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What kind of shape is the Chatham County real estate market in?

By Lyne Hayes
Posted Wednesday, November 24, 2010

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Pittsboro, NC- Several people have contacted me over the past few weeks asking about the real estate market so I think it might be time to post some information that might be helpful to everyone. There's a lot of information to share, so I will break this up into two seperate articles.

Chatham is a huge county from a real estate point of view, and it's really divided into at least four separate markets with these approximate boundaries:

(1) There's the eastern end of Chatham (east of Farrington Point Road and Beaver Creek Road) that is connected with the Cary/Apex market.

(2) Siler City and "the West" - Goldston, Bennett, Bonlee, and other areas south of 64 and the area north of 64 and west of Silk Hope Lindley Road.

(3) Pittsboro, including areas south of Pittsboro as well as west to Siler City, north to the river, and east to Farrington Point/Beaver Creek Roads.

(4) North Chatham, extending from Chapel Hill to the river north to south, and from Silk Hope to Farrington Point from west to east.

Each of these housing markets is affected by different economic factors. North Chatham is more affected by what happens in Chapel Hill. Housing in the West is affected to a greater degree by gas prices which keep prospective home buyers from driving as far. Housing in the East is affected by job creation and layoffs at RTP and because that area, along with North Chatham, is one of the more expensive areas it is more affected by the general economy if prices are forced down.

The economy in general is improving - the layoffs stopped earlier in the year and companies have been moving into the Triangle area and new hiring started to increase this summer. 648 homes sold over the past twelve months in all of Chatham This is a big improvement over the previous year when there were 557 sales - about a 16% improvement if my math is correct. Still - there are about 700 homes currently for sale in Chatham which means there's a one-year supply of homes which is still not a healthy market.

These numbers vary across the county. For example, the eastern end of Chatham has 282 homes on the market now, and 258 have sold over the past twelve months. This is about an 11-month supply. In "the West", which is usually a more challenging real estate market, there are currently 129 homes on the market, and 82 have sold which translates to about an 18-month supply of homes. The more homes are on the market, the more depressed prices become and when there is more demand than supply, prices begin to rise again.

Tomorrow I'll post the statistics for each of the areas. If you have any questions about this information or would like more details, please email me at lynn@lynnhayes.com.

 
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