Carl Johnson Real Estate started off 2022 full speed!
We had 3 buyers under contract, 1 listing closed within 27 days at $171,000 over asking price, and 1 new listing just hit the market! We help you win whether it is selling, buying, or just getting started!
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Original Content by Carl Johnson
To say Durham, NC is booming is an understatement. The city of Durham has grown in population year after year with an over 7% increase since 2019 and estimates to be nearly 300,000 by 2023. Durham’s unique location gives the benefits of the great outdoors that North Carolina offers, mixed with the resources of successful higher education institutions, such as Duke University and the University of North Carolina.
As companies move into the area to take advantage of Durham’s population pool, mixed-use commercial space and bio-lab research & development drive the need for new facilities as well as housing. Durham on the Rise, a recent article featured in Durham Magazine, highlights over thirty developments being constructed and proposed which will change Downtown Durham, while many are preserving the historical drive of Durham too! Below are some key locations to keep an eye on!
Located in the former Watts and Yuille tobacco warehouses Brightleaf Square has been transformed since 1981 to a location that houses restaurants, realtors, and offices while restoring its unique architectural design and history. Brightleaf Square offers shoppers local family owned stores from fashion to books and covers a wide range of culinary professions such as breweries to asiain fusion. In 2019, the historic property was purchased with nearly 200,000 Sq Ft mixed-use space, including Brightleaf Square, and propose to open the Brightleaf District to expand to even more areas including bringing in new Biotech companies!
The Grove is a new housing development featuring 62 townhomes at 512 Gordon Street. With the hopes to incorporate natural beauty into the downtown lifestyle, The Grove is being built in four phases with construction starting in early 2020. The designer of The Grove have made sure to include key features such as Rooftop Terraces, tree-lined walkways, and spacious home offices. 75% of phase one homes have already sold out and phase two options are now available!
American Tobacco Campus Expansion - Phase 1
This 700,000 Sq Ft mixed-use project is being built on the west side of the already established American Tobacco Campus. The builders propose covering the 8 acres with 350,000 Sq Ft of space with creative offices for tech and biotech companies, a 14-story high-rise with over 300 multifamily units, and 100,000 Sq Ft of commercial space with a focus on grocery, shops, restaurants/draft, and theater. Their goal is to start construction in early 2022.
Located at 400 W. Main Street, The Novus is proposed as demolition of the existing South Bank building site. The project covers nearly 2-acres of land and is to be mixed-use including condos, apartments, and ground-floor retail space. Construction is slated to begin in 2022 on these modern and luxury units in the Five Points neighborhood.
Durham Belt Line Trail
Located on the abandoned Norfolk and Southern rail bed, the City of Durham is in the process of acquiring the track surrounding downtown Durham and turning it into a bike trail. The city hopes to connect all areas of Durham so that all neighborhoods can enjoy what the city offers. The Durham Belt Line trail wants to break cultural and economic barriers that are created with modern developmental construction and displacement, by giving walking and bikeable access to the city's new developed areas to low-income communities.
Downtown Durham sounding like a fantastic place to live and grow? Click here to contact Carl and our company today to see how we will help you be a part of the area!
While taxes are complex, the most common errors that people make on their tax returns are simple. Mistakes often happen unintentionally but the key is knowing how to spot them. Read below to find out how you can avoid these issues:
Ever feel like you're experiencing information overload? Click here to learn how to promote positive ways of thinking and find relief from your thoughts.
Taxes are always changing, and there are some things to be aware of as you get ready to file in 2021. Below you will also find tips to keep you organized, and prevent extra stress. Need someone to help you file? Carl Johnson Real Estate can put you in touch with trusted professionals. Just ask for a referral and we are happy to assist.
2022 is a great year to sell Real Estate. Click here to learn what to expect.
Per the January report from Triangle MLS:
"The 2022 real estate market begins where 2021 left off, in which existing home sales reached their highest level since 2006, with the National Association of REALTORS® reporting sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates. Home sales would’ve been even greater were it not for soaring sales prices and a shortage of homes for sale in many markets, forcing a multitude of buyers to temporarily put their home purchase plans on hold."
In Chatham County, there was a 21.7% decrease in new listings in January. The number of closed sales was the same between 2021 and 2022. Median sales prices also increased by 33.7 percent. In January, Chatham County median sales price was on par with the median sales price for all MLS listings.
In Durham County, closed sales have increased 5.2 percent year to date. Median sales price has increased 28.8 percent when compared to January last year, moving from $291,00 to $374,950. Average sales price increased by 22.6% year to date. In January, the Durham County median sales price was higher compared to the median sales price of all MLS listings.
The number of listings in Orange County has decreased by 17.9 percent, from 162 new listings year to date last year to 133 new listings this year. There was a 0.8 percent increase in closed sales. Additionally, median sales price increased by 13.4 percent, from $344,500 to $390,500. In January, Orange County median sales price were below the median sales price for all MLS listings.
The number of listings in Person County has decreased by 18.4 percent, from 38 new listings year to date last year to 31 new listings this year. There was a 36.4 percent decrease in closed sales. Additionally, median sales price decreased by 14.4 percent, from $205,000 to $175,500. In January, Person County median sales price was far below the median sales price for all MLS listings.
In Wake County, there was a decrease of 27.1 percent in the number of new listings year to date compared to last year. The number of closed sales decreased 13.6 percent. Median sales prices increased by 25.4 percent year to date, rising to $434,140. Compared to the median sales price for all MLS listings, Wake County median sales price were on par for January.
Durham is booming! Click here to learn about new developments that are proposed and under construction in the area.
Brian Buffini hosts his Bold Predictions on his show highlighting what he sees for the real estate industry in 2022. Click the link above or here to watch the full video. We mark some key points below for a quick take-away!
State of the Market
Brian covers the current state of the market, including these key points There are more real estate agents in the industry than ever before! What does this mean to you? The years of experience drops as this number of active agents increases! So, make sure you are doing your research when selecting an agent, someone who is knowledgeable and experienced to help you! Some other interesting trends in the current market are: increased sales to multigenerational homes, which are families pooling together resources and buying a home to live in together. Nationally, buyers are still typically purchasing their homes for 100% asking price, 29% buying for more than asking. First-time home buyers made up 34% of buyers, which is an increase of the last year. And only 15% of homes purchased were new homes, which is lower than in the past, showing inventory of new construction is lacking.
An Interview with Dr. Yun
Brian also has his annual Interview with Dr. Yun from the Chief Economist for the National Association of REALTORS® who helps provide Buffini with valuable research of the real estate industry. Dr. Yun gives into an overview of the economy and how it affects real estate. He covers the unemployment rate, total jobs that exist, and total job openings all of which he tells how this impacts housing. Some other areas Dr. Yun highlights is annual existing home sales vs new constructed single-family homes, mortgage rates, and days homes are listed on the market. Watch Brian's full video linked above to dive into Dr. Yun's insight!
We have the experience you need in this market! Click here to read about Carl and our Real Estate company!