Durham Housing Market Stats Are Looking Grim

Durham, North Carolina is one city in NC that has been affected by the housing market crisis that is a trend affecting major cities, as well as, smaller cities across the country. The economy is really sluggish and there seems to be no end in sight. Homeowners that want to put their house on the market through a real estate agent might be likely to change their minds after they read what the Durham housing market beholds.

Home sales are down so far this year from the middle of 2008 from over one thousand homes sold per month in the middle of last to around seven hundred and fifty sold for the month of February. That decrease in sales shows that either buyers' don't have the funding because the big lenders are sinking and tightening up their lending criteria or buyers are falling out of the market due to huge job loss.

Homeowners need to know that although home sales are down that is only part of the problem, the other problem is that the sales price for homes sold in Durham are down as well. The numbers show that home values in the area are low as they have been since the real estate boom in 2001. The average sales price for the month of February is around $144,000 right in line with 2001 and the middle of 2008 shows the average sales price was around $174,000. Less than one year later home values have dropped $30,000. These numbers are from sales of real estate agents and brokers.

Selling a home through a real estate agent in Durham according to the numbers is not such a good idea. Not only have home values dropped by over the past five years a 3 bedroom home is going for $10,000 less than five years ago, from $145,000 then to $135,000 between November and January.

Homeowners that need to sell their house fast might want to try other options that may be available instead of selling their house through a real estate agent that isn't going to get their house sold fast for the right price. In this current market a homeowners that needs a fast sale might not get what they are looking for so they might want to become creative to at least get the burden of their house off their hands.