The housing inventory in Durham is now down to 4.5 months of supply and we are in a seller's market. A balanced market would have 6 months of inventory, which is where we were 1 year ago. Less options mean more buyers are competing for the same houses, and this gives rise to multiple offer situations.

Days on market has been reduced to 92 days versus 115 days, and the list price to sale price ratio has increased from 96.8% to 97.5%. Due to the small sample size for just the month of November, please also look at the year to date numbers (larger sample size means better data). Selling a home in Durham this year has definitely been easier than in 2012. I expect homes for sale in 2014 to show an even stronger market.

Durham Housing Market November 2013