Cabarrus County North Carolina Market Update for:
Real Estate Market Update
Single Family Homes in Cabarrus County North Carolina Area 11 including:
Cabarrus Neighborhoods: Ashebrook, Beaver Pond, Beverly Hills, Bradford Park, Braxton Estates, Cabarrus Crossing, Canterfield, Central Park, Christenbury Mews, Cochran Farms, English Woods, Falcon Chase, Glen Grove, Governors Pointe, Greystone, Harbour Towne, Havenbrook, Hawick Commons, Heatherstone, Hidden Pond, Highland Creek, Highland Street Commons, Kellswater Bridge, Landsdowne, Magnolia Springs, Mallard Pointe, Mission Hills, Morris Glen, Moss Creek, Mountain Laurel, Paradise Estates, Park Place, Parkwood, Providence Manor, Quail Hollow, Ramsgate, Remington Estates, Roberta Farms, Rocky River Crossing, Rocky River Plantation, Shenandoah Estates, Shiloh Village, Skybrook North Villages, Southern Chase, The Farm at Riverpointe, Victoria Park, Winding Walk & Yate Meadow.
Data gathered for May 1- May 31, 2009
New Listings
In May, 330 single family listings were added to the inventory of homes for sale in area 11. This was a 7.30% decrease from April and a decrease of 37.74% from the past year.
Pending Sales
165 single family detached homes received a contract in May. This was a 26.67% fewer than were written the year prior and 48.28% fewer than were written in May 2007.
Sold Listings
107 homes closed in Area 11 of Charlotte in May. Closings for May were down 39.20% compared to 2008 and 63.36% compared with 2007.
Days on Market
Of the homes which closed in May in Cabarrus County, the average days on market was 105, a 8.25% increase from a year prior. 70 listings sold in less than 100 days while 37 sold in 100 days or greater.
Seller Concessions
53 of the 107 (50%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $3,922.
Tax Value as compared to Sold Price
99 of the homes that closed in Area 11 of Cabarrus County in May had a tax value assigned. Those listings sold at 94.94% of their listed tax values. 75 sold below tax value, with the lowest being a property which sold at 19.02% of tax value. There were 3 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 85.81%.
Original Listing Price to Sold Price
When adjusted for seller concessions, the average sales price in Area 11 of Cabarrus County was $178,145. This averages to 89.25% of the original listing price with concessions and 90.33% without concessions. Sellers whose property sold in less than 100 days received 90.62% of their original asking price, while sellers needing more than 100 days received only 86.67%.
Buyer Financing
Of the closings in Cabarrus County in May, 42 used conventional financing, 36 FHA, and 17 paid cash, 6 utilized VA form of financing, 1 owner financed, and 5 categorized as other.
Jonathan Osman
Charlotte Real Estate
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