While we are all reading about the housing market bubble and the big burst, it is not so in Orange County NC. Unemployment rates are down to 3.3% from 3.6% in February 2006, national mortgage interestes rates are down slightly from February 2006 and the average home appreciation for re-sales within the last 18 moths in Orange County is 7.61% APR.
The re-sale inventory has increased 25% from the first quarter of 2006 and we are shifting slightly to a buyers market with the current suppply for all housing located within the county at 7 months. Sellers, this translates to your home being on the market a little longer now.
Where are people buying? Among the top sellers during first quarter of 2007 are Chapel Hill communities Southern Village 11.14% appreciation, Providence Glen 8.79% appreciation, Lake Hogan Farms 5.67% appreciaiton and Vineyard Square 8.18% appreciation.