Market Data has been updated to include September 2011 stats.
Of note: Tracking back 12 full quarters to Q3 2008 (all price points and all construction types) for the 5-county area (Chatham, Durham, Johnston, Orange, Wake), prices have dipped only modestly overall. In the 5-county area, the average sold price has declined 1.2% (to $239K) when measured over the past 12 full quarters, while the median sold price has increased by 2.6% (to $195K). (This is a measurement of the percentage change from quarter to quarter over the entire time period using a Linear Least squares calculation method. Do you remember our definitions of Average and Median prices from last week’s Area Meeting, and how a Linear Least squares calculation is measuring change over the whole defined time period?)
Only Orange County has seen an increase in average and median sold prices since Q3 2008. Average prices in Orange County are up 8.5% (to $332K) over that entire time period, and the median price is up 11.3% (to $268K). (Once again, this is a measurement of the percentage change from quarter to quarter over the entire time period using a Linear Least squares calculation method.)
Average DOM for the 5-county area has crept up to 127 days. 90 DOM is a balanced supply vs demand.