In late August 2008, Larry Pulley, a broker with Coldwell Broker, reported that the average price of homes on the market in Durham at the end of June 2008 was $252,600.  Re-sale homes made up about 3/4ths of the total.  Interestingly, Larry noted that the average days on the market for homes in inventory in Durham County was 103 days as of the end of June 2008.  However, the number of days on the market for closed (sold and settled) properties was 80 days. 

Larry advises that people putting their homes on the market have them in tip top condition and price them correctly.  This is always good advice, but especially so anytime you're in a slow market

ASHEVILLE
Lucky you if you're looking for a home in the Asheville area.  Beautiful mountains.  The Biltmore Estate, gardens, and winery.  Dining.  Shopping.  The arts.  How pleasant is that?

But what about the real estate market, you ask.

Ron Armstrong with Keller Williams Professionals-Asheville says that Asheville is experiencing a minor slowing of sales during the summer of 2008, but there are no major foreclosures or big problems in the area.  Ron does say that there are now more sellers than buyers. 

Ron says the average price is $225,000 and the greatest activity is in the $200,000 to $249,000 price range.  Homes are selling at 95% to 100% of asking price, after typically staying on the market between 90 to120 days.

COASTAL CAROLINA & the OUTER BANKS
Ah, the good life.  Delicious fresh seafood.  Sailing.  Biking.  Shopping.  Picnicking.  A good paperback under a colorful umbrella on a long, wide beach.  Art galleries.  Public gardens.  Historic attractions.  Yes!

Let's check on Wilmington, New Bern, Oriental, and Nags Head...

WILMINGTON
HouseHunt, Inc. shows that between April and June 2008, "sold" prices actually climbed in Wilmington.  The average sales price for the period was $349,860 (up from $301,350 between January and March 2008, but not so far above the average of $344,980 between January and March 2006).

Also, fewer units were sold.  In the April through June 2008 period, 118 homes sold.  In the January through March 2006 period, 347 homes sold.

Again, as with much of North Carolina, the market is not as weak as much of the country.

CRAVEN COUNTY, including historic NEW BERN
Nan Simcox with Keller Williams Realty in New Bern says that for the first time in 2 to 3 years, builders are offering incentives ranging from free custom amenities to help with closing costs.  Buyers have lots of choices, she says.

Nan reports that 28 homes sold through the Craven County MLS settled in April 2008.  Six of the houses sold for between $100,000 and $150,000.  Four houses sold between $150,000 and $200,000.  Fifteen houses sold between $200,000 and $300,000.  Three houses sold between $300,000 and $500,000.  None sold above $500,000.

At the end of the month, an additional 51 houses were pending settlement.

ORIENTAL
Home to beautiful sail boats and friendly people, this area of Eastern North Carolina experienced higher than typical appreciation for waterfront properties over the last 5 years according to Diane Dunn, a local realtor.  Diane says there's a large inventory of homes and lots.  Therefore, she believes this is a good time to buy.

Current realtor MLS listings in Oriental range from a 3 bedroom, 2 bath house with a 2-car garage on a half acre lot on the waterfront with a boat dock for $639,000 to a 2 bedroom, 2 bath waterfront condo with a community swimming pool for $213,500.

NAGS HEAD and the OUTER BANKS
Jack and Carol Riggle, realtors in Corolla, say there are properties available at substantial price reductions.  They report lower prices after some record breaking highs, and say the rental market is strong.

For many years, this area has been one of my favorite vacation destinations.

At this writing (August 2008), there are currently 249 single family homes listed FOR SALE in the local realtor MLS for Nags Head.  They include a 16 bedroom, 15 and a half bath oceanfront house with an elevator, heated pool, wading pool, hot tub, media room, 2 kitchens, and 3,400 square feet of decks for $3,959,000.  This is the priciest.

The least expensive listing is a 4 bedroom, 3 bath ocean view house with decks for $410,000.

There are a wide variety of choices between the two.

Well, that's it.  You can say the North Carolina real estate market is holding up pretty well.  FSBO (for sale by owner) sellers and buyers should manage just fine.  The Charlotte, Raleigh-Durham (go Duke), the coastal and outer banks real estate markets are holding their own, too.  I wouldn't hesitate to operate as a FSBO in any of these places.

Want to visit some of the places we've talked about?

NEW BERN