful for Urban Ministries of Durham!

As I woke up this Thanksgiving morning in my warm and safe home my thoughts and prayers drifted to those that are less fortunate than us. It is cold, dark and rainy outside today. This is a popular day to volunteer so there will be many meals and lots of hope given out today. Thank you!

I took a tour of Urban Ministries of Durham last week and hoped to post this before today but life got in the way. I have volunteered, given clothing, my time and money to Urban Ministries in the past years but I had never walked through the shelter. It was a humbling experience as always and I'm so thankful for the wonderful staff and all the volunteers. I'm so happy for the new look that provides a warmer welcome to all. 

I've decided to do a Thankful Series because I need this and think the world does too. Please let me know if you want to share some positive news and be proactive in making a change. Take a look at this quick video of Bryan Gilmer sharing his thoughts on being thankful and the current needs of Urban Ministries of Durham.

Click on the link for more information on supporting Urban Ministries of Durham

October Home Sales in The Triangle

Triangle wide closed sales are up 4.5%, median prices are up 3.8%.  The average days on market is 67.  However, if you look at sales where there were no price reductions, the average days on market was actually 50 and if a seller made price reductions, the average days on market was 142!  Also, Triangle wide, there is 5 months of inventory on the market which is not much.
The picture is a little different in Chapel Hill where closed sales – year-to-date – are down 8.7%, median prices are down 1.6%, the average days on market 58 days if there was no price reduction and 171 days if there was a price reduction.  Also of note, there is 7 months of inventory on the market which is well above the 5 months on average for the entire Triangle.
Durham is doing a bit better.  Home sales are up 3.8% in Durham, median prices are up 5% and the average days on market with no price reduction is 45 and 132 with a price reduction.  Durham’s supply of inventory is 4 months which below the market average. 
This indicates it is more of a seller’s market in Durham and a buyer’s market in Chapel Hill.
Cary is also doing well.  Home sales in Cary are up 1.4% and median prices are up 7.9%.  The average days on market with no price reduction is 36 days – which is amazing – and 115 with a price reduction.  Most notable, Cary has 2.8 months of inventory on the market which indicates it is a fairly strong seller’s market.
Team Jodi Realty provides area market data updated on a monthly basis.  We provide summary datadetailed data and monthly market reports by market area.