8 | FRIDAY, JULY 1, 2011
HOUSING GUIDE
THE CHRONICLE
Local real estate market headed in the right direction The Durham real estate market is seeing mixed results as it works to pull itself out of the recession in a stilldifficult economy. There have been some good signs, as the DurhamChapel Hill market was named in March the third healthiest of the 100 largest U.S. housing markets. Builder Magazine ranked the area just behind Raleigh-Cary, in first place, and Austin, TX. at No. 2. The rankings are based on several factors, ranging
from job growth to appreciation and depreciation in home prices to building permit activity. According to Market Opportunity Research Enterprises, new single-family building permits increased by 14 percent in the Durham-Chapel Hill area in 2010 after a disappointing fall in numbers in 2009. However, many metrics indicate that the market is still struggling. The average price for square foot for Durham homes was $85 in May, down 12.4 percent from $91 three months prior, according to Trulia, a
website providing statistics for real estate markets in the United States. In addition, the number of sales in the area has declined sharply in the last year, even as the median sales price has also decreased over the past year. As of March, the Triangle had a 10-month supply of homes for sale on the market, according to the (Raleigh) News & Observer. Another issue the Triangle area faces is the rising foreclosure rate. According to CoreLogic, a company that provides real estate data, the mortgage foreclosure rate in Durham-Chapel Hill was 1.6 percent in March. This represents a .48 percent increase from the same period in 2010, when the foreclosure rate was 1.12 percent. It also marked the tenth month in a row of increasing foreclosure rates in the Durham-Chapel Hill area. This rate is, however, still significantly lower than the national foreclosure rate, which was 3.57 percent in March 2011. Real estate information website Zillow has also named Durham one of 25 U.S. communities that have rebounded to within single-digit percentage points of their peak home values. Much of this success is attributed to the relatively healthy jobs market in the area, as Durham’s unemployment rate remains lower than the state average. Durham’s position as one corner of the Research Triangle, as well as it’s prestigious universities and economic incentives to drive new business, have kept its job market a priority. While the national and local housing market remain unpredictable, Durham looks to be headed in the right direction for successful recovery.
Luxurious Partners Place Condo
Walk to Duke... Perfect for Undergraduates as well as Med Students / House Staff / Nursing Students / Graduate Students 3 BR 3 Bedrooms with 3 private baths. Separate dining and living area with extra “sunroom.” 3 BA Perfect condo for 3 friends or coworkers. Have your own private space, private LivRm bathroom in each bedroom with lockable doors. New Oak Floors and tiled kitchen. DinRm Kitchen with all appliances including washer, dryer, microwave, fridge and the condo comes SunRm fully equipped with a security system. Rent is FULL $1600 per month or $550 per room. Deposit KITCHEN one months rent.
Please contact: RON MEECE 919.641.9416 or at rmeece@nc.rr.com
or
$1600/mo
STUART SOUDERS 714.717.7154 or at partnersplace@hotmail.com
929 Morreene Rd., Durham, N. C. 27705